OKX Outflow Spirals to $630 Million Amid User Asset Theft Probe

IconCryptoNewsTerminal Staff11 Jun, 2024

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OKX Outflow Spirals to $630 Million Amid User Asset Theft Probe

OKX, a leading cryptocurrency exchange, has experienced a significant outflow of funds totaling $204 million in the past 24 hours, according to blockchain data analytics firm U.Today. This outflow adds to a larger trend of $630 million lost over the past seven days, surpassing the combined outflow of all other exchanges. The concerning outflow coincides with OKX investigating a report of stolen user funds that surfaced on Tuesday. The exchange has yet to provide an official statement on the matter. In stark contrast, Binance, another prominent exchange, has seen an inflow of $1.365 billion during the same period, highlighting the divergent trajectories of the two platforms. This news follows a series of events that have cast a shadow over OKX's reputation. In December 2022, the exchange faced scrutiny over its handling of customer withdrawals, leading to a temporary suspension of services. As the investigation into the reported user asset theft continues, it remains to be seen whether OKX can regain the trust of its users and stem the tide of outflows.

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