8 months ago
Following a abrupt plunge successful the worth of its autochthonal token OKB, which fell implicit 50% successful a substance of minutes, Okx speech has committed to processing a compensation program for users caught successful the resultant question of automatic liquidations.
Okx Exchange to Roll Out Compensation After Unexpected OKB Token Flash Crash
Okx speech experienced a flash clang of its autochthonal token, OKB, which plunged implicit 50% successful worth connected Jan. 23. The abrupt driblet successful price, from $50.69 to a debased of $25.10, caused a flurry of automatic liquidations of margined positions, starring to a little play of aggravated volatility. Okx has since stabilized the concern and is actively processing a compensation program for the affected users.
This abrupt terms question occurred astatine 9:07 a.m. UTC, with the token recovering to commercialized astatine $47.27. Okx, successful a statement, attributed the volatility to the automatic liquidation of respective margined positions aft the token’s worth fell from $50.69 to $48.36.
Okx has acknowledged the antithetic quality of this lawsuit and extended apologies to the impacted users. It stated, “Compensation volition beryllium provided to users who experienced losses arsenic a effect of abnormal liquidations, including users of flexible loan, borderline trading and multicurrency trading products.” A elaborate program regarding the compensation is expected to beryllium released wrong the adjacent 72 hours.
Furthermore, Okx is investigating enhanced hazard absorption controls and liquidation mechanisms to forestall aboriginal akin occurrences. The exchange’s effect includes a committedness to optimize assorted aspects of its trading platform, including spot leverage levels, pledged lending hazard power rules, and liquidation mechanisms.
Despite the swift betterment of OKB’s terms to astir $47.00 and a important summation successful trading volume, concerns astir marketplace extent and liquidity remain. The crypto market, known for its volatility, poses risks wherever important merchantability orders tin trigger terms cascades owed to the bladed liquidity dispersed crossed aggregate trading venues. OKB, with a marketplace headdress of $2.8 billion, ranks arsenic the fourth-largest speech token by circulation.
How bash you deliberation Okx handled this situation? Share your thoughts and opinions astir this taxable successful the comments conception below.
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