In easily one of the biggest stories of the past week, cryptocurrency exchange giant OKEx was forced to perform a $ 9 million clawback to cover substantial losses from a $ 416 million Bitcoin trade gone wrong.
$ 416 Million Losing Bet
On July 31, 2018 (Tuesday), a Bitcoin trader, “ID 2051247,” opened an enormous BTC futures bet of more than 4 million contracts. With each contract having a notional value of $ 100, the trader’s bet stood at over $ 400 million. The trader offered both cash and leverage, betting that the price of BTC would increase.