Bitcoin News and Finance

Okx Exchange Announces Plans to Compensate Users After OKB Token Flash Crash

Following a sudden plunge in the value of its native token OKB, which fell over 50% in a matter of minutes, Okx exchange has committed to developing a compensation plan for users caught in the resultant wave of automatic liquidations.

Okx Exchange to Roll Out Compensation After Unexpected OKB Token Flash Crash

Okx exchange experienced a flash crash of its native token, OKB, which plunged over 50% in value on Jan. 23. The sudden drop in price, from $50.69 to a low of $25.10, caused a flurry of automatic liquidations of margined positions, leading to a brief period of intense volatility. Okx has since stabilized the situation and is actively developing a compensation plan for the affected users.

This abrupt price movement occurred at 9:07 a.m. UTC, with the token recovering to trade at $47.27. Okx, in a statement, attributed the volatility to the automatic liquidation of several margined positions after the token’s value fell from $50.69 to $48.36.

Okx has acknowledged the unusual nature of this event and extended apologies to the impacted users. It stated, “Compensation will be provided to users who experienced losses as a result of abnormal liquidations, including users of flexible loan, margin trading and multicurrency trading products.” A detailed plan regarding the compensation is expected to be released within the next 72 hours.

Furthermore, Okx is investigating enhanced risk management controls and liquidation mechanisms to prevent future similar occurrences. The exchange’s response includes a promise to optimize various aspects of its trading platform, including spot leverage levels, pledged lending risk control rules, and liquidation mechanisms.

Despite the swift recovery of OKB’s price to around $47.00 and a significant increase in trading volume, concerns about market depth and liquidity remain. The crypto market, known for its volatility, poses risks where significant sell orders can trigger price cascades due to the thin liquidity spread across multiple trading venues. OKB, with a market cap of $2.8 billion, ranks as the fourth-largest exchange token by circulation.

How do you think Okx handled this situation? Share your thoughts and opinions about this subject in the comments section below.

Comments

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r

Bitcoin News and Finance: What You Need to Know

Search This Blog