1. Rollback of transactions on Mar 30
At 5:00-6:30 on Mar 30, 2018 (Hong Kong Time), the price of BTC quarterly futures contract was manipulated by a group of people, making it fall significantly below the BTC index. To protect the interests of our customers and to eliminate the adverse effects induced, we decided to rollback the futures trading data (according to OKX Futures Trading User Agreement 6.2).
In light of this problem, new "Price limit rules" were immediately launched to prevent similar incidents from occurring. We deeply apologize for the inconvenience caused.
2. Rumors of market manipulation
Rumors have been flying on the internet about OKX intentionally triggering forced liquidations of accounts by manipulating the prices.
We, OKX, as a global digital asset exchange which serves millions of users, are dedicated to provide an orderly and robust trading platform, by continuously improving our systematic risks control, trading products and related security technologies, to maintain the credibility as a trusted company.
For instance, the rollback on Mar 30 was executed because we have the obligation to protect all the affected customers. OKX provides a platform to allow customers to trade in our order books, but we are not directly involved in the trades. Moreover, all the transaction details are public. We, as a trading platform, do not make profit from the price volatility, but generate income from trading fees. We have not reason to, and have never and will not, manipulate the prices of any of our market.
OKX's Futures Index is computed from the prices of several trusted global exchanges. We have a strict formula to retrieve the indices in certain time intervals, to make sure that it is one of the world's most trusted indices, which maintain market stability and avoid malicious manipulation of prices. Furthermore, OKX has adopted unique price limit rules to eliminate the possibilities of market manipulation (please see OKX announcement on Mar 30 for new price limit rules details).
3. Fake screenshots of our charts
Screenshots of charts which was claimed to be reflecting the prices of our futures market, was created and spread on the internet (as shown below).
The chart above shows the price trend of BCH/USDT of our Spot Trading Market, and is not related to our Futures Market. Spreaders, however, used this chart to falsely accused us for manipulating our Futures Market on Dec 8, 2017.
The two screenshots above show the real price trends of BTC and BCH contracts on that day. There is no abnormal price movement or any signs of price manipulation as accused by the spreaders.
4. Legitimate business
OKX (OKX Technology Company Limited）is a digital asset trading company which is registered in Belize. Before the company was founded, OKX had taken strict legal advices and confirmed that our businesses and all the operations comply with relevant laws, policies, and regulations.
Screenshot of the legal opinion
5. Customers First
Putting Customers First is one of our core values at OKX. We want to deliver value to every customer in every interaction they have with our company. We value all the feedbacks and welcome any comments our users may have to help improve our programs and services.
You are welcome to reach us through:
Our email: service@OKX.com
We reserve the right to take necessary legal action against any parties who libel our company and reputation by any means.
OKX Technology Company Limited
Apr 3, 2018