{"id":10061,"date":"2024-01-23T17:04:37","date_gmt":"2024-01-23T15:04:37","guid":{"rendered":"https:\/\/forklog.com\/en\/okx-investigates-50-drop-in-okb-token-value\/"},"modified":"2024-01-23T17:04:37","modified_gmt":"2024-01-23T15:04:37","slug":"okx-investigates-50-drop-in-okb-token-value","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/okx-investigates-50-drop-in-okb-token-value\/","title":{"rendered":"OKX Investigates 50% Drop in OKB Token Value"},"content":{"rendered":"<p>On January 23, around 11:00 Kyiv time (12:00 MSK), the price of OKX&#8217;s exchange token, OKB, plummeted from $51 to $25, a drop of 51%.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/qrVFj95d78Qehwfq7mw81IBVE3S4WetZhmetQIUXPQI7AoqdMirXBiNRv1a4ZEMXYUPGvY_XD6-MZtrIZf8zxFQEwDhs7HNEnlh9wZCbxoQ7Krjs12WF-dVnaygkQIYAT_y_6YalSjdKczeKeMyY3d4\" alt=\"OKX Investigates 50% Drop in OKB Token Value\"\/><figcaption class=\"wp-element-caption\">Minute chart of OKB\/USDT on OKX. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/OKBUSDT\/\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>Approximately 15 minutes later, the asset&#8217;s price recovered to $45, where it remains at the time of writing.<\/p>\n<p>The reasons for the situation remain unknown. OKX CEO Minxing Xu noted the high volatility and stated that the company has launched an investigation into the incident, with details to be disclosed later.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Our team is investigating the recent okb price volatility. We will report to the community later. <a href=\"https:\/\/t.co\/UI9uPgQfA5\">pic.twitter.com\/UI9uPgQfA5<\/a><\/p>\n<p>\u2014 Star (@star_okx) <a href=\"https:\/\/twitter.com\/star_okx\/status\/1749725886084223349?ref_src=twsrc%5Etfw\">January 23, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<div class=\"wp-block-text-wrappers-update-2 article_update\"><time class=\"gtb_text-wrappers_update_time\">January 23, 2024 | 17:43<\/time><span class=\"gtb_text-wrappers_update_head\">Update: <\/span><\/p>\n<p>OKX representatives <a href=\"https:\/\/twitter.com\/okxchinese\/status\/1749794823039815697\">explained<\/a> the OKB price crash as a result of the liquidation of several large positions with insufficient collateral.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cCombined with market conditions, the price of OKB fell, leading to the liquidation of lending positions, leveraged trades, and cross-currency operations, ultimately causing the price to crash to $25,\u201d the company added.<\/p>\n<\/blockquote>\n<p>The platform has pledged to fully compensate losses and optimize trading operations. A plan will be presented within 72 hours.<\/p>\n<\/div>\n<p>According to CryptoQuant CEO Ki Young Ju, \u201cno notable outflows\u201d of assets from OKX&#8217;s main reserves have been observed so far.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24OKB&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$OKB<\/a>, <a href=\"https:\/\/twitter.com\/okx?ref_src=twsrc%5Etfw\">@okx<\/a> &#8216;s exchange token, fell by 25% in the past 30 minutes, with no notable outflows from major asset reserves so far.<a href=\"https:\/\/t.co\/PQ06Wsix82\">https:\/\/t.co\/PQ06Wsix82<\/a> <a href=\"https:\/\/t.co\/JsNnvuoDVA\">pic.twitter.com\/JsNnvuoDVA<\/a><\/p>\n<p>\u2014 Ki Young Ju (@ki_young_ju) <a href=\"https:\/\/twitter.com\/ki_young_ju\/status\/1749726687988990144?ref_src=twsrc%5Etfw\">January 23, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The analytical platform Spot On Chain highlighted that the price drop might be linked to a \u201csuspicious\u201d deposit totaling 176,154 OKB (~$8 million) into OKX from 10 previously inactive crypto wallets.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">?? <a href=\"https:\/\/twitter.com\/search?q=%24OKB&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$OKB<\/a> token suddenly fell sharply (40%) and our system marked ten dormant whales depositing 176,154 OKB ($9.58M) to OKX 7 days ago.<\/p>\n<p>\u27a1\ufe0f All 10 wallets received a total of 176,154 <a href=\"https:\/\/twitter.com\/search?q=%24OKB&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$OKB<\/a> 4 years ago (20 Feb 2020) and had no action after that.<br \/>\u27a1\ufe0f They deposited all tokens to OKX\u2026 <a href=\"https:\/\/t.co\/EQmiHOinmd\">pic.twitter.com\/EQmiHOinmd<\/a><\/p>\n<p>\u2014 Spot On Chain (@spotonchain) <a href=\"https:\/\/twitter.com\/spotonchain\/status\/1749727674892013814?ref_src=twsrc%5Etfw\">January 23, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The transactions occurred on January 16. Experts suggested that all the listed addresses belong to one individual, but could not establish a clear link to the token&#8217;s crash.<\/p>\n<p>Launched in 2018, OKB is a utility token within the OKX platform ecosystem. Holders of the asset receive trading fee discounts and various VIP privileges on the exchange.<\/p>\n<p>In December 2023, the decentralized exchange OKX suffered a $430,000 exploit due to a suspected leak of an administrator proxy server&#8217;s private key.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On January 23, around 11:00 Kyiv time (12:00 MSK), the price of OKX&#8217;s exchange token, OKB, plummeted from $51 to $25, a drop of 51%. Minute chart of OKB\/USDT on OKX. Data: TradingView. Approximately 15 minutes later, the asset&#8217;s price recovered to $45, where it remains at the time of writing. The reasons for the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10060,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1291,596],"class_list":["post-10061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-okx","tag-tokens"],"aioseo_notices":[],"amp_enabled":true,"views":"31","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/10061","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=10061"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/10061\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/10060"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=10061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=10061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=10061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}