The $416 million USD liquidation on Chinese crypto exchange OKEx — super simplified
In the night of July 31st 2018, an unprecedentedly large Bitcoin long position got liquidated on Chinese cryptocurrency exchange OKEx. The position had a total value of a staggering $416,000,000 USD (four hundred sixteen million) on entry.
It is unknown what leverage was applied to this trade, but various findings point out that it must have been x20. This means the trader in question actually had a collateral of $20,800,000 in their trading account, and exchange OKEx lended the trader…
