Cryptocurrency exchange OKX will compensate users affected by the drop in the price of its own token (OKB) on January 23.

On Tuesday around 9 AM GMT, the OKB price plummeted by 48% from $46.80 to $25.10 in less than 15 minutes, wiping out $6.5 billion in diluted market capitalization, but quickly recovered. At the time of writing, the token is trading at $45.94.

Cryptocurrency exchange OKX has committed to "fully compensate users for losses caused by the unusual liquidation," with a specific compensation plan to be launched within the next 72 hours.

The same day witnessed significant price fluctuations in the cryptocurrency markets, partially triggered by the sale of Grayscale Bitcoin Trust (GBTC) by Bitcoin (BTC) company to meet investor redemption demands. In particular, the bankrupt cryptocurrency exchange FTX sold GBTC ETF shares worth approximately $1 billion, initiating asset liquidation to settle debts with creditors.

Last year, cryptocurrency exchange OKX focused on regulatory compliance. On December 29, 2023, the company announced the delisting of several privacy coins, including Monero (XMR), Zcash (ZEC), Dash (DASH), and Horizen (ZEN). On January 2, the firm announced additional requirements for British users to comply with new Financial Conduct Authority (FCA) regulations, including mandatory risk assessment questionnaires before trading.