OKX: Conclusive evidence indicates that the OM price fluctuation was triggered by external manipulation, and multiple legal proceedings are underway

According to an official post from OKX on social media, they have found conclusive evidence that multiple associated accounts were collaborating to use a large amount of OM to collateralize and borrow USDT, artificially driving up the price. After the risk control team intervened, the other party refused to cooperate, and OKX subsequently took over the related accounts. Shortly thereafter, OM plummeted, and OKX only liquidated a small amount of OM, with the related losses fully covered by the OKX security fund.

Multiple third-party analyses indicate that the price crash was primarily triggered by perpetual contract trading on non-OKX platforms, raising questions about the unusual source of OM and its highly concentrated token control. The OKX security fund operates entirely according to its designed mechanism.

Currently, OKX has submitted complete evidence to regulatory and law enforcement agencies, and multiple legal proceedings are underway.