OKCoin was founded in 2013 by receiving a US$1m Angel Investment from Ventures Lab and Silicon Valley Venture Capitalist Tim Draper. In December 2013, OKCoin closed a Series A round of funding in which it received US$10m. In early March 2014, OKCoin reached a BTC transaction volume of roughly 293,000 BTC and an LTC transaction volume of roughly 12.9 million LTC. This is the highest crypto-currency transaction volume that any exchange, the world over, has ever had.
kongThe OKcoin system was able to deftly handle this volume without any issue until today. It seems that today in the early hours of the day, the exchange froze all trades and stopped working for a few hours.
Immediately after this stoppage, OKcoin announced through their Twitter account:
“OKCoin will resume operations as usual later today. Trades made post 4pm Beijing time will be retracted.”
It looks like due to an error in the exchange next generation matching engine, a delivery price display error occurred which impacted the user accounts. To correct the problem, the OKcoin team took action and halted trading, examined the source of the error and fixed the issues. Okcoin promptly informed their users saying that all trade errors caused by the delivery price error had been properly settled.
The users were not so happy with the situation and many complained that some open positions could be affected. For now it seems that the situation has normalized and the exchange is back online again.