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Author Topic: [2018-3-30] Okex Rolls Back Futures Contracts After Liquidations Leave Traders..  (Read 11 times)
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March 30, 2018, 04:25:42 PM

Okex Rolls Back Futures Contracts After Liquidations Leave Traders Reeling

Okex has promised to roll back futures transactions after irregular activity saw bitcoin plunge to under $4,800. The incident triggered massive liquidations, wiped out hundreds of contracts, and saw one trader threaten to commit suicide in front of Okex’ Hong Kong offices.

Okex Reverses the Rekoning

Cryptocurrency trading in the current climate is tough enough without being subjected to illegal liquidations. On Friday March 30, anomalies at the Chinese-run Okex exchange saw millions of dollars wiped out from trading accounts after a flash crash obliterated long positions. Vociferous protestations from Okex customers included one individual arriving at the firm’s Hong Kong HQ branding what he claimed to be a bottle of poison. The man claimed to have lost $10 million through forced liquidation, and threatened to drink the liquid if the matter wasn’t rectified.

In a statement issued on March 30, Okex wrote: “To prevent forced-liquidations due to price differences after the settlements in “bi-weekly” and “quarterly” futures contracts, we will rollback the transactions as mentioned, and all futures contracts will be delivered at 00:00 Mar 31, 2018 (Hong Kong Time). Further announcement will be made if there are any changes in delivery time.”

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