对冲基金向香港证交所控诉OKEx:操纵合约规则爆仓4亿

本周一，一则《加密货币投资基金向香港证交所投诉 OKEx》的消息引发轩然大波。五家数字加密货币投资基金因在 OKEx 期货交易中遭遇了不公平待遇而共同声讨交易所。其中一家名为 Amber AI 的基金，因为 OKEx 在 BCH 期货上的多次不公平操作导致该基金损失 一定 数额的投资。而这家基金今年刚被彭博社评为「表现最佳的数字加密货币基金的机构。」

据彭博社报道，除了 Amber AI 因为 OKEx 在处理期货问题时而造成损失之外，还有另外 4 家不愿意透露名字的机构也计划从 OKEx 上撤资或断绝与 OKEx 的关系。其中一家已经向香港证监会（报道提到 OKEx 是一家注册地在香港的公司）提交了投诉，对此香港证监会不予置评。

对于操纵市场的言论，OKEx 方面则表示之所以没有提前通知用户而交割，是因为「我们考虑了很多场景，认为这是为维护有序市场而进行的最公平和最合理的做法。」按照 OKEx 用户协议，OKEx 有权利在特殊情况下提前交割合约，如有疑问可以协商或到塞舌尔起诉。而投资基金则驳斥其，称 OKEx 是市场上唯一一家提前交割的交易所。

区块律动 BlockBeats 与 Amber AI 取得联系，对方表示希望 OKEx 可以实现正规和透明，这样才能提高并维持一个健康有序的交易环境。

区块律动 BlockBeats 认为，投资者向香港证监会投诉的行为可能会影响 OKEx 在香港的资本规划路线。更重要的是，这将会影响其在行业和机构投资者中公信力。这也是既众多散户投资者维权之后，第一次有机构投资者对 OKEx 平台交易公平性产生质疑。

正如 Amber AI 所言，OKEx 出现多次系统问题后，亟需向市场和投资者证明其交易所运营的可靠性和透明度，而不仅仅是在平台发布声明和急匆匆地撇清责任。

下面是彭博社报道原文翻译与 Amber AI 在 Medium 上对 OKEx 的控诉。

全文长度 1.8 万字，阅读时间 30 分钟。

彭博社：

Furious Traders Slam Crypto Exchange for Fiddling With Contracts

加密货币交易所篡改期货合约条款激怒交易员

An unorthodox move by one of the world』s biggest cryptocurrency platforms to change the terms on $135 million of derivative contracts has infuriated some traders and saddled several with losses, underscoring the risks of using unregulated virtual currency exchanges.

最近，某个全球最大的加密货币平台之一做出了一个异样举动。其修改了价值 1.35 亿美金价值的衍生品合约的条款，此举激怒了众多市场参与者，也导致其中一些市场参与者受到严重亏损，这次事件也提醒了大家缺乏监管的加密货币交易所有着巨大的潜在风险。

The episode at Hong Kong-based OKEx, which claims to handle more than $1 billion of crypto trades daily, involved futures on Bitcoin Cash, the virtual currency that split into two last week. In a decision that traders described as unusual if not unprecedented, OKEx forced the early settlement of its Bitcoin Cash contracts without warning on Nov. 14, just as prices were tumbling.

这次事情的主角是基于香港的 OKEx，一个每天有 10 亿美金交易量的加密货币交易所。该交易所的比特币现金（BCH）期货合约造成了这次争议事件。BCH 在上周进行了分叉，导致其分为两条链，而 OKEx 在没有事先通知的情况下于 11 月 14 号将比特币现金的期货合约强行提前交割，市场价格随之出现了大幅下跌。

The move blindsided traders including Qiao Changhe, who said his fund lost $700,000 because its hedging position on OKEx was abruptly closed at a level that didn』t reflect prevailing market prices.

