$OM Plunges Following $227M Dump, OKX Issues Statement

2025-04-14 07:56

Newsroom

Why did 43.6 million $OM tokens move to the exchange recently?

What did OKX's CEO say about the data transparency regarding the $OM token transfer?

How did the recent $OM token transfer impact the cryptocurrency market?

$OM Plunges Following $227M Dump, OKX Issues Statement — Image source: Unblock Media

Transfer of 43.6 Million $OM Tokens from 17 Wallets to Exchange
OKX CEO Mentions Possibility of Investigating Collateral and Liquidation Data of Major Exchanges

[Unblock Media] Just before the recent sharp drop in the $OM token price, it was revealed that a total of 43.6 million $OM tokens (worth approximately $227 million) were transferred to exchanges from 17 wallets. This amount represents about 4.5% of the total circulating supply.

Crypto influencer Crypto Rover (@rovercrc) claimed that two of those wallets are associated with strategic investor Laser Digital.

[object Object] In response, OKX CEO Star Xu stated, "All on-chain unlock and deposit data is publicly available, and collateral and liquidation data of major exchanges can also be investigated," and assured that "OKX will prepare all relevant reports."

Star Xu, the founder of OKX, has been leading the company since 2013. He remains optimistic about the future of cryptocurrency and emphasizes self-custody of assets.

This incident has sparked discussions about the transparency and credibility of the cryptocurrency market, and investors are paying close attention to how exchanges will respond moving forward.