Sudden Collapse of Token OM: CEO of OKX Commits to Transparency Amid Cryptocurrency Scandal
What Caused the Sudden Collapse?
Token OM experienced a sharp and sudden decline in its value, raising concerns within the cryptocurrency community. Initial reports indicate that liquidations on exchanges played a key role in this collapse.
Strong Reaction from the CEO of OKX
Star Xu, the CEO of OKX, stated that the incident represents a "major scandal," and affirmed the platform's commitment to transparency. He explained that network data and exchange data will be available for auditing, and that OKX will publish reports to clarify what happened.
Binance's Perspective: Are Liquidations the Cause?
Initial findings from Binance suggest that the liquidations resulting from margin trading significantly contributed to the collapse of Token OM's price, reflecting the risks associated with trading using leverage
