OKEX, a Hong Kong based cryptocurrency exchange platform has come forward and denied all the accusations involving Bitcoin future price manipulation after some customers imputed the exchange for price tampering as the price swung the previous week.
The exchange has rolled back the futures contract as some people reportedly aggravated the price of BTC quarterly futures. It led to irregular instability in BTC price and trading, in consequence, they had to rollback the futures trade on 30th March 2018.
On OKEx, the BTC graph was dropping furiously, from over $6500 to $4700 while in the rest of world coin was stable at $7000. OKEx was criticised and users started to blame the exchange for its involvement. Due to the unexpected error that occurred, they updated the price rules and decided to waive off the transaction fees of future trading.
OKEx even released an official statement regarding the same on their support blog and clarified all the doubts and queries of its users.
In the official statement, they spoke about the rollback transaction. They said that the price of the BTC quarterly futures contract fell significantly below the BTC index because of a manipulation by a group of people. Due to this, they have decided to rollback the futures trading data and in turn protect the customers’ interest and eliminate its adverse effects.
Super Crypto, a Twitterati says,
“Question is – WHO Is Manipulating the market?”
Justin Crypto, another Twitterati and an XRP enthusiast says,
“I think a cartel of private whales are manipulating all the futures markets. People say there aren’t enough to make a difference, but if a whale wants to win, they will win. Just like they’ve just scooped 10% profit today.”
They even apologised on their support blog and added that there have been rumours flying about the exchange platform claiming that they intentionally triggered forced liquidations of accounts by manipulating the prices. They said that they are continuously improving their systematic risks control, trading products, and related security technologies in order to maintain the credibility as a trusted company.
They refused the accusation by saying that they do not make a profit from the price volatility but from trading fees and have no reason to manipulate the price in their market. Regarding the graphs, the team says the Future Market is not related to the charts which showed the price trend of BCH/ USDT of their Spot Trading Market.
OKEx recently even announced to cancel all pending orders of trading pairs with Centra Tech as CTR has been charged with fraud by U.S Securities and Exchange Commission.
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