OKX to Compensate Users Affected by SUI Order Cancellation Issue
According to a recent announcement from founder Star Xu, the OKX exchange is dealing with an issue preventing users from canceling their SUI buy orders and has pledged to compensate affected investors.
OKX Experiences SUI Order Cancellation Glitch
OKX officially launched the SUI/USDT spot trading pair at 18:40 UTC on May 3. However, the platform encountered a technical issue that prevented traders from canceling their SUI buy orders, as reported by Star Xu on Twitter.
Users who placed SUI buy orders above 1.3 USDT will receive compensation equivalent to the current SUI price minus 1.3 USD. As of writing, SUI is trading at 1.4 USD, down from its initial listing price of 2 USD.
Cause of the Issue
The CEO clarified that the issue arose because the SUI development team proposed a change to the sale timing on OKX. However, OKX failed to update certain trading modules accordingly, resulting in other potential vulnerabilities in the system.
These vulnerabilities caused some buy orders to be recorded as successful and un-cancellable.
The OKX founder stated that a detailed announcement regarding the incident will be made, and the development team is working intensively to address these vulnerabilities and prevent future occurrences.
SUI Token and Market Context
15m chart of SUI/USDT on Binance at 01:30 PM UTC on May 4, 2023
SUI is the token of Sui, a Layer-1 blockchain that launched its mainnet on May 3 after a long development period. With a total supply of 10 billion tokens, Sui has a diluted market cap of 12.8 billion USD. However, its current market cap stands at 650 million USD, with approximately 500 million tokens in circulation.
The SUI token launch has also faced controversy due to the decision to list the token on exchanges rather than airdropping it to early testnet participants.
