OKX exchange compensates traders affected by technical glitch in SUI token trading

OKX exchange compensates traders affected by technical glitch in SUI token trading

Time Stamp: May 4, 2023 4:31 AM
OKX exchange compensates traders affected by technical glitch in SUI token trading PlatoBlockchain Data Intelligence. Vertical Search. Ai.

SNEAK PEEK

  • On May 3, 2023, the OKX exchange experienced a technical issue with canceling orders for the SUI token.
  • OKX has announced that it will compensate affected customers.
  • The market sentiment towards the SUI token is negative, with its price dropping by 69.78%.

On May 3 at 18:40, the OKX exchange opened the spot selling of the SUI/USDT pair. Unfortunately, traders experienced a technical issue with canceling orders to buy SUI. This was announced on Twitter by the founder of OKX, Star Xu. As a result, the platform could not rectify the problem immediately, causing inconvenience to traders who were affected.

Following the technical issue with the SUI token trading on the OKX exchange, customers who had placed orders to buy SUI tokens at a price exceeding 1.3 USDT could not cancel their trades. In response, OKX has announced that it will compensate affected customers by the difference between the current SUI price and 1.3 USD.

This move is intended to mitigate the system failure’s impact on traders affected by the issue. OKX’s commitment to compensating customers shows its dedication to ensuring a fair and transparent trading environment for all its users.

Multiple reports have revealed that the accident encountered with the SUI token was caused by request from the SUI token project team to change the market opening time on the OKX exchange. Unfortunately, some trading modules were overlooked and left unmodified during this process, leading to potential bugs in the trading system.

This oversight ultimately triggered the system failure that resulted in inconvenience for traders. Exchanges and project teams need to work together to prevent such incidents from occurring in the future.

The SUI token is experiencing a bearish trend, with its price dropping by 69.78% and trading at $1.37 over the last 24 hours. The token’s support level is $1.23, while its resistance level is $4.52.

The market capitalization of the SUI token stands at $720,459,672, reflecting a decrease of 26.77%. This indicates that the market sentiment towards the SUI token is negative, and caution is advised when considering investing in the token.

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