OKEx, the second largest cryptocurrency exchange gets back at the accusations surrounding the claim that it “manipulates markets” by adjusting Bitcoin Cash (BCH) future settlements in a statement sent to crypto media outlet Cointelegraph on November 20.
The exchange chooses to provide BCH futures early before the controversial November 15 hard fork, which followed up by negative publicity around the decision, experts started to complain it had crossed the norms in freely deciding how and when the futures contracts would be resolved.
Primarily, a blog post in Medium from AMBER AI accused the exchange of “outright market manipulation and one of the more serious acts of fraud in the history of limit order book trading in the cryptocurrency markets.”
The post published on November 19, provides the readers with an detailed analysis of the futures settlements and accuses OKEx stepped over its own small print multiple times during the process.
It says, traders lost “24 million” due to the step, inserting, “The course of events surrounding the BCH hard fork are indicative of market manipulation, fraud and deceit.”
As a response, OKEx exchange sent a circular to its users mentioning the future settlement change was “based on the consideration of market integrity and customer interest.” asserting further, “In the absence of evidence, Amber AI alleged us for trading against our own customers and manipulating the markets….“These are completely false allegations and the defamatory statements have caused serious damages to OKEx’s reputation.”
The market is still experiencing the ripples from the fork as its continuously declining and BCH lost almost 50 percent of its value since.
Further, the exchange also says that they will take legal action against AMBER AI for “interfering” in its functioning.