OKEx, the cryptocurrency trading toneelpodium possessed and operated by OKCoin te Hong Kong has denied allegations of its involvement ter the attempted manipulation of its bitcoin futures market. Te a statement published on the platform’s webstek, OKEx suggested a sturdy repudiation of such claims by addressing all the different rumors that had bot making the rounds overheen the matter.
Setting the Record Straight
The toneel began by providing a epistel account of the events that transpired leading up to the attempted manipulation of their bitcoin futures market spil well spil the rollback step taken by the toneelpodium. The statement also touched on the establishment of “price limit rules” that will prevent the recurrence of such manipulation te future.
Commenting on the spinning rumor mill that had bot on overdrive since the incident, OKEx maintained that it is reputable digital asset hard with millions of customers. The statement also suggested a defense for the platform’s choice to rollback all futures contracts gegevens telling that it voorwaarde protect its customers. The verhoging also clarified its position spil a provider of order book services and that it doesn’t participate directly ter any of the trades.
On the subject of knowingly manipulating the market or being involved ter the attempt to manipulate prices, OKEx announced that its revenue stream comes solely from trading fees and it earns nothing from price volatility. Hence, it has no reason to manipulate the market prices. The statement suggested a accomplish and sturdy denial of the manipulation charges maintaining that it is committed to maintaining the market stability of which price manipulation would be counterproductive to such goals.
One of the more potentially damning opzicht to the rumors that had bot ubiquitous on the internet te the aftermath of the rollback had bot screenshots of charts purportedly from the OKEx verhoging. The statement addressed thesis screenshots calling them a false representation of the market situation on the toneelpodium. It also made sure to suggest up legitimate screenshots, asking the universal public to compare and take note.
The Crux of the Matter
On Friday, March 30, , OKEx temporarily halted bitcoin futures trading on its toneel after noticing some irregular activities. According to a statement by the podium, inbetween 9 pm and Ten:30 pm UTC, many irregular selloffs occurred on the toneel prompting crimson flags to be raised instantly. Thesis selloffs coerced the quarterly price of bitcoin to fall significantly below its market price.
Te response, the toneel halted all trading activities and after which it determined upon exhaustive internal consultations to rollback all futures contracts gegevens. The rollback wasgoed for all weekly, bi-weekly, and quarterly transactions, undoing all transactions up to 8:47 pm UTC on Friday, March 30, . Spil part of measures to compensate its customers, OKEx also announced a seven-day waiver for transaction fees. The podium also announced that it would proceed to launch more incentive campaigns to prize loyal customers.