Suddenly the trade price of OKB token crashed to $25 from $52 because of the liquidation of multiple large leverage positions.
OKX is an international crypto trade platform, whose services are available in almost every country, the jurisdictions where crypto trading is legal. In the US, OKX provides services via its subsidiary OKCoin exchange. To date, OKCoin provides services in San Francisco, San Jose, New York City, Malta, Hong Kong, Singapore, and Japan.
On 23 Jan 2023 at UTC+8 the trade price of the OKB token, the native token of the OKX exchange, crashed 51%. Within a couple of minutes, the trade price plunged to $25 from $50.
Following this sudden price downfall incident, many OKx users got into panic & they sold their OKB token at a loss. In short, the downfall in the trade price of the OKB token was unnatural.
The OKX team officially talked on this matter and informed the customers that it happened because the liquidation of multiple large leverage positions was triggered, which further triggered the liquidation of staked lending, margin trading and cross-currency transactions.
The exchange’s support team confirmed that they will compensate all the customers who faced loss because of this incident.
The current trade price of OKB token is $47.74 & this trade price is only 8.5% down over the last 24 hours trade price. Here we can say that the impact of the price crash incident is still visible.
OKX exits Japan
In June of last year, the OKX exchange exited the Japanese crypto market.
As per reports, this crypto exchange was failing to meet all the criteria of complying with newly introduced crypto laws of the country.
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