OKEx is known as a cryptocurrency exchange giant. This crypto-exchange is pushing back against accusations that the exchange is responsible for the manipulation of the market which triggered the price of Bitcoin to drop below $5,000 on its futures exchange last week.
A statement was released on Wednesday, in which the Hong Kong-based exchange repudiated allegations about its involvement in the futures market’s manipulation to settle the positions of optimistic traders.
Last week, OKEx got criticized following the Bitcoin price crash as the value of its Bitcoin futures dropped to $4,755, in a fevered sell-off, even with the average price of Bitcoin globally, which flitted around $7,000 during the same time.
The statement says:
“OKEx 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 a profit from the price volatility but generate income from trading fees. We have not reasoned to, and have never and will not, manipulate the prices of any of our market.”
Merchants whose positions got settled during the sell-off time were incensed, and one of them was so distressed that he went to the headquarters of the company and even threatened that he would take his own life.
Eventually, during the 90-minute incident, the exchange inverted trades that occurred, mentioning this unconventional movement as a planned attempt to deploy the market, and since then, it has added the price limit rules to help in preventing the manipulation in the future market.
Moreover, OKEx warned that it will take legal action against those, who falsely accuse them for the manipulation of the market and disseminate false charts to that effect.
What does the company have to say about it?
The company says:
“We reserve the right to take necessary legal action against any parties who libel our company and reputation by any means.”
However, the event following negative press coverage doesn’t seem to have a constant influence on the popularity of the trading platform of the company, as OKEx is still on the fourth most popular spot cryptocurrency exchange in the ranking, with almost $750 million, 24-hour trading volume.