Largest liquidation recorded on OKEx

Posted 01 August, 2018

OKEx exchange recorded the biggest liquidation on Tuesday – it was withdrawn bitcoin long position for $460 million. At the same time, $420 million remain overhang in the settlement period.

According to the trader's community Whalepool, the sum of 950 BTC was too heavy that the platform failed to sell it at the market price.

"The massive unfilled Long liquidation of $415 Million has an open loss of -950 BTC that will hurt profitable BTCUSD contract traders of all maturities on OKEx Futures," the community stated.

This means that if the market fails to recover until the settlement at the end of the week, the profitable traders will have to undertake the losses. According to the available data, the quarterly open contracts amount to $800 million, with more than a half of this sum in the short positions may remain uncovered amid the bankruptcy of the contract holder.

However, it is also possible that the players opened and closed positions, so they would not face settlement until Friday. As a result, it is difficult to determine the exact profit/loss amount over the period under review, though this loss can become the largest profit stripping ever.

For such cases, OKEx has an insurance fund but just for 10 BTC. Thus, this situation can lead to heavy problems for the exchange. Specifically, if the market keeps falling, the platform can suffer losses of up to 50%.

Previous story

01 August, 2018 16:04

← Radar Relay finishes $10 million investment round

On Wednesday, August 1, the decentralized exchange – Radar Relay – announced the completion of the Series A investment round having generated $10 million. The company spokesperson stated that the funds will be spent for community expansion and new R&D activities. This is the second investment round held by the company – the previous one took place last December with $3 million. 

Radar Relay finishes $10 million investment round

Next story

01 August, 2018 12:15

Binance announces acquisition of Trust Wallet company →

Binance, one of the major cryptocurrency exchanges, has reportedly recorded the first acquisition of the third-party company in an attempt to provide users with increased control over their assets. As commented Binance representative with this merger, the exchange will manage to expand the list of solutions offered to the clients.

Binance announces acquisition of Trust Wallet company
Write a comment
Prove you’re not a bot + 10 = 21