OKEx Cancels Operations with Cryptocurrency Futures Due to Price Manipulation

The cryptocurrency exchange OKEx stated that unusual transactions were registered on Friday morning, on the 30th of March, trying to  manipulate prices for quarterly futures contracts. As a result, the prices were significantly different from the current rate of the first cryptocurrency.

According to the results of the investigation, it was estimated that one of the users closed a large number of positions, not taking into account the current prices, which resulted in the drop of the Bitcoin rate to unusually low levels. Representatives of OKEx promise to make public the relevant transactions after the completion of a full investigation.

The exchange team also refers to clause 6.2 of the user agreement, which grants it the right to control the accounts in case of the detection of deliberate manipulation of prices.



In this regard OKEx declares: “In order to protect the interests of the exchange users, we decided to cancel all futures transactions (weekly, fortnightly and quarterly)..”

The team of the exchange assures that the process of trading with cryptocurrencies and fiat has not been affected and continues to be carried out in normal mode.

Moreover, in order to compensate for the inconvenience, the exchange will remove the commission for trading Bitcoin futures from the 1st of April to the 7th of April.

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