OKX: The chain liquidation caused a sharp drop in OKB prices, and full compensation will be provided for additional losses to users

ChainCatcher news, OKX released an announcement regarding today's significant drop in OKB prices, stating that due to the overall market decline on January 23, the OKB price fluctuated accordingly. At 17:07:26 (HKT), the price reached 48.36 $USDT, which triggered multiple large leveraged position liquidations. Additionally, the market impact caused further price declines, which subsequently triggered liquidations in staking loans, leveraged trading, and cross-currency trading, ultimately leading to a rapid drop in price to 25.1 $USDT. The price has now returned to normal.

OKX also stated that the platform will fully compensate users for the additional losses caused by the abnormal liquidations, including staking loans/leveraged trading/cross-currency trading. The specific compensation plan will be announced within 72 hours. The platform will further optimize the spot leverage gradient levels and the risk control rules for staking loans, liquidation mechanisms, etc., to prevent similar issues from occurring again.