The Chinese man's loss was supposed to be $1.8 million, with other news reports sensationalizing it by reporting that the loss was
up to $10 million.
But is it really the exchange's fault that losses like these occur? The man in question did something irresponsible. I reckon he was trading with his life savings, using maximum margin while trying to time the bottom in a bear market hehehe.
The cryptocurrency exchange OKEx was accused by one of its customers that it allegedly liquidated his large Bitcoin earnings in an illegal manner. OKEx has establishments in Belize and Hong Kong and is one of Asia’s largest Bitcoin and cryptocurrency exchanges..
But OKEx managed to hit an unrealistic 4750 USD in their Quarterly futures trading. The aforementioned trader tried to commit suicide inside the OKEx building in Hong Kong by drinking poison because of this force liquidation.
Shortly after this, a video appeared on Twitter showing the trader while threatening suicide at the OKEx offices, claiming that he lost million in USD from the exchange’s malfunctioning. Not much after OKEx released a statement stating that this incident was triggered by several users who closed a large number of positions without taking into account that the prices will suffer a sharp drop.Source https://coinspectator.com/news/347513/suicide-attempt-at-okex-offices-after-bitcoin-liquidationVideo https://twitter.com/KenWong_/status/979229877822894081
