Share this article
Exchange OKEx to Roll Back Trades After Futures Plunge
OKEx has halted token withdrawal and futures trading amid irregular activities that pulled down bitcoin futures price significantly.
By Wolfie Zhao
Updated Sep 14, 2021, 1:54 p.m. Published Mar 30, 2018, 6:20 a.m.
Hong Kong-based crypto trading platform OKEx will roll back futures transactions following what it called an "irregular" sell-off.
OKEx, operated by cryptocurrency exchange OKCoin, said Friday that the move comes after it temporarily halted futures trading and token withdrawals following the incident, which occurred between 5 a.m. and 6:30 a.m. Hong Kong Time (HKT) or 21:00 to 22:30 UTC this morning. The sell-off pulled down the price of the quarterly bitcoin futures significantly compared to the cryptocurrency's value.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The rollback will undo transactions going back to 04:47 a.m. HKT, and is set to occur at 3:30 p.m. HKT today, according to the statement.
"OKEx always has the customers' best interests at heart, and we are dedicated to providing the best products and technologies to protect our customers. Transactions were suspended for several hours due to the incident. Please accept our sincere apologies for the inconvenience caused," the platform's team wrote in its notice.
The announcement came in the wake of widespread criticism from users, who complained that OKEx's system can't prevent what was seen by many as maliciously intended activities. Some investors went as far as to allege that OKEx itself was involved in the alleged manipulation. OKEx has not responded to the comments.
shared on Twitter show that during the period, the price of bitcoin futures on OKEx first started the fall around 22:00 UTC and dropped to nearly $5,200. A quick rebound pushed prices to around $6,000, only to slide further to as low as $4,755.
However, within the same period, the price of bitcoin itself largely held at around $7,000, according to CoinDesk data, indicating a 20 percent difference between prices.
The price of bitcoin fell to a 50-day low Friday morning as it dropped below $7,000. During Thursday's trading session, the prices of other major cryptocurrencies, including bitcoin cash and ether, fell to their lowest point since the start of the year.
Trading board image via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin could drop to $10,000, one analyst says, spelling doom for ETH, ADA, XRP
Traders are positioning for downside risks, with a significant build-up of put options indicating expectations of a dip below $85,000.
What to know:
- Bitcoin remains under pressure, hovering near $87,000, with analysts warning of potential further declines into early 2026.
- Traders are positioning for downside risks, with a significant build-up of put options indicating expectations of a dip below $85,000.
- Despite recent resilience, long-term holders have reduced their bitcoin holdings, and geopolitical risks and leverage conditions are expected to drive market volatility into 2026.
Top Stories
