Huge saga faced the OKX exchange and it’s users as their native token ,OKB,plunges 50% in a flash putting many in loss.
Many users were left in panic ,as the kept figuring out the cause of the abnormal price fluctuation.
Some users bantered over so many ideas to know the cause,as some accused whales(traders with huge equity) to be responsible.
LIVE CRYPTO RATES FOR TODAY
| Name | Price | 24H (%) |
|---|---|---|
 Bitcoin(BTC) | $63,808.40 | -3.68% |
 Ethereum(ETH) | $3,122.61 | -4.27% |
 XRP(XRP) | $0.52 | -4.24% |
 Cardano(ADA) | $0.468841 | -5.26% |
 Bitcoin Cash(BCH) | $477.08 | -4.37% |
 Litecoin(LTC) | $84.21 | -3.09% |
 Monero(XMR) | $118.73 | -2.51% |
 IOTA(IOTA) | $0.232645 | -9.34% |
 Dash(DASH) | $30.04 | -5.28% |
 NEM(XEM) | $0.038407 | -10.42% |
This cascade posed a threat on the trust worthiness of the exchange ,As users couldn’t believe a huge token with $10billion market capitalization can be manipulated with just a sale off of $10million.
Others couldn’t bear it and deemed it fit to alarm this to the exchange team , seeking for a solution to the saga.
Later on , OKX came out to tender apology, stating the cause of the incident.
To appease everyone, The team is set to map out a compensation plan for OKX users who loss in the incident . Which according to them , the plan would be out to the public on or before 3 days time.
Although, The OKB market is healing up, as it has gone trough the plunges of $25 and now ,as at the time of writing is at $47,clearing up the plunge of 50% to 13%.
Moreover, the native token market capitalization is raising up it’s feet roo, OKX team also are implementing effective measures to control user leveraging.
Notably, Many other exchange experienced this plunge , such as FTX .
When it comes to liquidity influenced by leveraging, volatility is paramount .
