A $415 million long was liquidated (i.e. person bet on the price going up and has lost it all) on Okex. This means that there is a current open loss of 950 BTC that needs to be sold. This loss has not been covered (I.e. bought up) and may not cover by the settlement date on Friday. Okex has an insurance fund to take care of situations like these.
Problem? The fund is only 10 BTC. We need to hold these exchanges accountable for allowing such large positions to be made if they can’t be covered appropriately and for also having such a pitiful insurance fund.