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/biz/ - Business & Finance

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10536159 No.10536159 [Reply] [Original]

Uh-oh.

>A huge wrong-way bet on Bitcoin has left an unidentified futures trader unable to cover their losses, putting counterparties at risk and threatening to dent confidence in one of the world’s largest cryptocurrency venues.

>The more than $400 million long position in Bitcoin futures was amassed on OKEx, a Hong Kong-based exchange that’s ranked No. 4 on Coinmarketcap.com’s list of the biggest crypto platforms, according to a person familiar with the matter, who asked not to be named because he isn’t authorized to speak about the issue with the media. While OKEx has moved to liquidate the position, it has so far been unable to cover the trader’s shortfall amid a down market for Bitcoin this week, the person said.

What a joke, cryptomarket is total amateur hour.

>> No.10536199

>>10536159
https://support.okex.com/hc/en-us/articles/360011941512

>> No.10536206
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10536206

>>10536159

>> No.10536210

>>10536199
They solved it by blaming the trader and victimization.

Such a wonderful, mature and functional market.

>> No.10536216

>>10536199
>OKEx has adopted the societal loss risk management mechanism since launched and it has been working orderly as intended.

just lol.

>> No.10536220

>>10536159
Usually you got a self-organized clearing house handling this shit, which of course will never happen in crypto

>> No.10536224
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10536224

>>10536206

>> No.10536227

>we asked him to close, but he refused, so we locked his account, then the market unfortunately liquidated him, oops

Literal comedy gold

>> No.10536233

>>10536227
kek

>> No.10536237
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10536237

>>10536227
I wonder if they can be sued by him for locking him out before he got liquidated ...

>> No.10536264
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10536264

>>10536227
How much did he lose?

>> No.10536325

>it’s another whale manipulator gets his shit JUSTed in his face and comes to 4chan to cry
LMAOOOOOOO at this retard

>> No.10537177
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10537177

HAHAHAHA
cryptogooks forgot why there is margin and margin calls in REAL markets not this WoWgold mining game

>> No.10537206

>>10536159
>What a joke, cryptomarket is total amateur hour.
thats the point. Steal money from retards

>> No.10537280

>>10536227
kek, i love crypto