OKX announced compensation for impacted users due to flash crash.

[jrrsparkles]

Earlier today the native token of OKX exchange (OKB) slumped 50% in a price crash triggered by abnormal price fluctuation.



The exchange confirmed that it will compensate users for losses caused by the liquidation cascade, including on-chain trades.

"The platform will fully compensate users for additional losses caused by abnormal liquidation, including pledge lending/margin trading/cross-currency transactions," OKX wrote on X. "The specific compensation plan will be announced within 72 hours. We will further optimize spot leverage gradient levels, pledged lending risk control rules and liquidation mechanisms to avoid similar problems from happening again."

Crypto Exchange OKX's Token Suffers 50% Flash Crash Amid Liquidation Cascade

[john1010]

Just read about the tough time with OKX's token (OKB) taking that unexpected 50% plunge – that's a lot to handle. 😟 Market rollercoasters can be overwhelming.

But hey, here's a silver lining! OKX is owning up to it and promising to cover those additional losses caused by the crazy ride. They're putting together a plan and sharing the details soon. It's good to see them taking steps to prevent this kind of situation in the future. I know navigating the crypto world isn't always smooth, but kudos to OKX for stepping in.