这样的举动让许多交易者措手不及，其中一名为 Qiao Changhe 的交易员称自己的基金因为在 OKEx 上的对冲仓位在一个没有反映市场主流价格的价位被突然平仓，造成了 70 万美金的损失。

Qiao, a former energy futures trader who now runs Cayman Islands-registered Consensus Technologies, said he would reduce his $5 million fund』s use of OKEx because of the way it handled the Bitcoin Cash settlement. Four other traders who asked not to be named discussing private information also said they would scale back or end their relationships with the exchange. One of them filed a complaint with Hong Kong』s Securities and Futures Commission. An SFC spokesman declined to comment.

Qiao 曾是一名能源期货交易员，他现在在运营开曼群岛注册的基金 Consensus Technologies。因为 OKEx 这次提前交割的行为，他声称他会减少基金中原先在 OKEx 上交易的 500 万美元资金。另外，还有四名不愿透露姓名的交易员在私下的交谈中也提到了他们将会疏远或结束与该交易所的关系，其中一人甚至向香港证券 (SFC) 及期货事务监察委员会提交了投诉。香港证监会的发言人拒绝对此作出评论。

「OKEx is losing its credibility,」Qiao said.「The futures contract became something nonsense, not something we could use to hedge.」

「大家正在失去对 OKEx 的信任，」Qiao 如是说道，「它的期货合约变得荒谬，这已经不能被称为一个可以用做对冲的金融产品了」

In a series of statements after the early settlement, OKEx apologized for「the inconvenience it may cause」but said the decision was taken to protect customers from the volatility associated with the Bitcoin Cash split.

提前交割合约之后，OKEx 在发布了一系列声明对该举动「造成的不便「进行了道歉，但声称此举是为了在比特币现金分叉所带来的价格波动下保护用户所作的决定。

The exchange said it acted without notifying clients to reduce the risk of market manipulation.「After considering various scenarios, we decided that an early settlement was the most fair and rational decision to maintain an orderly market,」Andy Cheung, head of operations at OKEx, said in a response to questions from Bloomberg.

交易所称其在没有通知用户的情况下这样做是为了减少市场被操纵的风险。「在考虑过不同情况后，我们认为提前交割是保持市场秩序的最公平和理智的决定」OKEx 的运营总监 Andy Cheung 在接受彭博采访时如是回答。

Crypto traders who spoke with Bloomberg said OKEx was the only exchange they knew of that forced early settlement of Bitcoin Cash contracts.

与彭博社交流过的加密货币交易者们称，OKEx 是他们所知道的唯一一个提前交割比特币现金合约的交易所。

「It may not be illegal, but it is very unusual,」said Andrew Sullivan, a former managing director for sales trading at Haitong International Securities Group.

「这也许不犯法，但这绝对是非常反常的」，Andrew Sullivan，一名前海通证券的销售交易部董事总经理如此评论。

The controversy is just the latest to emerge from the nascent world of cryptocurrency exchanges, which proliferated over the past two years as wild swings in Bitcoin and its ilk vaulted digital assets into the public consciousness. The trading venues, most of which operate with little to no regulation, have been dogged by everything from market manipulation to trading outages and cyberthefts.

随着以比特币为代表的数字货币在过去两年的普及，这类关于数字货币交易所的争议也逐渐浮现。这些交易场所大多在没有监管情况下运作，操控市场、黑客攻击类情况时常发生。

A lack of confidence in crypto exchanges is one reason many institutional investors are proceeding cautiously as they weigh whether to add exposure to digital assets. The slow pace of mainstream adoption has contributed to deep losses in virtual currencies this year, erasing about $650 billion from the value of digital assets tracked by Cryptocurrency Market Capitalizations | CoinMarketCap.

对于数字货币交易所的不信任是机构投资者迟迟不将数字货币作为资产配置的重要原因之一。主流市场的应用普及缓慢也导致今年虚拟货币市场市值大幅滑落，根据 CoinMarketCap, 今年加密货币市场市值流失近 650 亿美元。

OKEx, which was founded by Star Xu, the entrepreneur behind Chinese crypto exchange OKCoin, has been criticized by traders before. In August, the exchange imposed losses on clients after it was unable to cover the shortfall from a massive wrong-way bet by one of its users. While the decision complied with OKEx』s longstanding「socialized clawback」policy, the episode left many questioning the exchange』s ability to manage risk.

