OKB price dips 20% as OKB Boost contract glitch drains entire reward pool

• The malfunction allowed 32 wallets to claim 623M PYBOBO within 4 seconds.
• The event emptied nearly all the 625M reward pool almost instantly.
• The glitch coincides with OKB’s price underperformance.

The virtual currency sector recorded another sell-off on Friday as Bitcoin lost 10% in the past 24 hours to press time’s $81,865.

The global crypto market cap stands at $2.81 trillion after a 10% decline over the last day.

Amidst the broader bloodbath, OKX’s native token suffered the most as the downside coincided with OKX facing new scrutiny after an unexpected contract glitch in its recent Boost reward campaign.

A planned distribution of PYBOBO coins ended up with nearly all the pool drained within four minutes, and it wasn’t the massive demand as earlier thought.

OKX’s token underperformed the overall cryptocurrency market in the past 24 hours.

It dipped from $115 to $94 during this writing, and over 18% dip on its daily price chart.

OKB experienced intensified selling pressure as the news of contract malfunctioning spread.

A 4-second glitch empties 99.68% of incentives

On-chain stats show that 32 addresses claimed 623 million PYBOBO coins, wiping nearly all the 625 million allocated for the distribution event.

The most striking thing is that the entire sweep took only four seconds, catching the team and participants unaware.

Notably, a multifunction within the OKX Boost claim contract seems to have permitted abnormal, rapid claims, allowing a few addresses to receive far more PYBOBO tokens than initially planned.

OKLink identified a particular wallet that claimed 37.847 million tokens, worth roughly $18,600.

Nevertheless, what’s striking is how fast the pool evaporated, with 99.68% of rewards gone by the time the ream noticed the glitch.

The event’s nature indicates an unintended move that propelled distributions well beyond their specified limits.

OKX Wallets halts claiming amid investigations

The team acknowledged the issue immediately after the reports emerged and confirmed delaying PYBOBO claiming until after resolving the contract issuer.

The temporary pause aims to prevent further potential damage as the project conducts a review.

The team has promised to publish more updates as they investigate the matter.

The incident sent ripples across the OKX ecosystem. OKB testified to that with its overwhelming selling pressure.

OKB price outlook

OKX’s token  hit a daily low of $94 after losing the $100 psychological mark.

It has dropped from a daily high of $115, losing over 18% of its value in the past 24 hours.

OKB has seen its daily trading volume surge 100%, signaling increased speculative activity.

The digital coin would likely slump further before regaining a dependable footing as sellers thrive in the current financial landscape.

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