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On the evening of January 23rd, the native token OKB of the mainstream exchange OKX experienced an unexpected and drastic 50% drop, approaching $25 at one point. The official response on the same day attributed this abnormal fluctuation to "liquidation of large leveraged positions," causing a cascading effect of forced liquidations in some products.
The decline of OKB initially coincided with the overall market downturn on January 23rd. When the token price reached $48.36 at 17:07:26, it triggered the liquidation of several large leveraged positions, further triggering liquidations in pledging and borrowing, leveraged trading, and cross-currency trading. Ultimately, the situation led to a rapid drop of OKB to $25.1 in a short period.
Simultaneously, OKX officially pledged to fully compensate users for additional losses resulting from the abnormal liquidation, covering pledging and borrowing, leveraged trading, and cross-currency trading. The platform also committed to optimizing the risk control rules and liquidation mechanisms for spot leverage gradients and pledging and borrowing to prevent a recurrence of similar issues.
OKX announced the compensation plan: airdrop of USDT
Early morning on the 26th, OKX officially announced the compensation plan for the OKB flash crash incident on its website. The platform stated that it had adjusted relevant risk parameters concerning the abnormal fluctuation of OKB during the week and would airdrop eligible users affected by the incident.
Accounts eligible for the airdrop will include:
- Leveraged trading and leveraged positions involving OKB.
- Current pledging and borrowing with OKB as collateral.
- Cross-currency margin accounts containing OKB.
OKX will airdrop funds to the eligible users in the form of USDT before February 1, 2024. The compensation will cover "the loss incurred due to the price difference in forced liquidation selling of OKB."
Additionally, the official statement mentioned that the airdrop distribution for eligible users would encompass "losses incurred due to forced liquidation selling of OKB at a low price," as well as any fines and transaction fees related to forced liquidation. If other collateral assets or related contract positions are liquidated in a cross-currency full-position liquidation involving OKB, fines and fees related to the sale of other collateral assets and contract positions will also be included in the airdrop amount calculation. However, this excludes compensation for the platform's risk reserve fund covering insolvency.
Note: Loss due to price difference refers to the difference between the price at 17:07:26 on January 23rd (48.36 USDT) and the forced liquidation price.
Affected users seek compensation for OKB
In response to OKX's compensation plan, some users expressed a desire for compensation for the amount of OKB that was liquidated at the time rather than in USDT. Others complained that the current plan is not a full reimbursement because it only covers less than half, given that it was a leveraged liquidation.
In terms of the token price, after the rapid crash of OKB to $25.1 on January 23rd, the token quickly rebounded above $45 and is currently priced at $51, with a nearly 6.7% surge in the past 24 hours, almost recovering the lost ground from before the flash crash incident. |
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Post time 9-2-2024 14:42:31