OKEx Will Allocate $460 Million to Cover the Unexpected Losses of Traders

okex replenishes its insurance fund

The official report of the exchange states that an unusually big order “in BTC0928 futures contract” had to be cancelled on the 31st of July.

Basically, the exchange detected a huge order coming from the user under the ID of 2051247 and tried to persuade him/her to decrease it for the sake of risk management. Despite this, the unknown person did not want to enter its position, so OKEx had to freeze his/her account to keep the order from increasing more.

In order to mitigate the consequences of the occasion, OKEx allocated 2500 BTC out of its own funds to replenish the insurance fund. The exchange also came up with a new set of rules that entered into force on the 4th of August. They limit the size of orders to prevent such accidents from happening in the future.

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