OKEx Preparing for Wallet Maintenance and Moves 320M USDT

Vandana  |  May 1, 2020

Jay Hao, OKEx CEO has informed all the traders of the exchange that it will be going through scheduled maintenance. To prepare the wallet for this maintenance, it has moved 320 million USDT to an unknown wallet.

This has been noted down by Whale Alerts and it showed that the exchange has down around 20 consecutive transactions. Each transaction has transferred 20 million USDT which in total becomes 320 million.

Traders believe OKEx prepared well for upcoming procedure

As Jay Hao tweeted, there were a huge amount of responses to it. Some believed that this has been a great step by OKEx and it has prepared very well for the maintenance process. While on the other hand there are many who are pointing towards this action by the exchange. Traders are very suspicious about this action by the exchange and are unable to understand this. Some are also demanding a proper explanation behind this moving of USDT to an unknown wallet. As the crypto market is associated with an uncertain risk, new traders tend to get quite worried and suspicious when there is any such activity by the exchange.

Whale Alerts reported transfer of 33M USDT to Binance

As soon as Bitcoin started recovering back there have been a huge movement in USDT. Some believe that both are correlated with each other and through such transactions, it seems to be true. Earlier today, Whale Alerts reported that around 33 million USDT has been transferred to Binance that too from an unknown wallet. As the price of Bitcoin has recovered back and is trading above $9,000 it has been assumed that such a type of transaction might be due to this upsurge only. People must have been preparing to buy more bitcoins to gain high profits. This could be said as a lot of times, USDT is used to transfer the funds between various exchanges.

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