Cryptocurrency exchange OKX promised to compensate all its customers who bought the Sui cryptocurrency in the bull market. This is because, during the listing of the new currency on the platform, an error caused damage to traders.
What happened last Wednesday (3) is that OKX, like other major brokers, also has Sui (SUI) on the list. In recent days, the cryptocurrency has been going through the launch and even had a free distribution for Binance LaunchPool customers.
However, after listing on exchanges, the price of Sui quickly plummeted and many who held onto the coin rushed to sell.
The problem with OKX was that customers who had placed sales orders at rates over $1.3 per SUI were unable to fulfill their sales and, to make matters worse, were unable to cancel their orders.
That is, not only could customers buy at the highest price, but they were also unable to sell their coins when they wanted to, causing losses for many investors.
CEO of cryptocurrency exchange OKX apologizes and promises to reimburse customers who invested in Sui
OKX CEO Star Xu had to take to Twitter to clarify what happened at his brokerage, as it is the only one recording issues with clients selling SUI.
According to him, the broker’s technical team had set the wrong listing time. So when trading started, the system had a problem that prevented customers from canceling their orders.
“When the $SUI team suggested changing the quote time yesterday, our developer forgot to update the quote time in some trading modules and this caused an obscure bug in the system. The bug caused some orders to successfully reach their final status, making it appear that an order was active and cannot be cancelled. It took the team some time to identify and fix the problem.”
In a statement, Star apologized to all customers and said it was already working on a compensation plan for anyone affected by the issue. In addition, the technical team is already working to ensure that the issue does not recur in future offerings.
“We apologize for the inconvenience. The team is analyzing the data to create a compensation plan for affected users. We will release more details later. Thank you for your patience.”
When the $SUI team suggested to change the quote time yesterday, our developer forgot to update the quote time in some trading modules and this caused an obscure bug in the system.
The bug caused some orders to reach their final status successfully, making it look like a… https://t.co/VLyuFdEkDv
— Star (@star_okx) May 4, 2023
Customers who bought SUI above 1.3 USDT recorded losses
In fact, Star Xu had published last Wednesday that all “Customers who cannot cancel the order and purchase SUI above 1.3 usdt will receive the refund“.
The isolated case seems to have a happy ending, but ultimately caused many clients to fear losing money on their investments.
In any case, OKX is piling up yet another controversy after clients accused the brokerage of blocking withdrawals with rule changes in recent days.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
