OKX users will get compensation after the exchange's native token rapidly lost half its value.
OKX attributed the high volatility to the overall downtrend in cryptocurrency markets that day, which also saw Bitcoin shed 3% and Ethereum lose 6% amid a wider selloff. However, the exchange acknowledged that the scale of the OKB crash was abnormal and necessitated additional risk management controls to prevent recurrences.
In a move considered rare for the volatile crypto industry, OKX pledged to "fully compensate users for additional losses caused by abnormal liquidation." The exchange said it is working on formulating a specific reimbursement plan for affected customers using features like flexible loans, margin trading, and multicurrency trading. The compensation details are expected within 72 hours.