The native token of the OKEx exchange, OKB, boosted its price recently amid rumors that its head Star Xu is out of jail.
Today, OKEx trades at a high price of $5.8, with a growth rate of 23.8% in the past 30 days. On the other hand, the OKB trading volume also increased to over $150 million.
This made Chinese blockchain reporter Wu Blockchain react in a tweet:
Exclusive：Star Xu, the head of OKEx, one of China’s largest crypto exchanges, have gained some freedom. This may bring a little bit of optimism in the investigation storm sweeping the Chinese crypto industry. pic.twitter.com/Bvf0ZPytgO
— Wu Blockchain（Chinese Crypto Reporter） (@WuBlockchain) November 18, 2020
Looking back, Xu’s arrest in October 2020 due to finance-related matters impacted the OKB token price. As a result, the token 24-hour price declined to over 30%, from $5.9 to $4 last month. Along with the decline of the token price, the OKEx exchange closed its withdrawal option. These unexpected incidents shocked many traders, especially the people using the exchange.
Furthermore, despite the surge of the token price today in the crypto market, the OKex exchange remains closed for withdrawal. The report says OKex has not stopped following the necessary industry regulations and all its users are safe. Nevertheless, leaving the users no choice but to wait for OKex to open its withdrawal.