The last few days were pretty rough on Bitcoin investors as the currency witnessed a week long sharp decline from 9000 USD to a critical low of 6550 USD before it finally bounced to 7250 USD today according to Bitstamp. One exchange, namely OKEx, managed to bottom out on an unrealistic 4750 USD bottom on their Quarterly futures trading.

OKEx is based in Belize and HongKong and is one of Asia’s biggest Bitcoin and Altcoin exchanges. They serve 20 million customers in more than 100 countries.

This was 20% below the global index price and it resulted in countless liquidations for people who were long on Bitcoin or chased the bottom. Considering this is a futures margin area, this could not have been left going without any intervention. After the incident futures trading have been halted.

Not much later a video surfaced on Twitter via user @KenWong_ showing a trader who stands in front of the OKEx offices threatening to drink poison claiming to have lost millions in USD resulting from the malfunctioning of the exchange. The video might be disturbing to some readers so watch with caution:

Not much later OKEx issued a statement on the issue that this incident was caused by a number of users who closed a huge amount of positions without considering costs causing a sharp drop. Since the exchange TOS allows them the right for intervention in the case they find malicious manipulation of the markets they decided to a rollback in order to protect their userbase. For the full statement click on the above link.

A known trader with the handle @BTCVIX highlighted the area affected by the rollback on twitter:

After halting futures trading @OKEx_ makes the correct move to roll back trades — everything inside the red box didn't happen/rolled back pic.twitter.com/JrU59u2hUM — BTCVIX (@BTCVIX) March 30, 2018

This is probably the best solution for everyone affected by the liquidation wave as neither of the global exchanges have witnessed such a move. We hope that the user/trader in the above linked video is doing fine and calmed down after the statement came out from the exchange.

EDIT-

Latest news from OKEx (source):

“We have successfully rolled back the futures contracts data to 4:47:54 Mar 30, 2018 (Hong Kong Time), when the last transaction was completed. All the futures contracts will be delivered at 17:40:00 Mar 30, 2018 (Hong Kong Time) according to the delivery prices listed below.

The transfers between user futures account and spot account will be rolled back as well, and will be processed after futures contracts delivery. We will make further announcement when it is completed.”