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Trader Loses $5 Million Due To Malfunction Of OKEx Crypto Exchange

Published: 11/09/2018
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What is it for?

A crypto trader under the pseudonym Li Xiao stated that during the sharp fall of the crypto market a few days ago he lost 20,000 ETH (at that time more than $5.1 million) due to a temporary malfunction of the OKEx application, 8BTC reports citing the Chinese media.

 

On Wednesday, September 5, the crypto market's major cryptos collapsed and it lost more than 13 billion of its total capitalization, the bitcoin's price fell by more than 4%. According to Li Xiao, he lost his funds because the exhange application didn't work for 23 minutes.

 

Li Xiao is not the only one who suffered during the market's decline. Traders who faced bugs on the platform, inavailability of the service, bugs, closed positions, bad gateways, sent a collective complaint to the exchange. OKEx customer support staff responded a few hours later, stating that their support service couldn't cope with the flow of users during the crisis. A trader under the nickname Wang questioned the truth of this statement and said that the number of transactions has incredibly increased during the night.

 

"I cannot accept this. If the system worked, the losses could be avoided. We just want the OKEx exchange to return our money," Wang wrote.

 

It is not the first time when OKEx, the world's second largest crypto exchange from Hong Kong, was accused of losing its users' funds. In late March 2018, the transactions which manipulated the value of futures were recorded on the exchange, and that caused a significant drop in bitcoin's price.

 

Earlier, OKEx joined GLASS Global System of Liquidity and Settlement created by SharesPost.

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OKEx exchange cryptocurrency ETH
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  1. HunterM77:
    09/11/18 at 08:03

    So basically, if BTC lost it's 4 percent of price for 23 minutes of malfunction on trading platform, it needs only half and hour to tottally destroy BTC????