[OKX responds to OKB price flash crash: caused by the liquidation of multiple large leverage positions and the downturn in the market, it will fully compensate for additional losses]

OKX officially issued a statement saying that due to the downward trend of the overall market on January 23, the price of OKB fluctuated simultaneously. After the currency price touched 48.36 USDT at 17:07:26 (HKT), it triggered the liquidation of multiple large leverage positions. In addition, the impact of the market caused The price of the currency fell, which further triggered the liquidation of pledged lending, margin trading and cross-currency transactions. Eventually, the price fell to 25.1 USDT in a short period of time. The currency price has now returned to normal. Regarding the losses and impacts caused by the above problems, OKX deeply apologizes and has formulated the following solutions: 1. The platform will fully compensate users for additional losses caused by abnormal liquidation, including pledge lending/margin trading/cross-currency Transaction, specific compensation plan will be announced within 72 hours. 2. The spot leverage gradient levels, pledged lending risk control rules, liquidation mechanism, etc. will be further optimized to avoid similar problems from happening again. #OKB