Over a month ago, OKEx suspended all withdrawals from its cryptocurrency exchange. For the past five weeks, users could trade but had no chance to withdraw their funds.
According to the exchange, one of the key OKEx founders had “been out of touch” due to his “cooperating with a public security bureau in investigations” in China.
This incident has brought many concerns about the future of OKEx and its long term sustainability.
Our close contacts in China indicate that the Chinese government will likely continue to take a series of regulatory measures that crack down on activities related to cryptocurrencies to fight money laundering and fraud.
And although OKEx has already resumed all withdrawals and is now operating as usual, regulatory uncertainty could severely impact its business.
Some users have already moved their funds out of the exchange. Some are lowering their trading activity on OKEx and diversifying trading operations between several exchanges.
For OKEx, it will be hard to gain back the trust of the crypto community, which means lower trading volumes and higher competition.
Therefore, we are downgrading the project from B to C+ and currently do not consider it investable for the long term.
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Convex’s business model is built on Curve, a DeFi blue chip that continues to be one of the market leaders. It repackages Curve’s governance into a liquidity bootstrapping product that is already being used by projects like Abracadabra and Alchemix, and there is potential for more projects using it down the line. Ergo, Convex is one of the few examples of business-to-business models in crypto.
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