According to ChainCatcher, OKX officially stated on social media that they have discovered conclusive evidence that multiple groups of related accounts colluded to use a large amount of OM as collateral to borrow USDT and artificially inflate the price. After the risk control team intervened, the other party refused to cooperate, and OKX subsequently took over the relevant accounts. Shortly thereafter, OM plummeted, and OKX only liquidated a very small amount of OM; the related losses have been fully covered by the OKX Security Fund.
Multiple third-party analyses indicate that the price crash was primarily triggered by perpetual contract trading on platforms other than OKX, raising questions about the origin of the abnormal OM tokens and their highly centralized token control. The OKX Security Fund operates entirely according to its design mechanism.
OKX has submitted complete evidence to regulatory and law enforcement agencies, and multiple legal procedures are underway.
