Cryptocurrency exchange OKEx took part of the losses because of the failed liquidation of long positions on bitcoin in the amount of $415 million, increasing insurance Fund from 10 to 2 500 BTC BTC.
OKEx Maintains Order in the Futures Market by occured injecting 2500 BTChttps://t.co/TQUS9MoRPb
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— OKEx (@OKEx_) August 3, 2018
As representatives OKEx, the appearance of such a large long position in the market has enabled the risk management system. Team exchange has contacted the client and asked to partially close a position in order to reduce the risks for the market. However, the client refused to cooperate, so the exchange has frozen the account to avoid further increment.
“If we find malicious attempts of manipulating the futures at the time of the calculation, we manually correct the price to a reasonable level. Account that will make such an attempt, will be immediately suspended,” — said representatives of the exchange.
After the incident, OKEx plans to improve the risk management system. In particular, since August 4, come into force new rules on anti-manipulation in the process of margin trading.
Recall, July 31 the holder the largest long positions on bitcoin at the exchange OKEx a total cost of $460 million could not fully eliminate it because of the low liquidity on the trading platform.