OKEx made public that a number of users performed unusual transactions to manipulate the price of BTC’s quarterly futures contract on March 30th, 2018, making it deviate sizeably from the BTC index. The OKEx team’s investigation revealed that users had closed huge amounts of positions at market price without considering its cost causing it to drop to unusually low levels.
They quoted the OKEx Futures Trading User Agreement by saying:
“6.2 OKEx reserves the right to enact control over accounts if malicious price manipulation or any other pernicious wrong doing occurs. If required, OKEx reserves the right to close accounts, limit trading, halt trading, cancel transactions, and rollback transactions to eliminate any adverse effects in the futures market.”
OKEx has announced that to protect the interests of all its users, all future transactions will be rollbacked to 5:00 March 30th, 2018 (HongKong time).
After detailed evaluation, they have quoted:
“To prevent forced-liquidations due to price differences after the settlements in “bi-weekly” and “quarterly” futures contracts, we will rollback the transactions as mentioned, and all futures contracts will be delivered at 00:00 Mar 31st, 2018 (Hong Kong Time). Further announcement will be made if there are any changes in delivery time.”
Some of the rollback details include rolling back of all weekly, bi-weekly and quarterly future contract of all tokens to 4:47 March 30th, 2018 (HongKong time) for better risk control while it will be delivered. After delivery, all open positions will be canceled and holding positions will be closed at the delivery price.
In light of the incident, they have updated the “price limit rules” for future trading at 00:00 on March 31st, 2018 (HongKong time) for better risk control.
The rules are listed for existing price limit, after 10 minutes, premium/discount on Contract price and index price, First 10mins of all newly listed futures, the discount/premium calculated equals to 0, or deviates from the index price by 25%, new price limits, first 10 minutes of all newly listed futures, the discount/premium calculated equals to 0 or deviates from the index price by 25%.
OKEx has decided to waive off the transaction fees of future trading due to the inconvenience caused to its users.
SOURCE:
https://ambcrypto.com/price-manipulation-of-bitcoin-btc-okex-announces-rollback-of-futures-contract-data/
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Topic: Price manipulation of Bitcoin [BTC] – OKEx announces rollback of futures contrac (Read 1502 times)