PANews reported on December 13th that OKX issued a statement on its X platform stating that it had discovered conclusive evidence that multiple interconnected and colluding accounts used a large amount of OM as collateral to borrow a large amount of USDT, artificially inflating the price of OM. OKX's risk team correctly flagged this abnormal activity, contacted the account holders, and requested them to take corrective action, but they refused to cooperate. To control the risk, OKX took over these linked accounts. Shortly afterward, the price of OM plummeted. OKX only liquidated a small amount of OM, but the sharp price drop still resulted in substantial losses, all of which were borne by the OKX Security Fund.

Furthermore, multiple third-party analyses indicate that the price crash was primarily triggered by perpetual contract trading outside the OKX platform. The OKX Security Fund operates entirely as designed. OKX has submitted all evidence and documents to regulatory and law enforcement agencies. Several lawsuits and legal proceedings are currently underway.