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OKEx Token Price Tumbles Added 20% in Wake of Suspended Withdrawals
OKB is trading just above $4, down from nearly $6 before the news.
By Zack Voell
Updated Mar 6, 2023, 3:20 p.m. Published Oct 17, 2020, 6:21 p.m.
OKB, the native exchange token for OKEx, has lost nearly an additional 20% of its market value Saturday, bringing its total drop to roughly 30% since the second-largest cryptocurrency derivatives exchange suspended withdrawals early Friday morning due to a keyholder being “out of touch.”
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- OKB traded hands just around $5.90 before the news. At last check, the token is now priced at roughly $4.10.
- OKEx CEO Jay Hao took to Twitter to reassure his clients, saying, “All your funds and assets are safe.” Also on Weibo, Hao explained the circumstances that have kept the keyholder out of touch with his company would not affect business.
- The continued drop of OKEx’s native token indicates that the fears of many traders have yet to be assuaged.
- Nearly all cryptocurrencies dipped on the OKEx news first reported by CoinDesk, with bitcoin dipping nearly 3%. Other exchange tokens followed, with Binance’s BNB, FTX’s FTT, and Huobi’s HT all dropping between 4% and 6%.
- UNI, the recently launched native token for leading decentralized exchange Uniswap, spiked nearly 10% on the news of suspended withdrawals from OKEx, although most of those gains had been reversed by Saturday morning.
- OKB is the fifth-largest centralized exchange token with an approximately $250 million market capitalization, according to OnChainFX.
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- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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