由中国创业者徐明星创立的 OKEx 交易所曾被交易员们批判过。今年 8 月份，由于无法覆盖一个用户的错误赌注带来的损失，该交易所将损失分布强加在平台其他客户上。尽管这个决策后续被发公告

解释为「社区性损失」政策，该事件发生后行业对其风控能力产生极大质疑。

In the latest incident, traders found several reasons to fault OKEx on top of the exchange』s decision to force early settlement of its Bitcoin Cash futures.

在本次事件中，交易员们在 OKEx 提早交割 BCH 期货的决定中，找到多出漏洞。

Before the contracts were terminated, OKEx announced a change to the composition of the underlying index, replacing one of its price sources. The move occurred during live trading, and triggered a significant repricing of the contracts, according to Amber AI, a crypto market-making firm founded by former Morgan Stanley trader Tiantian Kullander.

在期货合约结束之前，OKEx 发布了标的指数结构改变的公告，替换价格来源之一。据数字货币做市商 Amber AI 的创始人，前摩根斯坦利交易员 Tiantian Kullander 指出, 此公告在交易进行时发出，激起大幅度价格重构。

On Nov. 15, a day after the Bitcoin Cash futures settled, a technical malfunction at OKEx left traders unable to execute orders for more than two hours, during a time of heightened market volatility, Amber AI said in a blog post on Monday titled「OKEx-- It』s Time to Pay the Piper.」The firm called for「regulation and transparency at OKEx in order to promote and maintain a healthy and fair trading environment.」

Amber AI 在本周一发布的一篇名为「OKEx - It』s Time to Pay the Piper」的博客中指出，11 月 15 日，BCH 期货交割后一天，OKEx 平台上的技术故障使得市场参与者在大幅度波动期间足有 2 小时以上无法执行订单。该机构呼吁 OKEx 应「更透明」来营造更健康、公正的市场环境。

Amber Ai Medium原文

OKEx Its time to pay the piper

在过去的一周里，我们看到了 OKEx 操纵市场的行为，估计价值四亿美元以上的期货合约已被强迫清算。比特币现金（$ BCH）网络定期每年进行两次协议升级。由于不同开发团队之间存在的共识矛盾，计划于 11 月 15 日格林威治标准时间下午 4:40 左右进行硬分叉。随着比特大陆（ABC）和 CoinGeek（BSV）之间的分歧激化，交易所运营商们不得不选择一支公链来继续支持其平台上的指数。

Over the past week we have seen behavior indicative of market manipulation by OKEx, and estimate $400mm+ of futures contracts have been forced into liquidation as a result.

The Bitcoin Cash ($BCH) network goes through regular protocol upgrades twice per year. As there has been conflicting consensus changes between different development teams, a hard fork was scheduled occur on the 15th of November around 4:40 PM GMT. As the battle between Bitmain (ABC) and CoinGeek (BSV) intensified, exchange operators have had to pick a side regarding which chain they will continue to reference their indices against.

11 月 9 日

OKEx 在分叉之前决定了他们的立场，发公告声明：「硬分叉结束之后，我们的 BCH 期货合约将支持 BCH（比特币 ABC）」。

与大多数交易所立场一样，OKEx 决定选择支持 ABC。若分叉后 BSV 成为仅有幸存的公链，那么现行的期货合约（现在支持 ABC）的价值都会归零。市场参与者们也开始对这类风险进行相对定价，在预分叉之前卖出合约以将其覆盖回来。我们在近期也发布了一篇文章，指出了这个交易机会。

随着硬分叉的到来，BSV 阵营于比 ABC 阵营获得更多支持，BitMex（$ BCHZ18）和 OKEx（$ BCH1116 和$ BCH1228）的期货合约开始出现对 BCH 现货的大幅折扣。

November 9

OKEx decide their stance ahead of the fork, quoting」After the hard fork, our BCH futures contracts subject will be BCH (Bitcoin ABC)」. The full announcement can be read here.

