The still persistent market crash not only brought the Bitcoin (BTC) to lows, but a tragic event, witnessing the dead fall of the LUNA and the Terra UST. People all around the world lost millions and millions.
The terrible crash of a so-called stablecoin, the UST indeed provoked everything. Many exchanges started to ban the trade of LUNA and UST, and the entire crypto industry was at hell’s loose.
Despite all this, one particular global crypto exchange, indeed took certain steps which no other exchange has ever done. Such an act is one one of the first from a crypto exchange. This is none other than the OKX crypto exchange.
OKX’s Protection System
OKX is indeed a global crypto exchange spread across 180 countries, with more than 20 million users worldwide. Indeed, OKX has made itself into one of the top global crypto exchanges. New innovative measures and customer oriented support has made it soar up.
One such act is what happened with the fall of LUNA and UST. OKX exchange has a separate team under its so-called ‘Protection System’. The main duty of the Protection System team is to constantly study the crypto market and monitor and analyze the best possible. This team comprises profound market analysts and researchers.
Eversince the LUNA started to become volatile on 8th May, 2022, the team from OKX immediately warned and gave notification to all its users having and staked UST to switch their holdings.
Apart from this, the staking earn attribute of OKX, the OKX Earn, indeed released all the stacked up UST and opened ways for the stakers to sell them off. And so on 8th May, 2022, about 360 million UST of 7K holders were opened up. The price of UST was $0.99 at that time.
The second opening was on 10th May, 2022, when the price of UST was yet still above $0.85. This time about 139 million UST belonging to around 2,400 users were opened up. Thus millions and millions have been saved by the OKX exchange for its users, preventing their UST failures.