OKEx Denies Responsibility for Bitcoin Price Crash on Futures Exchange

OKEx Denies Responsibility for Bitcoin Price Crash on Futures Exchange

Cryptocurrency exchange giant OKEx is pushing back against allegations that it is responsible for market manipulation that caused the Bitcoin price to crash below $5,000 on its futures exchange last week.

In a statement released Wednesday, the Hong Kong-based exchange denied allegations that it had actively manipulated the futures markets to liquidate the positions of bullish traders.

From the statement:

As CCN reported, OKEx drew criticism last week after the value of its Bitcoin futures temporarily dropped as low as $4,755 in a fevered sell-off, despite the fact that the global average Bitcoin price hovered around $7,000 during the same period.

Traders whose positions were liquidated during the sell-off were livid, and one exceptionally-distraught individual reportedly went to the companys headquarters and threatened to commit suicide.

Ultimately, the exchange reversed trades that occurred during the 90-minute incident, citing irregular activity consistent with an orchestrated attempt to manipulate the market, and it has since added price limit rules to help prevent market manipulation in the future.

In Wednesdays statement, OKEx further threatened to pursue legal action against individuals falsely accusing them of market manipulation and disseminating fake charts to that effect.

Nevertheless, the incident and subsequent negative press coverage do not appear to have had a sustained impact on the popularity of the companys trading platform. OKEx continues to rank as the fourth most popular spot cryptocurrency exchange, with a 24-hour trading volume of approximately $750 million.

Featured image from Shutterstock,

04.04.2018 / 12:35 106
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