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Author Topic: [2018-04-02] What's Wrong With OKEx? Roll Back Transactions,User Threaten To Com  (Read 26 times)
lylian
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April 03, 2018, 02:43:24 AM
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The Hong Kong-based crypto trading platform OKEx rolled back futures transactions to 5:00 of March 30, 2018 (Hong Kong Time) after irregular transactions saw bitcoin dive to a low below $4800 on the platform, while it held $7000 everywhere else.

The “3.30 incident” triggered massive forced liquidations and wiped out hundreds of contracts. Complaint and criticism were exploding in various social networks including Telegram and WeChat in the wake of the announcement. Vociferous protestations from futures investors claimed they were going to the headquarter of OKCoin to find some justice, one trader even threatened to commit suicide in front of OKCoin’s Beijing office.

OKCoin and OKEx

OKEx, which claims to be registered in Belize and headquartered in Hong Kong, is operated by the crypto exchange OKCoin. The information of the two companies open to public is almost the same ...

Win Tesla sweepstakes by futures transactions...

Lose 2 million yuan in three months...

http://news.8btc.com/roll-back-futures-contracts-user-threaten-to-commit-suicide-whats-wrong-with-okex
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CryptoBry
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April 03, 2018, 03:26:59 AM
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This news is adding more pressures on Bitcoin and the whole cryptocurrency market to go negative...but then again I still have faith that eventually OKEX will be fine and will be learning the big lessons on this incident. I am sure that this can never be the last among series of problems and challenges affecting the many exchanges operating within this very volatile market. Here, there is no such thing as too big to fail that is why we have to be careful all the time and demand that exchanges upgrade their systems and beef up their protocols so that the ecosystem can not be rattled by problems.

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April 03, 2018, 03:53:21 AM
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What is wrong with this title? The user did not commit suicide, he threatened to commit. But it is, in fact, a very complicated time. And such technical mistakes make people even more desperate.


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April 03, 2018, 04:33:40 AM
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What is wrong with this title? The user did not commit suicide, he threatened to commit. But it is, in fact, a very complicated time. And such technical mistakes make people even more desperate.
Yeah ever since the creation of the internet mass media even the mediocre ones create some misleading headlines in order for you to read the full article where the content is actually partially not true. This kind of news sites want to have the highest traffic possible and they create clickbait articles not worthy for your time. Even using the word "commit" is wrong like they are implying that he will do it in the future which there is assurance to it. But with this news hopefully a lot of people now see that Bitcoin and other cryptocurrencies are legal in China as proven by OKex having an office in Beijing and has clients there.

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April 03, 2018, 08:53:20 AM
 #5

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.

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