BlockBeats reported on May 5, 2023, that OKX has released an official statement addressing the "SUI order cancellation failure after collective bidding" incident. According to the announcement, the new token SUI was originally scheduled to conclude its collective bidding phase at 20:10 Beijing Time on May 3, 2023. However, due to a last-minute request from the project team, OKX adjusted the bidding end time to 20:00.
A technical error occurred during this adjustment when internal personnel failed to update the revised timing across all core modules of the trading system. This oversight triggered a latent system bug, subsequently causing multiple user-facing issues.
Incident Resolution and Compensation
- System Recovery: The issue has been fully resolved, and all affected user orders have been restored to normal functionality.
- Preventive Measures: OKX has committed to conducting an in-depth review of the root cause to prevent similar incidents in the future.
- Compensation Plan: Users who placed buy orders during the collective bidding phase and experienced cancellation failures—resulting in executed orders above the price of 1.3—will receive compensation. Eligible users will be credited within three business days.
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Frequently Asked Questions (FAQs)
1. What caused the SUI order cancellation failure on OKX?
The issue stemmed from an incomplete system update after the collective bidding end time was adjusted. This inconsistency activated a pre-existing bug in the trading infrastructure.
2. How will OKX compensate affected users?
Compensation will be automatically distributed to users who met the criteria (buy orders executed above 1.3 due to cancellation failures) within three business days.
3. Is the OKX trading system now stable?
Yes, OKX has confirmed full resolution of the issue and implemented additional safeguards to prevent recurrence.
4. Where can I track updates about this incident?
Official announcements are posted on OKX's support portal and verified social media channels.
Key Takeaways
- Transparency: OKX promptly addressed the technical glitch and communicated remediation steps.
- User Protection: The compensation initiative demonstrates OKX’s commitment to fair trading practices.
- System Robustness: Future updates will undergo stricter validation to ensure seamless execution.
For further details, refer to OKX’s official channels or explore their help center.
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