OKB Plunges Over 50%, OKX Investigates Xu Mingxing, On-Chain Whales Enter and Dump?

OKX Token OKB

As Bitcoin dropped below 39K, there was a sudden oscillation of over 50%, followed by a swift recovery. OKX founder and CEO Xu Mingxing stated that the team will intervene to investigate and understand the reasons behind this.

OKB Price Plummets

On-chain signal: Whale deposited 95.8 million USD worth of OKB

According to on-chain data signal Spot On Chain, a whale deposited 95.8 million USD worth of OKB (176,154 OKB) seven days ago.

Ten wallets received these 176,154 OKB four years ago and have not made any changes since then. They subsequently deposited the OKB on 1/16 into OKX. These wallets likely belong to the same entity, but it is unknown whether they are the cause of the drastic decline in OKB.

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Further Reading
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