Crypto exchange OKX plans to compensate users who encountered problems with canceling trades for SUI on Wednesday.
In an announcement on Twitter, OKX founder Star Xu said that all users who bought SUI at a price higher than $1.3 would be made whole.
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
Xu’s statement followed a number of users reporting issues with buy and sell order for SUI tokens on OKX after it went live on the exchange earlier in the day.
In a follow up tweet, Xu revealed that the incident was triggered by a bug in the system when one of the exchange’s developers forgot to update the modified listing time proposed by the Sui team.
“The bug caused some orders to reach its end state successfully which makes it appear that an order was live and can’t be canceled. It took some time for the team to identify and fix the issue,” said Xu.
As of early Wednesday morning, some users were still unable to cancel their orders. OKX said it was in the process of “gradually restoring the cancellation feature” and would provide a more detailed announcement once the team had finalized and resolved the issue.
A few hours later, OKX announced that the issues were resolved and a compensation plan was underway.
“Currently, we do not have a specific timeframe for this. However, we assure you that the announcement will be made in the near future,” said the team.
The widely anticipated token launch took place on several exchanges on Wednesday, however, the token declined by over 70% within 30 minutes of trading going live. SUI began trading at $2 and had dropped to just $1.37 at the time of writing, despite recording a daily trading volume of $2 billion.