OKEx decided to reference ABC, following suit of many other exchanges. In an outcome where two chains would not co-exist after the fork and BSV is the surviving chain, the value of the prevailing future contracts (which now reference ABC) could settle worthless. Market participants began pricing for this risk accordingly, selling the contracts in anticipation to cover it back lower ahead of the pre-fork snapshot. We also highlighted this opportunity in our recent post which can be read here.

With the BSV camp gaining momentum over ABC going into the scheduled hard fork, future contracts on both BitMex ($BCHZ18) and OKEx ($BCH1116 and $BCH1228) were starting to price in steep discounts to BCH spot markets.

11 月 12 日

OKEx 宣布「关于期货交易指数计算规则和期货交易成分指数的更新」。在此公告中，OKEx 决定停止引用 Bitfinex 现货价格来改变计算成分。通过改变交割指数的规则，他们迫使市场重新进行指数基础定价; 鉴于市场仍存在大量未平仓合约及 USDT 兑美元的重大折扣，这是一个巨大的变化。我们认为此举动有在刻意干扰期货合约价格的企图。

November 12

OKEx announces an「Update on Indices Computation Rules & Indices Constituents for Futures Trading」. In this update, OKEx decided to change constituent calculations by discontinuing to reference Bitfinex prices in the spot indices. By changing the rules of the settlement index, they forced the market to reprice the index basis; a drastic change given the large open interest in the market and the significant USDT-to-USD discount. We see this as a deliberate attempt to interfere with prices of the underlying futures contracts, amidst live trading.

11 月 14 日

OKEx BCH 期货交易限制下跌，合约（参考 ABC）定价比现行 BCH 现货指数低 25％。由于系统不再允许订单提交，交易也因此暂停。在此期间，Poloniex-ABC 和在 BitMex 相当于 BTC 计价的 BCH 合同（$ BCHZ18）在 OKEx 上的交易价格比市价格低出 20％。

OKEx 同时宣布将于 2018 年 11 月 14 日上午 09:05 CET（UTC +1）的最后交易价格中提前交割 BCH 期货合约，而不是按规则允许市场自由浮动或继续执行限价规则。完整的公告可以在这里阅读：

November 14

OKEx BCH futures trade limit-down, with the contracts (referencing ABC) pricing a 25% discount to the prevailing BCH spot index. Trading is halted as order submissions are no longer allowed. During this time, Poloniex-ABC and the equivalent BTC-denominated BCH contract on BitMex ($BCHZ18) is trading at a 20% discount to OKEx.

Instead of allowing the market to free-float, or continuing to enforce the limit-down rule, OKEx announces that they will settle the BCH futures contracts early against the last traded price at 09:05AM Nov 14, 2018 CET (UTC +1). The full announcement can be read here:

通过改变交割日期和规则，OKEx 违背之前的公告并反对市场上的未平仓权益。这意味着 OKEx 对于市场中每一个持有空头头寸的合约都强行施加了固定损失，使合约交割价比公允价值高出 20%。这情况与芝加哥商品交易所 (CME) 在交易进行中宣布 S&P500 E-Mini 期货将与上证综合指数交割一样。

By changing the settlement date and delivery rule against the open interest in the market, they invalidated their previous announcement. This meant that for each short position carried in the contract, OKEx implicitly imposed a fixed loss on the notional amount, delivering the contract 20% higher vs fair value. This is no different than the Chicago Mercantile Exchange (CME) announcing that the S&P 500 E-Mini Futures will settle against the Shanghai Composite Index in the midst of trading.

总价值为 296,316.51BCH 合约于对 ABC 溢价 80 美元点位交割 (Poloniex-ABC 的交割价为 330 美元，OKEx 的交割价为 408.8 美元)，使市场空头头寸的总损失达到约 2400 万美元。根据我们的推测，OKEx 的内部交易部门持有合约卖空的相反头寸。

296,316.51 BCH worth of contracts settled at $80 higher vs ABC ($330 on Poloniex-ABC vs $408.8 OKEx), bringing the aggregate loss for short-positions in the market to roughly $24mm. There exists market speculation that OKEx』s internal trading desk carried the opposite position against short-sellers.

