OKEx which is a cryptocurrency trading platform based in Hong Kong has made the decision to roll back the futures transactions. This is due to what they have termed as “irregular” sell-off.
The corporation which has been for some time being operated by OKCoin cryptocurrency exchange explained on Friday that this move was initiated on the token trading and futures withdrawals due to an incident which happened. This incident happened between 5 a.m. and 6:30 a.m. HKT or rather 21:00 to 22:00 UTC in the morning. Therefore, according to the data, the selloff might have pulled down the Bitcoin futures quarterly price in a significant way as compared to the value of the cryptocurrency.
The rollback which is to be one might undo all the transactions which happened from 4:47 am HKT. This activity might happen at 3:30 pm HKT tie today according to the announcement.
The platform Wrote;
“OKEx always has the customers’ best interests at heart, and we are dedicated to providing the best products and technologies to protect our customers. Transactions were suspended for several hours due to the incident. Please accept our sincere apologies for the inconvenience caused.”
This announcement has however awakened the criticisms of many users who have complained that the system does not have the capability to prevent what might be termed as the intended activities. Additionally, some users went ahead and said that OKEx might have been involved in the manipulation. However, no response has been received from OKEx.
At the time, the Bitcoin price futures started dropping in price at around 22:00 UTC. This saw them drop to the $5,200 levels. This is according to an information Screen Captures shared on Twitter. Additionally another rebound then pushed prices to $6,000, and then they dropped further to $4,755.
According to the data on Cryptona.co at the time, Bitcoin was trading at the $7,000 price levels. This shows that there was a 20% difference in the price between the two exchanges.
This morning, the Bitcoin price fell to the 50-day low after it fell below the $7,000 level. According to Thursday’s data, however, the price of Bitcoin cash and other significant cryptocurrencies fell to their lowest point.