OKX Announces Compensation for Users Affected by SUI Order Cancellation Issue
OKX Faces Issues with SUI Order Cancellations, Promises Compensation
According to a recent update from founder Star Xu, the exchange OKX has encountered a technical issue preventing users from canceling their SUI buy orders and has promised to compensate affected investors.
OKX Experiences Issues with SUI Order Cancellations
OKX officially launched the SUI/USDT spot trading pair at 18:40 on May 3. However, the platform faced a technical glitch that prevented traders from canceling their SUI buy orders, as reported by Star Xu on Twitter.
Affected users who placed SUI buy orders at prices above 1.3 USDT will be compensated with the current SUI price minus 1.3 USD. At the time of writing, SUI is priced at 1.4 USD, having dropped from its initial listing price of 2 USD.
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
The Issue and Response
The CEO explained that the inability to cancel orders was due to an update from the SUI development team, which proposed changing the sale timing on OKX. However, OKX overlooked updating certain trading modules according to the new timeline, leading to other potential vulnerabilities in the system.
These vulnerabilities resulted in some buy orders being recorded as successful and un-cancellable.
When the $SUI team proposed to modify the listing time yesterday, our dev forgot to update the listing time in some trading modules and this triggered an obscure bug in the system.
— Star (@star_okx) May 4, 2023
The bug caused some orders to reach it's end state successfully which makes it appear that an… https://t.co/VLyuFdEkDv
The OKX founder stated that a detailed announcement regarding the incident will be made, and the development team is working diligently to address the vulnerabilities to prevent future occurrences.
SUI Token and Market Context
15m chart of SUI/USDT on Binance at 01:30 PM on May 4, 2023
SUI is the native token of Sui, a Layer-1 blockchain that launched its mainnet on May 3 after a lengthy 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 is only 650 million USD, given the circulating supply of approximately 500 million tokens.
The SUI token release has also faced controversy, as the token was sold on exchanges rather than being airdropped to early testnet participants.
