- They apologized for the incident
- And they explained it with a software failure
Crypto exchange OKX compensates losses to users who bought SUI yesterday at an overvalued rate. Recall that traders complained that they could not cancel orders for the purchase of tokens (the cancel option did not work). They had to take coins at a price of $1.2.
OKX founder Star Xu said a software glitch was the cause.
“All clients who failed to cancel orders and bought SUI above 1.3 USDT will be compensated. We apologize for the inconvenience and promise to fix the bug in the trading system as soon as possible. And also eliminate the risk of a similar problem in the future “
In the near future, the company will provide instructions on how to receive compensation. Now traders can contact the support service if their open orders to buy SUI were frozen yesterday.
Popular crypto blogger WuBlockchain also commented on the situation. He recalled that the Sui project team had previously asked the OKX exchange to change the market opening time. Due to this situation, they forgot to change some trading modules, which further provoked another potential error in the trading system.
The current trading price of Sui Token is $1.38. During the day it fell by 69%. However, such a rate is much higher than the pre-sale price (SUI could be bought for only $0.03, and on Series A rounds even for $0.01).