First Mover: OKEx Private Key Snafu Sends Bitcoin Lower as China DeFi Rises
OKEx withdrawal suspension sends bitcoin lower, China becomes hotbed of DeFi development, Filecoin first-day trading leaves market cap above $800M.
OKB is trading just above $4, down from nearly $6 before the news.
On Friday morning, as the OKEx withdrawal-freeze story twisted and turned, CoinDesk's editors had an off-the-cuff discussion about the fundamental realities and unique challenges of security for even the largest exchanges.
The OKEx drama shows just how immature crypto markets are compared to traditional ones, but it also highlights their overall resilience.
Huobi, one of OKEx’s biggest competitors, ensured its users that its platform is “currently operating normally,” after OKEx announced that it has suspended all cryptocurrency withdrawals indefinitely.
OKEx has denied the ongoing investigation of its founder is related to an anti-money laundering investigation.
Cryptocurrency exchange Huobi is taking aim at competitor OKEx in the business of trading bitcoin futures and other derivatives contracts, opening up a new front in a longstanding rivalry that has historically focused on the lucrative Chinese market.