根据 OKEx 之前发布的公告，市场参与者已对 BCH1116/1123/1228 于 ABC 交割做的合约做出定价。他们迫使有双足交易的市场参与者卖出与 ABC 相关的多头头寸，导致 BCHZ18 和 Poloniex-ABC 的大量平仓，导致价格大幅下跌。这些行为可被称为数字货币交易市场史上最严重的欺诈和市场操作行为之一。

As the market had already priced for $BCH1116/1123/1228 contracts to settle against ABC (as per the previous announcement), they effectively also forced all market participants with dual-legged trades to liquidate long positions in ABC-related risk, resulting in a slew of liquidations in $BCHZ18 and Poloniex-ABC, causing sharp declines. This is indicative of outright market manipulation and one of the more serious acts of fraud in the history of limit order book trading in the cryptocurrency markets.

OKEx 官方称:「目前没有任何比特币/ABC 交易对拥有足够深度和交易量可组成比特币交割指数。」然而，这个说法是矛盾的，因为 P 网上的分叉前 ABC 和 BSV 日平均交易量已经分别超过 1000+BTC。相比之下，这比比特币黄金 (据 CoinMarketCap 报道) 的 24 小时平均交易量高出 50% 以上，而 BTG 构成了 OKEx 上交割 BTG 期货的现货指数。

In the official announcement, OKEx cites:「there is no Bitcoin ABC trading pair with enough market depth and trading volume to compose an index for delivery」. However this is contradictory, as the average volume in the pre-fork ABC and BSV pairs on Poloniex were exceeding 1,000+ BTC-equivalent per day, each. For comparison, this is 50%+ higher than the average 24h volume in BTG (as reported by CoinMarketCap), which composes the spot index against which the OKEx BTG futures settle against.

11 月 15 日（12AM-2AM 香港时间）

OKEx 的下单系统开始故障，由于一个『限价订单 Bug』, 买卖双方都无法下单。所有用户都遇到了这个问题，既有在 WEB 页面点击下单的交易员，也包括通过 API 程序下单的交易者。在持续 2 个多小时的时间内，市场参与者都无法减少或增加仓位，而这段时间是过去 9 个月来波动最为剧烈的。

在 12AM-2AM 这段时间内市场参与者无法发送市价订单

November 15 (12AM — 2AM HKT)

OKEx』s order submission system starts malfunctioning. Both buyers and sellers are unable to submit orders due to a「Limit Order Bug」. This problem was consistent for all users, both manual point-and-click traders, as well as program traders interacting with OKEx via API. Over a period of 2h+, market participants were unable to reduce or add risk during the most volatile trading session in 9 months.

在这期间，市场累计爆仓单超过了 4 亿美金，再加上下列交易标的的减值：

189mm BTC

108mm ETH

74mm EOS

8.2mm XRP

8.2mm LTC

12mm BTG & ETC

The market estimate of total liquidations during this period exceed USD 400mm+ notional with the following USD-equivalent breakdown per ticker:

我们估计所有杠杆账户的累计损失大约是总平仓金额的 10%。这期间记录的 level-2 数据流量显示撮合引擎是正常的，交易所能持续访问并正常运转，但所有高于买一的买单和低于卖一的卖单都被阻挡了。

We estimate the aggregate loss from all margin accounts to be around 10% of the total liquidation value. Recorded level-2 data throughout this period shows the order matching engine as functioning. The exchange continued to host traffic and operate but with all order submissions blocked, except buy-orders below the best bid, and sell-orders above the best offer.

OKEx 坚称这是由于『系统过载问题导致的限价终端不稳定』。然而，如果是由于并发订单过大导致的过载，系统后台应该无法响应服务器性能之外的所有请求。交易所要么对正确订单进行响应，要么拒绝处理所有订单请求。换个例子，当 Microsoft Excel 崩溃时，表单计算结果并不会改变。后台要么生成正确的限价，要么全部停止，而不是有的订单能下，有的不能。既然故障不是由于过载，那么唯一可能的原因就是内部操纵。

该图显示：你的订单超过了价格限制，你能提交的最高竞价是$4,895.16（截图时的市场中间价为$5,120.00）

OKEx insists that this was due to a 『system overload issue resulting in instability on the price limit endpoint』. However, in the case of traffic overhaul on the back of a rush of simultaneous orders, the back-end infrastructure would not be able to process requests beyond the server capacity. The exchange either generates a response with the correct order information, or refuses to process an order submission request. To put it differently; spreadsheet calculations do not change when Microsoft Excel is crashing. The back-end either generates the correct price limit, or stops altogether, there can be no in-between. Since the issue is not due to overload, the only plausible explanation is internal manipulation.

