OKEx Injects BTC 2500 into Insurance Fund to Cover $29 Million Losing Trade

[kreslik.news]

This Friday, OKEx provided an update to its traders regarding the gigantic unfilled futures contract looming overits exchange. As reported by Finance Magnates earlier this week, a trader on the Hong Kong-based exchange initiated a huge order, worth approximately $460 million, in long USD/BTC futures contracts.

According to a statement released by OKEx this Friday, the exchange attempted to contact the trader and get him/her to close some positions. The exchange stated that the trader refused to cooperate with them.

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As a result, OKEx froze the trader’s account, ... (read more)