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“OKEx Users” Broke into OKCoin Beijing Office

A gang of self-claimed crypto traders broke into OKCoin Beijing office by violently smashing elevators and doors at around 14:00 October 23.

okcoin statement

The incident is an outbreak of violence involving futures trading provided by this world’s second largest crypto exchange. Prior to it, some users conducting crypto futures transaction on the platform have complained about the forced liquidations and irregular transactions after suffering great losses.

Days before that, OKCoin has posted a warning notice to those people hanging around its office. The company claimed those unidentified people, who refused to provide any identity information nor could they prove they were users of OKCoin as they claimed, were hired by some behind-the-scenes operators to constantly disrupt their normal office order and cause disturbances.


People hanging around the company’s office

To avoid skepticism and malicious media report, the company soon posted a statement telling what happened and condemned the malicious misconduct. According to OKCoin, a gang of over ten unidentified persons broke into its Beijing office by violently smashing elevators and doors. “They smashed and destroyed our office supplies, threatened employees’ personal safety and affected our normal operations.” The company is cooperating with the police to investigate this vicious incident.

This is not the first time that OKCoin/OKEx (the overseas platform of OKCoin) is embroiled in such troubles that police have to step in.

OKEx made headlines just last month for its founder Star Xu was hold by local police for investigation over fraud allegations made by some users of the platform. The fraud investigation was the latest in a string of allegations and controversies surrounding Star Xu and his projects.

Meanwhile, its much-maligned futures transaction is still amassing complaints from those traders who risk using 20x leverage on their crypto transaction, though many have voiced the warning – “keep away from crypto leverage”.  As a senior manager in a crypto exchange said, “among those futures traders, less than 1% could make money.”

It is as of yet unclear if those raging men are users of the platform, and whether there is any basis to the allegations that the platform is conducting futures transactions illegally. It has reminded traders the high risk of futures trading before they move into real operations. As an outsider said to those who failed and then asked the platform to return their money, “why not ask the platform to gather your profits when you make money”. However, the exchange indeed had malfunctions during some big crypto fluctuations.


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