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    Author Topic: OKEX illegally liquidated a Chinese man's $10M worth of Bitcoin  (Read 113 times)
    Seetheummerallyeah (OP)
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    March 30, 2018, 06:52:54 AM
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    Video at OKEX office: https://twitter.com/8bitandstuff/status/979488349038592001

    Context: The bottle he was holding was Dichlorvos (a banned pesticide). He threatened the CEO of #Okex that he will drink it right in front of him. This man lost his 8 months old child, and his wife wanted to divorce him for losing all these money. The "illegality“ here was due to OKEx futures price crashing 30%-40% more than every other margin exchange, when spot price merely went down by 5%.  This greatly reduced "leeway" and made liquidation inevitable. In the case today, spot price went from $7,200 to $6,900, while Okex quarterlies futures price crashed to a low of $4,800. You will get liquidated regardless. How can this be normal?

    OKEX Response: OKEX ended up rolling back all future contracts as a result of the pricing error.
    Source: https://support.okex.com/hc/en-us/articles/360002279012


    Thoughts on this? Honestly some pretty crazy stuff and its unacceptable how the price of BTC on a large exchange like OKEX managed to go down to $4800 when it was $7000 everywhere else (automatically liquidating all future contracts
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