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As a long-time user of OKX, I have always felt that the trading experience and smoothness of OKX are excellent, and the customer service response is also very timely. This is why I choose to keep a large amount of assets on OKX. At the same time, compared to the single-currency borrowing methods of other exchanges, OKX's multi-currency lending feature is simple and convenient for trading and operations, which I have been using continuously.
However, unfortunately, the flash crash in the early hours of October 11th shocked me to the core.
1. Forced liquidation during repayment: After seeing the news about Trump increasing tariffs, I was forcibly liquidated while continuously repaying and reducing my collateral ratio. I lost 5.12 BTC, about 483,000 XRP, and over 11.18 billion PEPE.
2. Actual liquidation did not match the notification: Even more absurdly, while the system notified me that I had been liquidated, I found that the system had not completed the liquidation, and it continued to liquidate me until 7 AM that morning.
3. Unclear basis for liquidation price: A forced reduction of about 11.825 billion PEPE at 5:19 was determined by the system to be 0.00000001 USDT at 5:27. I don't know what the basis for this system's judgment is.
I have staked the same assets on other exchanges, and at least some of the assets could be preserved, but I encountered such an abnormal situation on OKX, which clearly shows a significant loophole in multi-currency staking and lending under extreme conditions.
Regarding the above abnormal situation, I hope the OKX team can provide a reasonable explanation.
Based on this experience, I strongly suggest that the OKX team add the following to the borrowing feature: 1. A price protection mechanism during flash crashes; 2. Allow a certain amount of time for users to reduce their collateral ratio.
I was already in the process of repaying and reducing my collateral ratio step by step, and the time left for me was very tight. However, every time I made a repayment, I had to choose the repayment amount and the repayment currency, which made my time even more pressing, and I was forcibly liquidated to zero during the gradual repayment process! This experience was simply terrible!
I hope @star_okx and @Cryptosis9_OKX @okxchinese teams can pay attention to the demands of a loyal user for many years. Additionally, many users of lending products have experienced situations similar to mine, and we are waiting for your timely and reasonable response. The repayment and forced liquidation records before and after the flash crash are shown in the picture. Please do not let long-time loyal users of OKX down!




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