OKX announces OKB plug compensation plan: Qualified users receive USDT airdrops

OKX (OUYi)’s platform currency OKB plummeted 50% without warning around 5 pm on the 23rd. Official investigation results showed that this was due to “liquidation of large leverage positions” The continuous forced liquidation effect. This incident caused OKB to approach $25 for a time, causing great concern in the market.

The reason for OKB’s decline can be traced back to the decline in the overall market price on January 23. During the day's trading, the price of OKB once fell to $48.36, which led to the liquidation of multiple large leverage positions. Subsequently, the liquidation of pledged lending, leveraged transactions, and cross-currency transactions were also triggered. As a result of this series of liquidations, OKB fell sharply to $25.1 in a short period of time. The occurrence of these liquidation events led to the spread of market panic, further exacerbating OKB's downward trend.

OKX officials stated that they will fully compensate users for additional losses caused by abnormal liquidation, including pledge lending, margin trading and cross-currency transactions. At the same time, they will further improve the risk control rules and liquidation mechanisms for spot leverage and pledged lending to avoid similar problems from happening again.

OKX Announces Compensation Plan: Airdrop USDT

In the early morning of today (26th), the OKX official website released a compensation plan announcement regarding the OKB pin incident. OKX stated that it has adjusted relevant risk parameters and will conduct airdrops to affected and eligible users to make up for the impact of abnormal fluctuations in OKB this week.

Accounts eligible for airdrop distribution will include:

• Margin trading and leverage positions including OKB

• Using OKB as The current pledge borrowing currency of the collateral

• includes the OKB cross-currency margin account

OKX will be " Airdrop in the form of USDT" to the capital accounts of the above-mentioned qualified users.

Will compensate for the price difference loss caused by selling OKB at a low price due to forced liquidation

In addition, the official pointed out that the airdrop distribution to qualified users will cover "selling OKB at a low price due to forced liquidation" "Loss on the spread" incurred, as well as any penalties and transaction fees associated with the forced liquidation.

If multiple mortgage assets including OKB or cross-currency cross-margin related contract positions are liquidated, the relevant fines and handling fees collected when selling other mortgage assets and liquidating contract positions will also be included in the calculation of the airdrop amount. , but does not include the liquidation compensation that has been borne by the platform risk reserve.

Note: Spread loss refers to the loss caused by the difference between the price at 5:07:26 pm on January 23, UTC 8 (48.36USDT) and the forced liquidation price.

Affected users hope to compensate OKB

Regarding the compensation plan proposed by OKX, some users responded, "I hope that the amount of OKB that was liquidated at the time can be compensated, instead of USDT." Some users complained that this was not all "Because he was forced to liquidate his position with leverage, the current plan only compensated for less than half."

In terms of currency price, OKB quickly returned to the upper range of US$45 after a 50% flash crash to US$25.1 on the 23rd. The current currency price has reached US$51, up 6.7% in the past 24 hours. , almost regaining the ground lost before the big pin incident.

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