OKX Announcement: Explanation and Compensation for SUI New Listing Order Cancellation Issues

Dear OKX Users,

We sincerely apologize for the order cancellation issues encountered during the SUI token's initial listing auction on May 3, 2023 (UTC+8). Our team promptly identified and resolved the technical problems to minimize impact. Below we provide full transparency about the incident and our compensation plan.

Root Cause Analysis

The SUI token auction was originally scheduled to conclude at 20:10 (UTC+8). Due to last-minute requests from the project team, we attempted to adjust the auction end time to 20:00 (UTC+8). However, an internal operational error prevented this update from propagating to all core trading system modules, triggering:

1. A latent system bug in the matching engine
2. Delayed order status updates
3. Fund settlement delays

This resulted in displayed orders (both filled and unfilled) remaining visible post-auction without cancellation capability until 20:10 (UTC+8), potentially affecting users' subsequent trading opportunities.

👉 Learn about OKX's trading security measures

Impact Assessment & Compensation Policy

1. Compensation for Failed Order Cancellations

Eligibility Criteria:

• Users who placed buy orders during the auction period
• Experienced failed cancellation attempts
• Orders ultimately executed above 1.3 USDT

Compensation Formula:

Compensation Amount = Final Executed Quantity × (Average Purchase Price - 1.3) USDT

Example Calculation:
For 40,000 SUI purchased at 1.7 USDT average price:

40,000 × (1.7 - 1.3) = 16,000 USDT compensation

Processing Timeline:
Eligible users will receive compensation directly to their accounts within 3 business days.

2. Clarification on Display Price Discrepancies

Some sell orders temporarily showed execution prices below the order price due to:

• Pending order modification requests during system instability
• Front-end display synchronization delays
  No actual financial losses occurred. Users with concerns may contact customer support for verification.

System Improvements

We've implemented critical upgrades to prevent recurrence:

• Enhanced time synchronization protocols
• Additional fail-safes for auction parameter changes
• Improved order status propagation mechanisms

Our new anti-sybil rules during the SUI Jumpstart event successfully:

• Blocked manipulative "trading farm" accounts
• Increased retail investor allocation rates
• Maintained market fairness

👉 Discover OKX's market integrity initiatives

Frequently Asked Questions

Q: How can I verify if I'm eligible for compensation?
A: Affected users will receive notification via email/app alert. You may also contact support with your order ID.

Q: Will this incident affect future token listings?
A: No. We've added redundant verification steps for all auction parameters across systems.

Q: Why was 1.3 USDT chosen as the compensation benchmark?
A: This reflects the token's stabilized market price post-recovery, based on:

• 00:00 UTC+8 closing price
• Subsequent trading session lows

Q: How can I participate in future Jumpstart events?
A: Simply hold OKB tokens in your funding account during the subscription period.