OKex to Refut BTC Futures Price Manipulation Rumours

OKex cryptocurrency exchange issued big statement regarding recent events and rumours
04 April 2018   961

Representatives of the Hong Kong exchange OKEx said that the information spread on the Internet that the site is involved in manipulating prices in the bitcoin futures market is untrue.

We, as a trading platform, do not make profit from the price volatility, but generate income from trading fees. We have not reason to, and have never and will not, manipulate the prices of any of our market.
 

OKex Team

It is also noted that the images that appeared in social networks and allegedly evidence of manipulation are fake. In addition, the exchange added that the site will have new rules that should prevent the repetition of the situation on March 30:

At 5:00-6:30 on Mar 30, 2018 (Hong Kong Time), the price of BTC quarterly futures contract was manipulated by a group of people, making it fall significantly below the BTC index. To protect the interests of our customers and to eliminate the adverse effects induced, we decided to rollback the futures trading data (according to OKEx Futures Trading User Agreement 6.2). In light of this problem, new "Price limit rules" were immediately launched to prevent similar incidents from occurring. We deeply apologize for the inconvenience caused.
 

OKex Team

On March 31, a Chinese trader, who opened a major position on bitcoin futures, threatened to commit suicide in front of the OKEx office, claiming that the liquidation of his position was done wrongly.

OKEx to Launch Own ERC-20 Based Token

In total, 300 million OKB tokens have entered the public network and they have confirmed that are going to launch OKChain in June
29 April 2019   432

OKEx cryptocurrency exchange announced the launch of its own OKB token in the public blockchain. Starting from Monday, April 29, users will be able to display OKB tokens in wallets that support the ERC-20 standard, or in a cold storage in the exchange application.

In total, 300 million OKB tokens have entered the public network.

The developers also confirmed that they expect to launch OKChain in June. After the confidence that OKChain is working stably, OKB coins migrate from the ERC-20 standard to the main network of the new blockchain.

OKB tokens are intended primarily for the future decentralized exchange: they can be used to pay for transaction fees, as well as in decentralized applications based on OKChain. In addition, OKB will be used in the tokens' pre-sales, for voting and paying for the service fee of supernodals.

Of the 1 billion OKB, 700 million tokens are currently blocked. Of these, 300 million coins were originally to be distributed among OKEx users as part of a loyalty program. The remaining 400 million OKB will remain under the control of the OK Blockchain Foundation and Exchange teams. The lockout period will end in 2022.