OKCoin Rollback 10 Million USD Priced Trading : Too Early for “One Coin One Villa”

At around 6pm 15 November, Bitcoin trading price on OKCoin soared to 10 million USD briefly. A screenshot of trade history posted on weibo indicates that the trade actually happened. According to the latest OKEX statement, the incident was triggered by a bug and all abnormal trade would be rolled back. It’s too premature to exchange one villa with one bitcoin, the most popular slogan among Chinese bitcoiners at the moment.

OKCoin Price peaked at Bitkan App

The abnormal trading of OKCoin was soon spotted and jaws dropped in the community. One weibo user posted a screenshot late last night, claiming his friends has sold 0.0999 btc at the price of 10 million USD on OKEX and bought 7.4372 BTC at 14188.6 USD several minutes later.

“A friend sold BTC at 10 million USD on OKex.”-Weibo User

At 7pm, OKCoin and OKEX posted a “server maintenance notice” without mentioning the abnormal trade.

“In order to provide users with better service and user experience, OKEx will undertake server maintenance and upgrade at 19:00(Beijing Time) on November 15, 2017. Users will be unable to withdraw or deposit. This routine maintenance is expected to last 4 hours, which could be postponed or advanced.”

OKEx would temporarily suspend all deposit and withdrawal on Nov 15, 2017 at 19:00 due to server maintenance. Trading would NOT be affected.

— OKEx (@OKEx_) November 15, 2017

OKEx would temporarily suspend all deposit and withdrawal on Nov 15, 2017 at 19:00 due to server maintenance. Trading would NOT be affected.

Obviously the exchange had no idea what happened. But the deflation nature of Bitcoin has created many slogans in China, one of which has evolved from “One Coin One Car” to “One Coin One Villa” as most Chinese are obsessed with housing investment. The incident actually made th slogan come true even just for a short while.

This morning, OKCoin admitted that the abnormal trade was triggered by some hidden bugs and abnormal trades would be rolled back.

“On Nov 15, 2017 at 18:45-18:50, matching engine of OKCoin.com suffered from network instability and malfunction of cloud service provider. We discovered a handful of trade abnormalities triggered by mentioned glitches. All client money remains sound and safe. In light of the fairness to all market participants, OKCoin.com decides to execute trade rollback to Nov 15, 2017 at 18:20:00 (Beijing Time). All bugs related to this event had been fixed.”

After the deadline of “Bitcoin Exchange shutdown” on 30 Oct 2017, OKCoin also announces that the Company will transform into solution provider of blockchain application of development. OKEX, the overseas platform of OKCoin, launch the C2C trading platform today. It seems that the exchange still needs security audit to keep trading smooth and user’s fund at safety. Although not much users are affected, incident like this would undermine the integrity of exchanges.

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