OKX Commits to Compensating Users Affected by SUI Order Cancellation Issue
Star Xu, the founder of the trading platform OKX, announced that the platform is experiencing a technical issue that is preventing investors from cancelling their buy orders of SUI token. As a result, the company has promised to compensate investors for any losses they may incur.
The SUI/USDT spot trading pair was officially launched on OKX at 6:40 PM on May 3. However, shortly after the launch, the platform encountered a technical problem that prevented traders from cancelling their buy orders of SUI. Star Xu took to Twitter to address the issue and apologize for the inconvenience.
According to Xu, the issue occurred when the SUI development team proposed a modification to the listing time on OKX. However, the OKX development team failed to update the listing time in some trading modules, which triggered a bug in the system. This caused some orders to reach their end state successfully, making it appear as though an order was still live and could not be cancelled.
For the $SUI market open problem, all customers who can’t cancel order and bought SUI higher than 1.3 usdt will get the compensation(fill price-1.3). Announcement includes details will release soon. We are so sorry for the inconvenience and will fix the trading system bug asap to…
— Star (@star_okx) May 3, 2023
As of writing this article, SUI is trading at $1.4, down from its listing price of $2. Xu has promised to compensate investors who bought SUI above $1.3 with the difference between the fill price and $1.3. The company is currently analyzing data to create a compensation plan for affected users, and more details will be released soon.
The incident has once again highlighted the risks associated with trading cryptocurrencies. While the decentralized nature of cryptocurrencies can offer a degree of anonymity and security, it also means that there is no central authority to oversee transactions and ensure their security. As a result, investors are advised to exercise caution and do their own research before investing in cryptocurrencies.
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