OKX Founder Pledges to Investigate Potential Flaws in Collateral Loan Mechanism

IconCryptoNewsTerminal Staff29 Aug, 2024

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OKX Founder Pledges to Investigate Potential Flaws in Collateral Loan Mechanism

OKX founder and CEO Jay Hao has pledged to investigate potential flaws in the exchange's collateral loan mechanism. This follows a complaint from an X user who incurred losses due to the automatic currency exchange mechanism. Hao stressed that OKX adheres to a 100% reserve principle, and the loan size cannot exceed the deposit limit. However, he acknowledged that the matter would be investigated further to address any user concerns. The investigation aims to ensure the smooth functioning of the collateral loan mechanism, which facilitates peer-to-peer transactions between lenders and borrowers of cryptocurrency. OKX will strive to provide a secure and reliable platform for its users.