The world's second largest crypto evil OKEx denies allegations of market manipulation arising from the early fulfillment of Bitcoin Cash (BCH) futures. A statement in this regard was sent to Cointelegraph on November 20th.
Due to the controversial hard forks of Bitcoin Cash, the exchange decided to fulfill BCH futures earlier, but this approach was largely viewed negatively. According to experts, OKEx has thereby exceeded its own authority over when and how futures contracts are settled.
In a blog post on DigiCoinCasinos.com, a company calling itself AMBER AI called OKEx's actions "direct manipulation of the market and one of the most serious frauds in the history of cryptocurrency markets."
The post was published on November 19th and contains a comprehensive, chronologically ordered sequence of events surrounding futures fulfillment. The post also claims that OKEx violated its own terms and conditions several times during this time. Investors are said to have lost around $24 million due to early fulfillment, and “the course of events surrounding the BCH hard fork points to fraud, market manipulation and deception.”
In response to the allegations, OKEx sent a circular to users saying that the early futures fulfillment was “based on taking market integrity and customer interests into account.”
“Despite a lack of evidence, Amber AI claims we are trading against our own customers and manipulating the markets,” the crypto exchange wrote , adding:
“These defamatory allegations are completely false and have seriously damaged OKEx’s reputation.”
OKEx also added that it would consider legal action against AMBER AI for “interfering” with its business operations.