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Crypto Exchange OKX's Token Suffers 50% Flash Crash Amid Liquidation Cascade

OKX's native exchange token (OKB) slumped by more than 50% in just three minutes on Tuesday following a series of liquidations triggered by an abnormal price fluctuation. OKB has since recovered from a low of $25.17 to $45.64, with 24-hour trading volume rising by 2,100% to $79 million, according to CoinMarketCap. The exchange confirmed that it will compensate users for losses caused by the liquidation cascade, including on-chain trades. Flash crashes are common in crypto markets as thin liquidity is often distributed across multiple venues. OKB has a market cap of $2.8 billion, making it the fourth-largest exchange token in circulation, according to CoinGecko.

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