OKX Explains SUI Token Transaction Problem And Compensates

Key Points:

• The OKX exchange has officially spoken out about the incident related to the trading failure of the SUI token yesterday.
• The cause given with the operational error is forgetting to modify the opening time in some trading modules that have enabled the trading system.
• The exchange’s founder has stated that users affected by the crash will be compensated for problems with the opening of the SUI market.

OKX officially spoke out about the vulnerability in the trading system that affected the SUI token and announced that it would have the plan to compensate the victims.

According to user reports, many people have responded to SUI sell orders that are not working, and users cannot cancel it, causing the funds in the user’s account to be completely withdrawn. The problem went on for hours, and it wasn’t fixed.

Regarding the cause of the crash, the SUI development team temporarily proposed to modify the opening hours. The trading platform realized that it had made a mistake and forgot to alter the opening times in some trading modules, which caused other potential errors in the trading system. This causes OKX to take a long time to identify and correct errors.

This morning, OKX founder, Xu Mingming, tweeted that all customers who could not cancel orders and purchase SUI for more than 1.3 USDT will be compensated for market opening problems. SUI. The team will fix the vulnerabilities in the trading system as soon as possible to prevent such issues from happening in the future.

OKX also affirms that the platform will not participate in any transactions and is always resolute in compensating users for damages caused by platform problems. Regarding the cancellation plan, the detailed rules will be announced today, and all the data is currently being calculated, so hopefully, users will wait patiently.

As previously updated, On the morning of April 15, three exchanges, Bybit, Kucoin, and OKX, simultaneously announced the sale of SUI tokens on their platforms. Each platform has a different mechanism for buying SUI tokens.

SUI tokens will be open for public sale on the OKX exchange, in addition to the sale exclusively for users who are whitelisted from the project. The public sale will be conducted as a lottery, in which users will need to hold exchange tokens to receive lottery tickets.

While OKX crashed three hours after the spot listing, Binance and Bybit announced the launch of perpetual contracts with up to 50x leverage for SUI tokens. This announcement follows the SUI official team’s request for collaborative exchanges like Binance, OKX, Bybit, and KuCoin not to launch perpetual contracts when SUI tokens are launched.

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