OKEx Forced to Perform $9 Million Clawback After $416 Million Bitcoin Trade Goes Awry68.18

In easily one of the biggest stories of the past week, cryptocurrency exchange giant OKEx was forced to perform a $9 million clawback to cover substantial losses from a $416 million Bitcoin trade gone wrong.

On July 31, 2018 (Tuesday), a Bitcoin trader, “ID 2051247,” opened an enormous BTC futures bet of more than 4 million contracts. With each contract having a notional value of $100, the trader’s bet stood at over $400 million. The trader offered both cash and leverage, betting that the price of BTC would increase.

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