OKEx Adds support for Tether USDT

Announcements, Now Accepting | October 16, 2017 By:

OKEx, a digital asset trading platform launched by OKCoin, has added support for Tether (USDT) trading.

USDT is a cryptocurrency asset issued on the bitcoin blockchain via the Omni Layer Protocol. Each USDT unit is backed by a US Dollar held in the reserves of Tether Limited. USDT can be transferred, stored, spent, just like bitcoins or any other cryptocurrency, users can transact and store tethers with any Omni Layer enabled wallet.

OKEx said that it aims to offer a diversity of trading pairs to its clients and deliver outstanding services through its trading infrastructure.

“OKEx is therefore pleased to support USDT and to provide our clients with an alternative for cryptocurrency hedging and/or arbitrage,” the company said.

Earlier this month, reports suggested that OKEx has been hacked. Victims reported losing a collective of over 600 bitcoins (approx. $3 milion). One user alone reported losing over 200 bitcoins. Users reported seeing German IPs logging into their account just before the thefts.

OKEx denied the allegations that it was hacked and blamed recent thefts on users who did not properly secure their accounts. The company said it believes that hackers compromised just a few individual customer accounts, either due to poor security or after the owners fell for phishing attacks.