$460 MILLION WHALE LIQUIDATED ON OKEX EXCHANGE BUT ORDER WASN'T FILLED
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The top trader on Okex accumulated a 460$ millon long position on BTCUSD futures, and was liquidated this week. The problem here is that the order was not filled. This means that there is a pending $460 million settlement. Okex's insurance covers only 10 BTC while the sum that would cover this is 950 BTC.
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So what happens now?
Well nothing is set in stone. A possible scenario is that the debt gets socialized. This means we could be seeing btc futures contract traders facing forced liquidation, which basically means that traders would have to give up profits.