OKEx suddenly closed futures contracts on the Bitcoin Cash. Traders take losses

Traders Hong Kong crypto currency exchange OKEx suffered losses after the platform has abolished the futures contracts for Bitcoin Cash. This was done in anticipation of the hard forks of the blockchain, and almost without warning. According to Bloomberg, this has led to significant losses for some investors, including the founder of the company Consensus Technologies Qiao Change. His Fund lost 700 thousand dollars because of the closure of contracts at levels that did not correspond to market prices. Now he is going to reduce the volume of investment in exchange for 5 million.

Another four unnamed trader also expressed the desire to reduce investment in OKEx or even to stop all interaction with this market. Writing for CoinDesk that one of the victims complained to the financial regulator in the country.

The day before the hard forks of Bitcoin Cash OKEx issued a warning about the termination of the futures contract with BCH for the upcoming hard forks. Investors were allotted one hour to independently close deals. Later that same day, the stock exchange has published yet another post where they talked about the settlement of contracts at last traded market prices.

Such a short gap between the announcement and closing of contracts exchange is explained by the desire to protect users from losses. A longer period could conceivably trigger manipulation.

Strange actions for OKEx notice not for the first time. In August, the exchange has suspended the account of a user and initiated a forced liquidation. Then the reason was that the client opened the “suspicious” long by 4 million futures contracts on Bitcoin and rejected the request of the stock exchange on the lowering position.

Recall, the intermediate winner in the war of Harrachov became Bitcoin ABC. It chose the user Huobi. More data look at cryptodata.

Subscribe to our channel in the Telegram. Or store cryptocurrency on exchanges.

Leave a Reply

Your email address will not be published. Required fields are marked *