OKX token flash crash wipes $6.5B off market cap, arrest warrent issued for crypto exec Mr Bang, Hong Kong exchanges go global: Asia Express.
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Cryptocurrency exchange OKX briefly experienced a 48% flash crash of its native token, OKB, on Jan. 23.
In less than an hours time, around $6.5 billion in diluted market capitalization was wiped out before the token recovered its losses. OKX reported that an overall market sell-off on the day of the incident triggered “the liquidation of multiple large leverage positions,” which was then exacerbated by the liquidations in “pledged lending, margin trading and cross-currency transactions.”
