OKEx made public that a number of users performed unusual transactions to manipulate the price of BTC’s quarterly futures contract on March 30th, , making it deviate sizeably from the BTC index. The OKEx team’s investigation exposed that users had closed meaty amounts of positions at market price without considering its cost causing it to druppel to unusually low levels.
They quoted the OKEx Futures Trading User Agreement by telling:
“6.Two OKEx reserves the right to enact control overheen accounts if malicious price manipulation or any other pernicious wrong doing occurs. If required, OKEx reserves the right to close accounts, limit trading, halt trading, visera transactions, and rollback transactions to eliminate any adverse effects ter the futures market.”
OKEx has announced that to protect the interests of all its users, all future transactions will be rollbacked to Five:00 March 30th, (HongKong time).
After detailed evaluation, they have quoted:
“To prevent forced-liquidations due to price differences after the settlements ter “bi-weekly” and “quarterly” futures contracts, wij will rollback the transactions spil mentioned, and all futures contracts will be delivered at 00:00 Mar 31st, (Hong Kong Time). Further announcement will be made if there are any switches te delivery time.”
Some of the rollback details include rolling back of all weekly, bi-weekly and quarterly future contract of all tokens to Four:47 March 30th, (HongKong time) for better risk control while it will be delivered. After delivery, all open positions will be canceled and holding positions will be closed at the delivery price.
Te light of the incident, they have updated the “price limit rules” for future trading at 00:00 on March 31st, (HongKong time) for better risk control.
The rules are listed for existing price limit, after Ten minutes, premium/discount on Contract price and index price, Very first 10mins of all freshly listed futures, the discount/premium calculated equals to 0, or deviates from the index price by 25%, n ew price boundaries, very first Ten minutes of all freshly listed futures, the discount/premium calculated equals to 0 or deviates from the index price by 25%.
OKEx has determined to waive off the transaction fees of future trading due to the inconvenience caused to its users.