This news is adding more pressures on Bitcoin and the whole cryptocurrency market to go negative...
No. It's impossible to find out the actual reason for why they did it (we can't just rely on the provided information), but the point is that we know exchanges are incompetent, and we also know that OKCoin has always been somewhat of a controversial exchange. I seriously don't understand why people even give such exchanges a shot with so many other far more capable exchanges around.
I am for that reason a supporter of exchanges that have to go through a harsh testing round in order to prove themselves worthy to operate as exchange. People don't realize it, but these incompetent bastards some times hold several billions worth of crypto assets in their reserves, which is pure madness. We just have to
hope that their security measures are in place, and our data is safe with them. Even if they claim to refund people at the time of a hack or coin loss, it's worth nothing, because they always refund in fiat, which in a market like this is killing. You get refunded $7000 per Bitcoin, while a year or two later Bitcoin hovers around $50,000 already, no way people should be signing up for that, and especially not when it comes to silly exchanges like OKCoin.
