OKEx Traders to Suffer Losses

OKEx closed several positions for BCH futures for $ 135 million without warning
20 November 2018   1008

On the eve of the hard fork in the Bitcoin Cash network, the OKEx exchange closed several positions for BCH futures for $ 135 million without warning. Because of this, some traders suffered losses, Bloomberg reported.

On November 14, OKEx changed the terms of futures contracts for Bitcoin Cash, arguing that protecting customers from the looming market volatility associated with the future hard forks.

On November 15, due to a technical malfunction on the platform, traders could not make transactions within two hours, while increased volatility was observed in the market.

According to the manager of Consensus Technologies Chao Changhei, OKEx suddenly closed its fund’s position at a non-prevailing market price. Because of this, the fund lost $700000. He added that due to the ambiguous reaction of the management of the exchange to hardfork in the Bitcoin Cash network, his five millionth fund will reduce cooperation with OKEx. In addition, one trader who wished to remain anonymous filed a complaint against OKEx with the Hong Kong Securities and Futures Commission.

As stated by the head of the OKEx division, Andy Chung, this “fair and rational” solution was aimed at avoiding market manipulation.

Note that on November 12, OKEx representatives issued a warning to customers, which said it was necessary to focus on “risk management in order to avoid undesirable losses during trading before and during hard forks”

SBI to Delist Bitcoin Cash

It is also worth noting SBI won't delist Bitcoin SV, which will be delisted by Binance and ShapeShift.
17 April 2019   258

The Japanese exchange SBI Virtual Currencies will delist Bitcoin Cash (BCH) in June Cointelegraph reports.

It is noteworthy that SBI won't delist Bitcoin SV, which will be delisted by Binance and ShapeShift.

Among the main reasons for the delisting of the exchange called the decline in market capitalization of Bitcoin Cash. Also, representatives of the marketplace are convinced that BCH has recently become more at risk of an “attack of 51%.”

This material is not part of the rules for the management system of virtual currency related information of Japan Virtual Currency Exchange Business Association.
 

SBI

In addition, AMB Crypto reports that SBI is dissatisfied with the consequences of hard forks, as a result of which the BSV asset appeared, and Bitcoin Cash cryptocurrency itself has lost a significant part of its value in a short time.

Some users of social networks have expressed the opinion that the true reason for delisting Bitcoin Cash lies in the partnership of the management of the exchange with the company nChain, where Craig Wright, who supports Bitcoin SV, works.

Large exchange OKEx decided not to delist Bitcoin SV too. Moreover, until April 19, the launch of the FloatSV cryptocurrency exchange, created in partnership with OKEx, is expected to be launched, the main asset of which will be Bitcoin SV.