Trader Threatened to Commit Suicide at Okex Office

Man lost about $ 10 000 000 in Bitcoins due to liquidation
30 March 2018   593

The OKEx exchange was again in the spotlight this Friday. First, information was received about questionable operations with bitcoin futures, and later it was added that a trader whose position, estimated at several million dollars, was eliminated, threatened to commit suicide in front of the company's office, claiming that the liquidation was made illegally. This is reported by News BTC.

According to Coin Panda on Twitter, as a result of operations on the exchange, the Chinese trader lost about $ 10 million in bitcoins. The liquidation was caused by a 30-40% drop of the bitcoin futures price for a short time. Traders, which don't use stop order daily weren't ready for this.

According to Coin Panda, a man who does not agree with this policy, came to the OKEx office with a bottle of dichlorophos, and promised to drink it. Whether he made any demands is unknown.

OKEx has not yet commented on the situation, but earlier the company acknowledged the fact of manipulating the price of futures and promised to roll back all transactions until the first suspicious application was placed.

Crypto Exchange White Label Service launched by OKEx

OKEx, one of the biggest exchanges in the world, has declared the run of a crypto exchange creation programme ‘Digital Asset Exchange Open Partnership Program’
20 June 2018   294

The announcement claims that the programme is intended to “nurture a new generation of digital asset exchanges”. To establish a new crypto exchange, interested parties have to provide OKEx with a domain name, logo, and specialties of the management team. They are assured to possess “solid industry experience, quest for service excellence, and strong industry influence.”

Applicants should also deposit 500,000 OKB tokens into their accounts. This equals around $2.5 million at the present rate, according to coincodex.com. OKB is a utility token that were first sold in March of this year in packages of up to 100, each costing $100. They can be applied to settle transaction fees on the exchange and traded for Bitcoin, Ethereum and Tether.

The applicants will get access to OKEx’s fitting system (which links up buy and sell orders), cold and hot wallets (offline and online cryptocurrency storage), clearing system (which handles money transfer), client support system, and know-your-customer and anti-laundering systems. They will also get support from the OKEx technical team.

100 places are suggested by the programme in its first phase. It is anticipated to start in July. The announcement also points out the setup that the new exchanges must have. They will develop their own native tokens, and distribute them as follows:

  • 25 percent to themselves;
  • 24 percent to OKB holders;
  • and 51 percent to be mined.

OKEx explains the mechanisms by which the tokens will be mined/released. The term white label was firstly invented in the music industry - a white label vinyl record was a release so new that it had not yet been labelled, a much sought-after thing. Presently it cites to a service or product manufactured by one company and sold to another for re-sale under a different brand name.