OKX states that linked accounts used large OM collateral to borrow USDT, artificially inflating prices before a crash absorbed by its security fund, with legal proceedings ongoing.
In an official statement, OKX disclosed evidence of linked accounts employing large OM token collateral to borrow USDT, artificially pushing OM’s price upward before it sharply declined. Losses from the crash were covered by OKX’s security fund. Third-party analyses pointed to non-OKX perpetual trades as the trigger for the drop. The exchange confirmed that legal actions are in progress.