OKEx 24,000 BTC Move - Hack or Maintenance

[Mantas_IUNGO]

What is your view about the 24,000 BTC moved from the OKEx crypto exchange? Is it merely a scheduled maintenance as the trading platform claims or is it a hack?

[figmentofmyass]

What is your view about the 24,000 BTC moved from the OKEx crypto exchange? Is it merely a scheduled maintenance as the trading platform claims or is it a hack?

this is why CZ preemptively announces large fund movements right before they occur---to prevent unfounded speculation about hacks. it's probably just a planned wallet migration as the CEO suggested but it does smell a tad fishy. 24k BTC and 100k ETH were moved........they were performing ETH wallet maintenance too?

withdrawals are still functioning normally, right?

[DarkDays]

What is your view about the 24,000 BTC moved from the OKEx crypto exchange? Is it merely a scheduled maintenance as the trading platform claims or is it a hack?

this is why CZ preemptively announces large fund movements right before they occur---to prevent unfounded speculation about hacks. it's probably just a planned wallet migration as the CEO suggested but it does smell a tad fishy. 24k BTC and 100k ETH were moved........they were performing ETH wallet maintenance too?

withdrawals are still functioning normally, right?

Most of the time these companies store the majority of user funds in an offline cold wallet, such as a Trezor or Ledger Nano S.

There is no reason not to think that they didn't store both BTC, ETH and possibly other cryptocurrencies on the same device, and the move is simply them transitioning to a more secure implementation of their cold storage protocol.

Well, unlessit announces it got hacked. Though this is unlikely as the recipient address would probably be a known exchange or mixer addy.

[Kemarit]

OKEx is an exchange right? So why would anyone be surprised if we see some huge movement?  You can follow everything here,

(https://twitter.com/whale_alert?lang=en)

OKEx, Huobi and Binance was moving tons of crypto's like every 3 hours so unlikely that this is a hacked, just the usual thingy top exchanges are doing today. Shifting their funds to wallets that are secure and safe. Nothing to be alarm here.

[audaciousbeing]

What is your view about the 24,000 BTC moved from the OKEx crypto exchange? Is it merely a scheduled maintenance as the trading platform claims or is it a hack?

This is clear case of people would believe whatever they choose to believe. A statement has been released concerning an upcoming activity by the company now that it has happened, you are here still doubting and assuming that there is a cover up. But the question you need to answer is that, do people preempt an hack and know the time it would happen for them to announce to the client. I am sure if you have funds there, you won't even wait for the day to happen before moving it out. In as much as there is freedom in crypto, it does not mean entrepreneurs in the crypto hemisphere are all out to scam and would use every available opportunity to do it.

[Baofeng]

There is a suggestion that this could be a Bakkt wallet:



https://twitter.com/MusaShamaev/status/1169822856416333825

[Slow death]

What is your view about the 24,000 BTC moved from the OKEx crypto exchange? Is it merely a scheduled maintenance as the trading platform claims or is it a hack?

In recent times people have been very alert for any movement of high values in bitcoin, only today I saw two news similar to this news you posted:

Mystery 94K BTC Transaction Becomes Richest Non-Exchange Address

Someone Just Moved $1B in Bitcoin for $700 Fee, Overpaying 20 Times

This shows that it is something normal, if it were a hacker attack all news channels would already be commenting

[milewilda]

What is your view about the 24,000 BTC moved from the OKEx crypto exchange? Is it merely a scheduled maintenance as the trading platform claims or is it a hack?

This shows that it is something normal, if it were a hacker attack all news channels would already be commenting

This is true, if there are signs even the slightest possible of hack then expect for news channels to be sensitive on that and would publish all over the place.Im just thinking that OP is just too paranoid to see some huge btc transfers from exchange storages. Well, i cant really blame him after all the exchange hack we've seen, it cant really be avoided on not to think up the possibilities.

[squatter]

Is it merely a scheduled maintenance as the trading platform claims or is it a hack?

Usually when an exchange gets hacked, their immediate response is "maintenance." Then they come clean hours later. Whenever this happens, in the back of my mind I'm always waiting for them to break the bad news.

OKEx is an exchange right? So why would anyone be surprised if we see some huge movement?  You can follow everything here,

(https://twitter.com/whale_alert?lang=en)

That's exactly why everyone freaked out -- because Whale Alert reported the movement. 24,000 BTC is a pretty huge spend for an exchange like OKEx. With exchanges getting hacked left and right, it's no wonder people are on edge.

[1Referee]

OKEx, Huobi and Binance was moving tons of crypto's like every 3 hours so unlikely that this is a hacked, just the usual thingy top exchanges are doing today. Shifting their funds to wallets that are secure and safe. Nothing to be alarm here.

Shifting their funds to wallets that are safe is obviously a good thing, but the three exchanges you stated do that so frequently, that I am not so comfortable with it. If you look at Bitstamp's or Coinbase's cold wallets, their funds aren't moving at all unless they have to fill up their hot wallets. There is no reason as an exchange to keep moving a large chunk of your cold funds back and forth so frequently.

There is a suggestion that this could be a Bakkt wallet:

It's funny how people suddenly link every single high value transaction that happened in the last couple of days to Bakkt's custodial service. They wish that many coins would be handed over to them to take care of. This is crazy FREE exposure for Bakkt that otherwise would have cost them tens of thousands of dollars in marketing. 

[BitHodler]

Im just thinking that OP is just too paranoid to see some huge btc transfers from exchange storages.

OP is rightfully worried about the reason for these coins to be on the move, especially with how OKEx doesn't usually transfer coins that way. I hope it's just an innocent internal storage transfer but you never know with this exchange.

I would never recommend anyone to use either OKEx or Huobi. Both have been equally as crappy throughout their existence. OKEx even seems to be supportive of BSV, which is another reason to avoid dealing with them.