OKex to Report on BTC Futures Price Manipulation Attempts

As a result of price manipulations attempts, prices were different from the current price of the first cryptocurrency
30 March 2018   1565

The OKEx said that unusual transactions were registered on Friday morning, March 30, to manipulate prices for bitcoin futures contracts. As a result, prices were significantly different from the current rate of the first cryptocurrency.

As a result of the investigation, it was found that one of the users closed a large number of positions, not taking into account the current prices, resulting in the bitcoin price fell to unusually low levels.

Representatives of OKEx promise to make public the relevant transactions after the completion of a full investigation.

The Exchange team also refers to clause 6.2 of the user agreement, which grants it the right to control the accounts in the event of the detection of deliberate manipulation of prices.

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.

OKex Team

The exchange's team assures that the process of crypto and fiat trading has not been affected and continues to be carried out in normal mode.

In addition, in order to compensate for the inconvenience, the exchange will remove the commission for trading bitcoin futures from April 1 to 7.

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   428

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.