Colin Wu, known as China’s “famous cryptocurrency journalist” on social media, shared a news about three cryptocurrency exchanges today. In addition to this claim, which includes the names of Binance, OKEx and Huobi, another post concerning the Binance founder and the Chinese police was made. Binance CEO Changpeng Zhao posted the posts on his own account, supporting these allegations.
Bitcoin and crypto exchange OKEx announced today that after a five-week hiatus, withdrawals have been reopened. Exchange users were unable to trade because one of the OKEx founders was arrested by the Chinese police. OKEx’s opening transactions today had almost the same effect with the opening of dam gates. Because with the unblocking of money withdrawals, whales left the stock market.
First claim: It was cooked at OKEx, fell to Binance and Huobi
Competing with names such as Binance and Huobi in the Asian market, OKEx was home to many cryptocurrency investors known as whales. The stock market suspended withdrawals for five weeks, resulting in these whales’ money remaining inside.
OKEx management announced that withdrawals have been opened as of today and that transactions can be made smoothly. Unable to control their money in any way for five weeks, the whales left the stock market in masses with the opening of the transactions.
Wu Blockchain referenced a system called Chainsmap to show the seriousness of the situation. According to the famous journalist’s claim, 70 Bitcoins were sent to the exchange within an hour of opening OKEx withdrawals. During the same period, 5,681 Bitcoin (BTC) were released from the stock market. The next stop of these Bitcoins was Binance and Huobi, which are competitors of OKEx. Binance and Huobi have thus acquired many users who normally use OKEx. The CryptoQuant COO has confirmed that there is a large amount of BTC flows from OKEx to Binance.
Second claim: Chinese police pose no threat to Binance founder
The competition between Binance, OKEx and Huobi is different than the competition of other exchanges. Each of these three giant names originates from China, and each one is competing with each other to dominate the Chinese market. Binance, OKEx and Huobi also have to deal with the regulations of the Chinese government during this competition.
It is known that the Chinese police arrested Star Xu, the founder of OKEx, and this arrest ended only five weeks later. With OKEx opening its withdrawals today, a record amount of Bitcoin entered Binance and Huobi for this year. This raised the question to some cryptocurrency followers: “Will the Chinese police chasing OKEx go after Binance?”
Journalist Colin Wu answered this question with his post today and shared the information that the founder of Binance is safe for now. Colin Wu, who does not directly mention Changpeng Zhao or Yi Fe; Binance stated that the founders are in Singapore and that there is no investigation conducted by the Chinese police. It is known that Binance applied for a license to offer cryptocurrency services in Singapore earlier this year.
Is there a mystery behind your Tweet deletion?
After Changpeng Zhao made a supportive gesture to Colin Wu’s claim, something interesting happened. Chinese journalist; While Binance continued to defend its claims regarding OKEx and Huobi, it withdrew its statements regarding Binance and the Chinese police. Even though we took a screenshot of his tweet, this tweet is currently unavailable.