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A significant statement came from the CEO of the exchange after the unusual price movement in OKB, the local token of OKX.
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While the price of Bitcoin fell below the $39,000 levels, the price movement in OKB, the local token of OKX, did not go unnoticed.
OKB fell from $51.73 to $25.10 in just 3 minutes. While this sudden drop created panic among OKB investors, the price quickly rose again and reached $49 in 3 minutes. As of the time of writing, it is trading at $45.93 levels.
Some crypto investors claim that this drop was a manipulation by large investors and that this resulted in large profits, while some investors believe that the drop occurred with large sales and then a quick purchase.
Our team is investigating the recent okb price volatility. We will report to the community later. pic.twitter.com/UI9uPgQfA5
— Star (@star_okx) January 23, 2024
OKB, the local token of OKX, experienced an unusual price movement on January 23, 2024.
The price of OKB fell from $51.73 to $25.10 in just 3 minutes. Also, the price of OKB quickly rose again to $49 in 3 minutes. Besides, some crypto investors believe that the drop was a manipulation by large investors, while others believe that it was due to large sales followed by a quick purchase.
The statement from the CEO of OKX:
“We are aware of the unusual price movement in OKB today. We are investigating the matter and will provide updates as soon as we have more information. In the meantime, we want to assure our users that we are committed to the integrity of our markets and will take all necessary steps to protect our users.”