couldn't cover it... today was the weekly settlement and he had 420 million left to be fulfilled.
Bitfinex in 2016 let the exchange users cover the loss with socialized losses. OkEx said they will cover some of it, and some users — so we will see during the day what it means, it did calm the masses, but when people see they are paying for bad risk management by an exchange we will see how happy they will be.. Risk of a collapse significantly lower, we will see how the day proceeds before going back to business.
Don't do anything stupid yet as: shorters are about to find out the bad news any minute now and see how they react.
Okex said they will "manually" adjust the price to reasonable level - which means pure bullshit, fake level... and they admitting it, so it's only a matter of how much danger public perceives.... they injected 2500 btc of their own money to help cover the loss.
The risk was, OK exchange got a 400 million dollar whale to get liquidated, and their exchange...
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