Facebook Sthuthie Murthy is a full-time reporter at AMBCrypto. She has been researching and writing about the Blockchain technology for a year now.
Her passion for blockchain has led her to be a part of AMBCrypto’s news reporting team. She does not hold value in any cryptocurrencies currently.
Your email address will not be published. Required fields are marked OKEx made public that a number of users performed unusual transactions to manipulate the price of BTC’s quarterly futures contract on March 30th, 2018, making it deviate sizeably from the BTC index.
The OKEx team’s investigation revealed that users had closed huge amounts of positions at market price without considering its cost causing it to drop to unusually low levels. They quoted the OKEx Futures Trading User Agreement by saying: “6.2 OKEx reserves the right to enact control over 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, cancel transactions, and rollback transactions to eliminate any adverse effects in the futures market.” OKEx has announced that to protect the interests of all its users, all future transactions will be rollbacked to 5:00 March 30th, 2018 (HongKong time).
After detailed evaluation, they have quoted: “To prevent forced-liquidations due to price differences after the settlements in “bi-weekly” and “quarterly” futures contracts, we will rollback the transactions as mentioned, and all futures contracts will be delivered at 00:00 Mar 31st, 2018 (Hong Kong Time). Further announcement will be made if there are any changes in delivery time.” Some of the rollback details include rolling back of all weekly, bi-weekly and quarterly future contract of all tokens to 4:47 March 30th, 2018 (HongKong time) for better risk control while it will be delivered. Read more from ambcrypto.com…
thumbnail courtesy of ambcrypto.com