由于交易者不能做 taker, 那么在『系统过载』期间，订单薄中的对手盘就只能是 OKEx 自己。早在今年 3 月 30 日，OKEx 经历了一次巨大的连环爆仓事件，非常多杠杆账户被强平。当时他们决定将交易回滚到爆仓前，并称其『市场操纵』。但在最新的这次事件中，OKEx 决定不回滚任何交易，并发表了一份官方声明。我们认为 OK 立场的转变可能与其内部交易团队所持头寸相关 (其仓位为市场其他参与者仓位的反方向).

With market participants unable to act as takers, the only price-aggressor in the order book during the 『system overload』 could have been OKEx themselves.Earlier this year on March 30th, OKEx faced a large cascading liquidation event which wiped out a a large number of margin accounts. The exchange decided to roll back all trades preceding the contract liquidations, citing 『market manipulation』. However in the latest incident, OKEx has decided not to roll back any trades, and has yet to issue an official announcement. We view the change in stance this time as being due to the positioning of their internal trading desk (which nets off as zero vs. the rest of the market).

11 月 15 日（10:48PM 香港时间）

伴随着交易员们的质疑，OKEx 随即分享了蜂巢财经的文章

November 15 (10:48PM HKT)

Following scrutiny from the trading community, OKEx shares the following link on Chinese social media:

这篇文章引用了 Reddit 上的一则帖子。一个自称立场中立的散户 u/Allofoobtc 写了一篇很长的解释，讲解了 OKEx 提早交割各个 BCH 合约的原因。而这篇帖子的风格、口气和内容都与 OKEx 自己发布的解释极度相同。这个 Reddit 帖子发表的时间和蜂巢财经发表文章的时间相隔了 2 个小时。

The article, by 『Honeycomb Finance』 references a Reddit post by an 『independent trader』 under the moniker u/Allofoobtc who has written a lengthy post on the reasoning behind OKEx』s early contract delivery. The style, language and content of the post exhibits a striking resemblance to OKEx』s own explanation. The timestamps between the Reddit post and Honeycomb』s publication are 2 hours apart.

随着我们深入研究，我们发现 u/Allofoobtc 这个账户仅仅创建了两个月，也只发布 4 篇帖子：一篇质疑了 BitMex 交易所「不道德的运营方式」，一篇批评了火币交易所，一篇分享了一个「客串作者」赞美 OKEx 比 BitMex 好的文章，最后一篇则是最近的这篇，解释了为什么 OKEx 提前交割是个「好的决定」。

Upon deeper inspection, we see that the u/Allofoobtc account has been active less than 2 months, and has only 4 posts of which: 1 post questions rival BitMex over「unethical operations」, 1 post criticizes rival Huobi, 1 post shares a 『Guest Author』 article praising OKEx over rival BitMex (sponsored), and the most recent post validating the early contract delivery on OKEx as a「good decision」.

由于种种证据，我们可以推断出这个用户背后是由 OKEx 操作的。同时，OKEx 也（很可能）付费给了 CoinIdol 来发布对比 OKEx 和 BitMex 的那篇文章，并赞助了蜂巢财经来推广那篇 Reddit 的帖子。蜂巢财经非常有可能是 OKEx 的危机公关公司；该媒体曾在徐明星（OKEx 的 CEO）被捕风波之后对他进行了独家采访，他们也是唯一一家这么做的媒体。

With basic abductive reasoning it becomes evident that the operator behind this moniker is OKEx, and that the exchange (probably) paid CoinIdol for the BitMex vs OKEx article, and also sponsored Honeycomb to publish the Reddit post. Honeycomb is likely OKEx』s external crisis-PR firm, having been the sole media outlet to have hosted an interview with Star Xu (OKEx CEO) following his recent arrest.

