Last week, a stupid whale(big investor) put in a long position of over $400 million on Bitcoin and lost out. However, OkEx could not cover the loss so using the clawback clause, other customers on OkEx had to fork over $9 million dollars to cover. How does this even happen? I know crypto is supposed to be anonymous and all but for a sum of over $400 million, you got to have a little bit of common sense. An anonymous transaction of $1000 or $2000 may be nothing to scuffle over but for someone who wants to put a long or short position of $400 million dollars, there needs to be some KYC done on who this person is because he can drag not only him, not only the exchange, but other customers down with him. An exchange should not be able to allow people to put in orders that the exchange itself cannot cover and for enormous orders like $400 million, needs to have the person or account placing the order put up some collateral in case it goes bad. That is just common sense and OkEx seems to not have any. This is not the first time OkEx has messed up and I’d just use another exchange now instead of them, Binance comes to mind.
