TechFlow news, December 13: According to an official post by OKX on social media, conclusive evidence has been found that multiple groups of related accounts colluded to use large amounts of OM as collateral to borrow USDT and artificially inflate the price. After intervention by the risk control team, the involved parties refused to cooperate, prompting OKX to take over the relevant accounts. Shortly afterward, OM plummeted, with OKX liquidating only a minimal amount of OM. All related losses have been fully covered by the OKX Safety Fund.
Multiple third-party analyses indicate that the price crash was primarily triggered by perpetual contract trading outside the OKX platform, raising questions about the source of the abnormal OM supply and its highly concentrated token ownership. The OKX Safety Fund operated exactly as designed.
OKX has now submitted complete evidence to regulatory and law enforcement agencies, and several legal proceedings are underway.
