Suddenly, the trading price of the OKB token crashed from $52 to $25 due to the liquidation of several large leveraged positions.
OKX is an international crypto trading platform, whose services are available in almost every country, the jurisdictions where crypto trading is legal. In the US, OKX provides services through its subsidiary OKCoin exchange. To date, OKCoin offers services in San Francisco, San Jose, New York City, Malta, Hong Kong, Singapore and Japan.
On January 23, 2023 at UTC+8, the trading price of the OKB token, the native token of the OKX exchange, fell by 51%. Within a few minutes, the trading price dropped from $50 to $25.
After this sudden price drop incident, many OKx users panicked and sold their OKB token at a loss. In short, the drop in the trading price of the OKB token was unnatural.
The OKX team officially spoke about this issue and informed customers that this happened because the a liquidation of several large leverage positions was initiated, which further led to the liquidation of the loans, margin trading and currency transactions.
The exchange’s support team confirmed that they will compensate all customers who suffered losses due to this incident.
The current trading price of the OKB token is $47.74 and this trading price is only 8.5% lower than the trading price of the last 24 hours. Here we can say that the impact of the price crash incident is still visible.
OKX leaves Japan
In June last year, the OKX exchange left the Japanese crypto market.
According to reports, this crypto exchange did not meet all the criteria to comply with the country’s newly introduced crypto laws.
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