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Bitcoin
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$98,200.00 5.2052
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Ethereum
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$3,146.24 1.44352
Ethereum price
BNB
BNB (BNB)
$609.70 -0.54403
BNB price
Solana
Solana (SOL)
$242.07 2.44856
Solana price
XRP
XRP (XRP)
$1.12 -1.35197
XRP price
Shiba Inu
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$0.0000239 -1.64927
Shiba Inu price
Pepe
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$0.0000191 -3.48111
Pepe price
Bonk
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$0.0000508 -5.02176
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dogwifhat
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$3.09 -5.31692
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Popcat
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Bitcoin
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Ethereum
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BNB
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$609.70 -0.54403
BNB price
Solana
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$242.07 2.44856
Solana price
XRP
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$1.12 -1.35197
XRP price
Shiba Inu
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$0.0000239 -1.64927
Shiba Inu price
Pepe
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$0.0000191 -3.48111
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Bonk
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dogwifhat
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Bitcoin
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Bitcoin price
Ethereum
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BNB
BNB (BNB)
$609.70 -0.54403
BNB price
Solana
Solana (SOL)
$242.07 2.44856
Solana price
XRP
XRP (XRP)
$1.12 -1.35197
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000239 -1.64927
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000191 -3.48111
Pepe price
Bonk
Bonk (BONK)
$0.0000508 -5.02176
Bonk price
dogwifhat
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$3.09 -5.31692
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Popcat
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$1.51 -9.23249
Popcat price

OKX launches investigation after OKB price plunged by 50%

okx-launches-investigation-after-okb-price-plunged-by-50
Edited by
News
OKX launches investigation after OKB price plunged by 50%

Crypto exchange OKX has started an investigation into the abrupt 50% decline in the value of its native token OKB.

Cryptocurrency exchange OKX has launched an investigation following a rapid 50% decline in the value of its native token, OKB. The unexpected plunge saw OKB’s value drop to $25.1, prompting OKX CEO Star Xu to address the matter.

While the CEO did not delve into specific details, Xu said the OKX team is actively investigating the recent volatility in OKB prices, promising to provide a report on the matter at a later time.

While it’s unclear what was the reason behind the quick price drop, CryptoQuant CEO Ki Young Ju noted in an X post that “no notable outflows” from OKX’s major asset reserves have been registered so far.

Spot On Chain, a blockchain analytics platform, highlighted that the price decline coincided with the deposit of 176,154 OKB (equivalent to over $8 million) to OKX from 10 previously dormant crypto addresses. These deposits occurred approximately a week before the incident, Spot On Chain said, calling the move “suspicious.

According to the firm, the wallets might belong to a single entity, however, the connection between this entity and the subsequent price drop remains uncertain.

Launched in 2018, OKB serves as the native token for the OKX exchange, primarily functioning as a utility asset within the OKX ecosystem. OKB holders can get trading fee discounts when using the token for transaction fees on OKX and can attain varying VIP privileges on the trading platform. As of press time, OKB is trading at $46.3, according to CoinGecko data.