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News

OKX Unleashes Bold Compensation Plan Amidst Unprecedented Contract Price Turmoil!

September 14, 2023 - Around 2 mins mins to read

Key Points:

  • On September 13, between 3:38 and 3:43 pm (UTC+8), OKX experienced a price anomaly affecting contract targets.
  • OKX will compensate users who suffered liquidation or stop-loss orders due to this anomaly.
  • Users can expect compensation directly to their USDT accounts by September 20.
The official Twitter account of OKX China reported an unusual incident that occurred between 3:38 and 3:43 pm (UTC+8) on September 13.
OKX Unleashes Bold Compensation Plan Amidst Unprecedented Contract Price Turmoil!

During this brief window, several contract targets on the platform experienced unexpected price anomalies. After a thorough investigation, it was determined that the issue stemmed from an anomaly within the platform’s price limit service. This disruption resulted in certain contracts being unable to execute orders as usual, leading to price disparities and, consequently, causing some users to experience liquidation or trigger stop-loss orders.

To address the inconvenience caused to its users, OKX has taken responsibility and pledged to provide compensation to those affected by this incident. The compensation details are outlined as follows:

  1. Subjects of Compensation:
    • Users who initiated positions prior to 3:38:07 pm (UTC+8) on September 13.
    • Users whose accounts were compelled to close positions and trigger stop-loss orders between 3:38:07 pm and 3:43:59 pm (UTC+8) on the same day.
    • The affected trade types encompass perpetual contracts, delivery contracts, and leveraged trades.
  2. Compensation Amount:
    • For users who faced liquidation, compensation will cover the loss incurred between the mark price at 3:38:06 pm and the forced liquidation price during the extraordinary service period.
    • Users who experienced stop-loss orders will receive compensation for the loss sustained between the mark price at 3:38:06 pm and the stop-loss transaction price during the system abnormality.
    • Notably, the compensation will also encompass any processing fees borne by the user during this transaction.
  3. Form of Compensation:
    • OKX is committed to disbursing compensation directly into users’ capital accounts in USDT. This distribution is expected to be completed by September 20, ensuring that affected users are promptly reimbursed for their losses.

OKX has demonstrated its dedication to its user base by swiftly addressing this issue and providing a transparent and equitable compensation plan. Users affected by the anomaly can look forward to the timely restitution of their losses, fostering confidence in the platform’s commitment to maintaining a fair and reliable trading environment.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

OKX Unleashes Bold Compensation Plan Amidst Unprecedented Contract Price Turmoil!

Key Points:

  • On September 13, between 3:38 and 3:43 pm (UTC+8), OKX experienced a price anomaly affecting contract targets.
  • OKX will compensate users who suffered liquidation or stop-loss orders due to this anomaly.
  • Users can expect compensation directly to their USDT accounts by September 20.
The official Twitter account of OKX China reported an unusual incident that occurred between 3:38 and 3:43 pm (UTC+8) on September 13.
OKX Unleashes Bold Compensation Plan Amidst Unprecedented Contract Price Turmoil!

During this brief window, several contract targets on the platform experienced unexpected price anomalies. After a thorough investigation, it was determined that the issue stemmed from an anomaly within the platform’s price limit service. This disruption resulted in certain contracts being unable to execute orders as usual, leading to price disparities and, consequently, causing some users to experience liquidation or trigger stop-loss orders.

To address the inconvenience caused to its users, OKX has taken responsibility and pledged to provide compensation to those affected by this incident. The compensation details are outlined as follows:

  1. Subjects of Compensation:
    • Users who initiated positions prior to 3:38:07 pm (UTC+8) on September 13.
    • Users whose accounts were compelled to close positions and trigger stop-loss orders between 3:38:07 pm and 3:43:59 pm (UTC+8) on the same day.
    • The affected trade types encompass perpetual contracts, delivery contracts, and leveraged trades.
  2. Compensation Amount:
    • For users who faced liquidation, compensation will cover the loss incurred between the mark price at 3:38:06 pm and the forced liquidation price during the extraordinary service period.
    • Users who experienced stop-loss orders will receive compensation for the loss sustained between the mark price at 3:38:06 pm and the stop-loss transaction price during the system abnormality.
    • Notably, the compensation will also encompass any processing fees borne by the user during this transaction.
  3. Form of Compensation:
    • OKX is committed to disbursing compensation directly into users’ capital accounts in USDT. This distribution is expected to be completed by September 20, ensuring that affected users are promptly reimbursed for their losses.

OKX has demonstrated its dedication to its user base by swiftly addressing this issue and providing a transparent and equitable compensation plan. Users affected by the anomaly can look forward to the timely restitution of their losses, fostering confidence in the platform’s commitment to maintaining a fair and reliable trading environment.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.