11 月 17 日

OKEx 悄悄地修改了之前的公告。下面这张截图是 11 月 12 号发布的 OKEx 公告，其中第三个点解释了 BSV 分发的细节：这条公告表明有借出 BCH 的杠杆用户无需还 BSV。

11 月 12 号最初的公告阐明了分叉后借出 BCH 的用户无需承担还回 BSV 的责任。

November 17

OKEx silently makes an amendment to a previous announcement. The below snapshot, from November 12, details the BSV distribution plan in bullet point 3. This term states that if users have outstanding borrow of BCH, the will not need to repay BSV.

The original announcement on November 12 states that BCH borrowers will not incur a BSV-liability after the fork.

下面这张截图同样来自 OKEx 的公告中心，但却经过了修改。OKEx 偷偷地将先前公告的第三点整个移除了，企图通过这样的手段骗过他们的用户。

这篇公告最初是 12 号发布的，但也显示「最后修改」于 17 号。

The below snapshot is the same announcement page, amended. In an underhanded attempt to deceive their users, OKEx』s removes the original bullet point 3 entirely.

The post was originally published on November 12, and shows as 『last updated』 on November 17.

11 月 17 号，OKEx 暗地里将 5 天前的公告中的第三点去除掉了

On November 17, secretly resorts to backdating, removing the original bullet point 3 from their November 12 announcement.

11 月 18 日

OKEx 在之后要求借出 BCH 的用户同时也还回 BSV。在他们最新的公告里写道：「已借未还 BCH 的用户：需按 1BCH=1BCHABC+1BCHSV 比例归还 BCHABC 和 BCHSV。优先使用其原 BCH 杠杆账户中 USDT 按当时币币交易价格兑换为 BCHABC 和 BCHSV 还至 OKEx，如资产不足，则用其应领取 BCHABC 和 BCHSV 抵扣」。

November 18

OKEx imposes a BSV liability for BCH borrowers. In the new announcement, they state:「If you have an outstanding BCH loan amount: you will have to repay the amount in BCHABC and BCHSV based on the ratio 1 BCH = 1 BCHABC + 1 BCHSV. First, the USDT in your margin account will be converted to BCHABC and BCHSV according to the token trading market price of that time to repay the amount. Then, if it is not enough, you will have to cover the amount by your BCHABC and BCHSV distribution.」

1. OKEx 最初的声明表示已借未还 BCH 的无需支付 BSV。多个社区里的交易员也收到了 OKEX 客服对该政策的确认。

2. OKEx 悄悄地修改了最初的公告，去掉并作废了之前的政策。

3. OKEx 接着公布了借出 BCH 的用户现在需要将 ABC 和 BSV 都退还给交易所的公告。

1. OKEx originally stated BCH borrowers will not need to repay BSV. Multiple users in the trading community also received ongoing validation from OKEx customer support, reaffirming this policy.

2. OKEx quietly amends the original announcement, removing and invalidating the prior policy.

3. OKEx announces that users who have borrowed BCH now owe both ABC and BSV to the exchange.

有确凿的证据表明，如果没有发生重大疏忽或市场操纵行为，那么 OKEx 就没有必要躲在匿名者背后，进行草率且不成熟的宣传。围绕 BCH 硬分叉的一系列事件表明了 OKEx 对市场的操纵、欺诈和欺骗。但 OKEx 未能提供解释。

Should there be evidence beyond reasonable doubt that no act of gross negligence or market manipulation has taken place, there would be no need for OKEx to hide behind anonymous monikers and resort to sloppy, unsophisticated propaganda. The course of events surrounding the BCH hard fork are indicative of market manipulation, fraud and deceit.

OKEx has failed to provide an explanation.

作为全球现货和衍生品市场的活跃市场参与者和流动性提供者，我们呼吁 OKEX 的监管和透明度，以促进和维持健康和公平的交易环境。

As an active market participant and liquidity provider in the global spot and derivative markets, we are calling for regulation and transparency at OKEX in order to promote and maintain a healthy and fair trading environment.

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