Some days ago a news about cyptocurrency trading shocked us. A trader lost a lot of bitcoin when playing future trade on OKEX which is a cryptocurrency exchange. He came to the OKEX and wanted his bitcoin back. He threatened the CEO of OKEX with his suicide. Many chinese media reported this event and kept on paying attention on it. After the negotiation, OKEX agreed to return some of his loss back and promised not to accept his trading orders from now on. Actually there were many similar cases, but this is the first case that OKEX return the users’ bitcoin back, maybe the pressure from media is hard to dear with.
Let us see how does this case happen and why similar cases always happen in OKEX.
When the fluctuation range of of bitcoin price becomes large, future traders need to close out orders or add the margin. But OKEX makes network congestion on their service and stops traders from logging in OKEX. In this way, traders can not close out orders or add the margin, so their orders were forced to close out and lost all the bitcoin.
This kind of situation happens many times. Because of the lacking of supervision, OKEX has never been punished by related government and users of OKEX do not have the right or power to do this. This time the user threatened the OKEX with suicide and spread it in many medias. Facing the pressure, OKEX returned the bitcoin back.
I think this case will be a lesson for OKEX. Here let us see more details about this company and its CEO. OKEX is a cryptocurrency exchange, it offers OTC, ETT, future trading, trading between cryptocurrency and so on. Its CEO is Xu mingxing, a chinese business man. He used to work in Yahoo. He set up OKEX in 2012 with his partners and began to operate this exchange.
I do not know if OKEX will change after this case, I think exchange should be fair on the trading. I would recommend people not to trade in OKEX until they change. I think it is important for beginners to select a good exchange when they come into this area at first time, a good exchange really plays an important role in trading.
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