Update on OKB volatility

At 09:07 am UTC on 23 January 2024 the price of OKB dropped from 50.69 to 48.36 USDT, causing several margined positions to automatically liquidate. As a result, OKB experienced high volatility for about three minutes, reaching a low of 25.1 USDT before the market stabilized.

We understand this situation is unusual and apologize to impacted users. Compensation will be provided to users who experienced losses as a result of abnormal liquidations, including users of flexible loan, margin trading and multicurrency trading products. A detailed compensation plan will be released in 72 hours.

In addition, we will work to continuously improve OKX's margin position tier rules, risk management controls, and liquidation mechanism to avoid any future abnormal liquidations.

Regards,
OKX team
23 January 2024 (UTC)