OKX Chinese stated on social media that due to the overall downturn of the market on January 23rd, the OKB price fluctuated synchronously, and the coin price reached 48.36 USDT at 17:07:26 (HKT). This triggered the liquidation of several large leveraged positions, and the market impact caused the coin price to drop, further triggering the liquidation of pledge loans, leveraged trading, and cross-currency trading, ultimately causing the price to drop to 25.1 $USDT in a short period of time. Currently, the coin price has returned to normal. We deeply apologize for the losses and impacts caused by the above issues and have formulated the following solutions:

1/ The platform will fully compensate users for the additional losses caused by abnormal liquidation, including pledge loans/leveraged trading/cross-currency trading. The specific compensation plan will be announced within 72 hours.

2/ We will further optimize the spot leveraged gradient levels, pledge loan risk control rules, liquidation mechanisms, etc., to avoid similar problems from happening again.