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Update Regarding OKB Price Volatility

Data di pubblicazione: 25 gen 20242 minuti di lettura

This week, between 9:07 and 9:09 am UTC on January 23, 2024, OKB spot trading pairs experienced abnormal price volatility on our platform. This incident started when a substantially leveraged spot position was liquidated, which led to a domino effect liquidating multiple positions within flexible loan, margined spot trading, and multi-currency margin trading products. Some of our customers who had open trades or were part of the force liquidation were impacted.

As we advised here, OKX has adjusted its relevant risk parameters and we will adjust the accounts of eligible users that were impacted.

Some of the eligible cases for account adjustment may include:

  • Margined spot positions long OKB
  • Flexible Loan with OKB as a collateral
  • Cross positions with OKB margined under multi-currency margin accounts

We will automatically deposit funds into eligible users' funding accounts in USDT before February 1, 2024.

Adjustment rules and calculation parameters

Account adjustment for eligible users (to be determined at OKX's sole discretion) will cover the price difference loss, as calculated by OKX, that resulted from forced selling of OKB at a lower price during a liquidation and any liquidation penalties and transaction fees associated with the liquidation. For loans and positions with multiple collateral that included OKB, liquidation penalties and trading fees that were charged for the sale of the other collateral or positions will also be reimbursed, subject to OKX's discretion. Bankruptcy losses covered by the insurance fund will be excluded.

A price difference loss refers to a loss caused by the difference between the mark price at 9:07:26am UTC (48.36 USDT) and the resulting liquidation prices during the period.

For example: If 10 OKB was liquidated at a liquidation price of 40.0 USDT, OKX will compensate difference of (48.36 - 40.0) * 10 = 83.6 USDT. Compensation will also include the associated liquidation penalty and trading fees (as determined by OKX), and exclude any bankruptcy losses already covered by the insurance fund.

For any additional inquiries regarding adjustment or eligibility, please contact us via the Support Center.

Kind regards,

OKX Team

**Note: Not all users who held positions during the volatility period will be compensated, only users who are determined to be eligible based on the above outlined criteria will be compensated.