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What is OKT trading (what happened to the OK exchange)

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What is an okt transaction

What is an okt transaction and what is an okt transaction? What is OKT trading? It is achieved through decentralized exchanges on OKExChain. It allows users to conduct transactions without trusting a third party (i.e., an unmanaged, unlicensed network) and obtain one or more tokens as rewards: BTC, ETH, EOS and other Cryptocurrency OKT is composed of tokens and platform tokens issued by OKEx, representing the value transmission medium of the blockchain world. OKB will be used as the underlying asset for payment protocols such as Bitcoin Except for margin contracts, anyone can participate in transactions in OKExDEX to ensure the safety and efficiency of transactions

At present, the most popular ERC20Token based on Ethereum in the market is the original TokenOKX of OKExChain. According to the official introduction, OKT is a decentralized peer-to-peer digital currency trading network that enables users to securely exchange various mainstream tokens. This project is committed to establishing a new decentralized financial model that provides seamless connectivity for users around the world. OKX is positioned as a “cross chain DeFi ecosystem” and will allow users to freely exchange BTC, USDC and other Stablecoin from various protocols, including Bitcoin Cash cash, Litecoin and Zcash In order to make OKX a liquidity pool, traders can create their own token OKS and send it to anyone who wants to purchase, sell, hold, or transfer these tokens. At the same time, users can also engage in leveraged trading on their own OKExDEX

OKEXChain launched the test network in March 2019 to support all major Ethereum Layer1 smart contracts. According to OKLink data, as of the end of 2020, there were over 500000 addresses

What’s wrong with the OK exchange

According to reports, there have been problems with the OK exchange recently. It is understood that there have been complaints from users that the platform has security risks and technical risks According to Wu Shuo, a blockchain media source, it was found that users who had previously conducted multiple transactions on the OK exchange were unable to withdraw coins. During this period, a similar situation occurred due to system failures caused by some accounts being stolen Regarding the issue with OK Exchange, we have contacted relevant parties for verification as soon as possible. After preliminary understanding, the current incident is indeed related to the recent suspension of coin withdrawal by OKEx. (The market shows that OKEX suddenly stopped withdrawing coins shortly after its launch at 3am on July 30th.).

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