Market Downturn Affects OKB
OKB experienced a significant price drop, falling from $115 to $94, representing a loss of over 18%. This decline occurred amidst a broader market sell-off that saw the pioneer cryptocurrency Bitcoin fall 10% to $81,865. The global crypto market capitalization was reduced to $2.81 trillion in the last day. Within this general market decline, OKX's native token, OKB, was particularly hard-hit.
The dramatic fall in OKB's price coincided with a new investigation into OKX. This investigation followed an unexpected glitch in the smart contract of its recent Boost rewards campaign. A programmed distribution of PYBOBO tokens ended with almost the entire pool drained in under four minutes. This was initially attributed to massive demand but was later revealed to be a system error.
The PYBOBO Token Drain Incident
On-chain statistics revealed the severity of the problem. Thirty-two addresses managed to claim 623 million PYBOBO tokens, emptying almost all of the 625 million allocated for the distribution event. The most striking aspect is that the entire process took only four seconds, catching both the OKX team and legitimate participants by surprise.
A malfunction within the OKX Boost claim contract appears to have allowed abnormally rapid claims. This malfunction permitted a few addresses to receive significantly more PYBOBO tokens than originally planned.
OKLink identified a particular wallet that claimed 37.847 million tokens, valued at approximately $18,600. By the time the OKX team noticed the glitch, 99.68% of the rewards had already been claimed.
OKX's Response and Market Impact
The OKX Wallet team acknowledged the issue immediately and confirmed the postponement of PYBOBO claims. This pause will remain in effect until the contract issuer's problem is resolved. This temporary halt aims to prevent any potential additional damage while a thorough review is conducted.
The incident involving the OKB token caused a 100% surge in OKB's daily trading volume. This increase is a clear indicator of heightened speculative activity in the market. The digital token is likely to experience further downward pressure before it can regain a stable footing, as sellers are currently capitalizing on the prevailing market conditions.