OKX Will Compensate For SUI Token Problems Within 3 Working Days

Key Points:

• OKX announced in its latest announcement a compensation plan for the problem of being unable to cancel orders when SUI is launched.
• The user who placed an auction order at a price higher than 1.3 and experienced cancellation delays will be eligible for compensation.
• The exchange will deposit the difference directly into the user’s account within three business days.

OKX announced in the latest announcement a compensation plan for the problem of the inability to cancel orders when SUI is launched in 3 working days.

According to yesterday’s news, Xu Mingxing said that it would compensate all customers who cannot cancel orders and buy SUI for more than 1.3 USDT; OKX also gave the reason for the SUI-related trading accidents, after which OKX said the cancellation problem SUI had been fully restored, and withdrawals have been opened.

It is known that after the SUI call auction listing on May 3, 2023, UTC, some users could not cancel orders. OKX acted quickly, identifying and fixing the issue. However, some users’ trading activities were still affected.

The issue resulted in some users being unable to cancel their orders. In addition, due to delayed order status updates and fund payments, some SUI orders are shown live even when executed, causing some users to miss further trading opportunities.

The issue has been fixed, and all user orders have been restored. At the same time, the development team will conduct a thorough autopsy to prevent similar problems from happening again.

The scope of user compensation is to entrust the order during the call auction period, the order cannot be canceled, and the last order has been completed successfully.

Specifically, some users were unable to cancel orders after the trades were made, they were unable to sell their purchased SUI before the cancellation problem was fixed, and they missed trading opportunities. OKX decided to compensate these users based on the difference between the user’s purchase price and 1.3.

For users with a transaction price above 1.3 USDT, the amount of compensation = the final number of transactions of the user’s collective bidding trust order × (average purchase price of the order – 1.3 ) USDT.

For eligible users, the exchange will deposit the difference directly into the user’s account within three business days.

Some users’ sell orders appear to be executed at a price lower than the order price they placed during the auction period. This is caused by a system error affecting the UI screen while the user was modifying the order price, preventing the system from updating the order price data on time. This display issue should not cause any actual loss to the user.

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