OKB plunges over 50%, OKX's Xu Mingxing under investigation, on-chain whales dumping?

OKX Platform Token OKB experienced sudden fluctuations of over 50% while Bitcoin dropped below 39K, but quickly recovered. The founder and CEO of OKX, Xu Mingxing, stated that the team will investigate to understand the reasons behind this.

On-Chain Signal: Whale Deposits 95.8 Million OKB

On-chain data signal Spot On Chain indicates that a whale deposited 95.8 million US dollars worth of OKB, equivalent to 176,154 OKB, seven days ago.

Ten wallets received these 176,154 OKB four years ago and have not made any further transactions since. They then deposited them into OKX on 1/16. These wallets are believed to belong to the same entity, but it is unknown if this is related to the sharp decline in OKB's price.

🚨🚨 $OKB token suddenly fell sharply (40%) and our system marked ten dormant whales depositing 176,154 OKB ($9.58M) to OKX 7 days ago.

➡️ All 10 wallets received a total of 176,154 $OKB 4 years ago (20 Feb 2020) and had no action after that.
➡️ They deposited all tokens to OKX… pic.twitter.com/EQmiHOinmd

— Spot On Chain (@spotonchain) January 23, 2024

OKX: Full Compensation for Losses

OKX has stated that it will provide full compensation to users who incurred losses due to abnormal liquidation caused by OKB price fluctuations.

（1/2）由于1月23日市场整体行情下行，#OKB 价格同步波动，币价于 17:07:26（HKT）触及 48.36 $USDT 后，先后触发多个大额杠杆仓位的清算，加之行情影响使得币价下跌，过程中进一步触发了质押借贷、杠杆交易及跨币种交易的清算，最终导致价格在短时间内下跌至 25.1 $USDT ，目前币价已经恢复正常。 pic.twitter.com/Y04BSaCMo6

— OKX中文 (@okxchinese) January 23, 2024