Okex has made another announcement regarding its decision to roll back futures contracts after clients were hurt by massive liquidations. The company apologized again for the inconvenience, tried to address rumors regarding the incident and threatened to sue anyone spreading them.
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BTC Futures Manipulated
Okex, the Chinese-run cryptocurrency exchange based in Hong Kong, is trying to fend off rumors circulating in the region’s online bitcoin trading community. The company has issued a new clarification of recent events it hopes will restore clients’ confidence in its operation. Accusations regarding its recent rollback of BTC futures contracts, alleging that Okex intentionally triggered forced liquidations by manipulating prices, were the team’s top concern.
Framing its actions as part of an obligation to protect clients from market manipulation, Okex states that: “The price of BTC quarterly futures contract was manipulated by a group of people, making it fall significantly below the BTC index. To protect the interests of our customers and to eliminate the adverse effects induced, we decided to rollback the futures trading data.”
The company further attempts to reassure traders it has no incentive to see them lose funds by explaining that: “OKEx provides a platform to allow customers to trade in our order books, but we are not directly involved in the trades. Moreover, all the transaction details are public. We, as a trading platform, do not make profit from the price volatility, but generate income from trading fees. We have not reason to, and have never and will not, manipulate the prices of any of our market.”
PR Disaster
As we previously , the incident saw many millions wiped out in obliterated long positions, leading to angry reactions for traders. One Okex client even reportedly threatened to commit suicide at the firm’s Hong Kong HQ after saying he lost $10 million through forced liquidation. With tensions running this high it is no surprise that the exchange is facing such a public relations disaster.
Besides giving its side of the events, the company also addressed other concerns. The displayed doctored images of fake chart screenshots spreading online supposedly showing evidence of price manipulation by Okex. It also exhibited a screenshot of legal advice said to be confirming the legality of the operation under the law of Belize where it is officially registered.
Finally, the company warns those spreading what it sees as libelous accusations that they might get sued by Okex. “We reserve the right to take necessary legal action against any parties who libel our company and reputation by any means.”
Do you think Okex is right to threaten to sue parties who spread “libelous accusations” or is it overreaching? Tell us what you think in the comments section below.
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In just over ten years, geospatial tracking has gone from being a niche technology used by the military and outdoor enthusiasts to mass adoption, available to just about every connected device in existence. GPS and other location-tracking systems not only allows us to find our way and share our location but is critical to businesses and governments. However, while GPS has become a standard thanks to its accuracy and availability, decentralized applications can’t rely on its location data as it can be easily spoofed and lacks reliability.
We’re joined by Ryan John King, CEO of FOAM, a blockchain protocol which aims to offer secure location services independent of external centralized sources such as GPS. FOAM introduces a novel crypto-spacial coordinate system that is better suited to blockchains than standard addresses or latitude and longitude coordinates. It also provides a Proof of Location Protocol, which leverages long-range low-power radio networks, and incentive mechanisms, allowing network participants to arrive at consensus on whether an event or agent is verifiably at a particular point in time and space.
Topics discussed in this episode:
Ryan’s background and how he became involved in the spaceHow geospatial tracking works and the pitfalls of GPSThe vision for FOAM and the problem it is trying to solveThe proposed Crypto-Spatial Coordinate StandardFOAM’s Spacial Index fullstack visualizerThe Proof of Location Protocol proposed by FOAMLow-power radio networks and their role in the systemThe civil and business applications for FOAM
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Epicenter is hosted by Brian Fabian Crain, Sƒbastien Couture & Meher Roy.
Topics include:
— Music, blockchain and how they mix
–The modern music scene with tech changes
About the Guest:
-George Howard is the founder of GH Strategic; a boutique advising firm focused on defining and articulating clients’ authentic Purpose. Additionally, he is the Co-Founder of Music Audience Exchange and Chief Innovation Officer of Riptide Music Group. Prior to this he was the President of Rykodisc (the world’s largest independent record label), manager of Carly Simon, and original co-founder of TuneCore (the world’s largest independent music distributor). Via his consulting firm, Mr. Howard advises a wide-range of clients on how to integrate technology (including Blockchain) with strategy in order to increase awareness and revenue. A partial list of clients includes: Intel, National Public Radio, CVS/pharmacy, Easter Seals, Alticor/Amway, Ora, Inc., Townsend Energy, Comstar, Monegraph, Composer Mark Isham, Snowbird Ski and Summer Resort, Wolfgang’s Vault, Brown University, Paste Magazine, The Estate of the Platters, Rednote, and Daytrotter. Mr. Howard is an Associate Professor of Management at Berklee College of Music, where he teaches courses in entrepreneurship, marketing, copyright law, and leadership. He is the 2014 recipient of the Dean’s Award for Teaching Excellence. Mr. Howard is a columnist for Forbes – for which he has authored numerous pieces on Blockchain technology – and a frequent contributor to the New York Times and numerous other publications. His most recent book is “Everything In Its Right Place: How Blockchain Technology Will Lead To A More Transparent Music Industry” Mr. Howard holds an MA, MBA, and JD.
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