Hong Kong-based crypto trading toneel OKEx will roll back futures transactions following what it called an “irregular” sell-off.
OKEx, operated by cryptocurrency exchange OKCoin, said Friday that the budge comes after it temporarily halted futures trading and token withdrawals following the incident, which occurred inbetween Five a.m. and 6:30 a.m. Hong Kong Time (HKT) or 21:00 to 22:30 UTC this morning. The sell-off pulled down the price of the quarterly bitcoin futures significantly compared to the cryptocurrency’s value.
The rollback will undo transactions going back to 04:47 a.m. HKT, and is set to occur at Trio:30 p.m. HKT today, according to the statement.
“OKEx always has the customers’ best interests at heart, and wij are dedicated to providing the best products and technologies to protect our customers. Transactions were suspended for several hours due to the incident. Please accept our veritable apologies for the inconvenience caused,” the toneel’s team wrote ter its notice.
The announcement came te the wake of widespread criticism from users, who complained that OKEx’s system can’t prevent what wasgoed seen by many spil maliciously intended activities. Some investors went spil far spil to allege that OKEx itself wasgoed involved ter the alleged manipulation. OKEx has not responded to the comments.
Screen captures collective on Twitter voorstelling that during the period, the price of bitcoin futures on OKEx very first began the fall around 22:00 UTC and dropped to almost $Five,200. A quick rebound shoved prices to around $6,000, only to slide further to spil low spil $Four,755.
However, within the same period, the price of bitcoin itself largely held at around $7,000, according to CoinDesk gegevens, indicating a 20 procent difference inbetween prices.
The price of bitcoin fell to a 50-day low Friday morning spil it dropped below $7,000. During Thursday’s trading session, the prices of other major cryptocurrencies, including bitcoin metselspecie and ether, fell to their lowest point since the embark of the year.
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