Incident Overview
On January 23, 2024 (5:07–5:09 PM UTC+8), OKB experienced abnormal price volatility on OKX's spot trading platform due to large leveraged position liquidations. This triggered a cascade effect across:
- Flexible staking loans
- Margin trading positions
- Cross-currency margin accounts
Compensation Measures
OKX has implemented two key actions:
- Adjusted risk parameters to prevent recurrence
- Initiated USDT airdrops to eligible affected users
Eligibility Criteria
Accounts meeting these conditions will receive compensation by February 1, 2024:
- Margin trading positions containing OKB
- OKB-collateralized flexible staking loans
- Cross-currency margin accounts holding OKB
👉 Check your OKX account status now
Compensation Calculation Methodology
Airdrops will cover:
- Price gap losses: Difference between OKB's reference price (48.36 USDT at 5:07:26 PM UTC+8) and actual liquidation price
- Associated fees: Liquidation penalties and transaction costs
Example Calculation:
- Liquidated position: 10 OKB at 40.0 USDT
- Loss: (48.36 - 40.0) × 10 = 83.6 USDT
- Plus applicable fees (determined by OKX)
Exclusions:
- Risk reserve-covered losses
- Non-qualifying positions
Key Reminders
- Not all affected users qualify — only those meeting specified criteria
- Compensation will appear as USDT in funding accounts
- Deadline: February 1, 2024 distribution
FAQ Section
Q1: How long will compensation processing take?
A: All qualified accounts will receive USDT by February 1, 2024.
Q2: What if I had multiple asset types in my margin account?
A: Only OKB-related losses qualify. Other asset liquidations aren't included.
Q3: Where can I check my compensation status?
A: Monitor your funding account or contact OKX support via the Help Center.
👉 Need immediate assistance? Contact OKX support here
Q4: Why was my account excluded despite having OKB positions?
A: Only positions liquidated during the specified 2-minute window qualify, and must meet all stated criteria.
Q5: Will OKX implement safeguards against similar events?
A: Yes, risk parameters have already been adjusted to enhance system stability.
This update reflects OKX's commitment to transparent resolution of market anomalies while maintaining platform integrity.