TechFlow news — On September 14, OKX Chinese stated on the X platform that due to abnormal prices in certain contract instruments between 3:38 PM and 3:43 PM UTC+8 on September 13, 2023, an investigation revealed that the issue stemmed from a malfunction in the platform's price-limit service, which prevented some orders from being submitted normally. This caused pricing deviations, triggering liquidations or stop-losses for some users. OKX will compensate users who suffered losses from liquidations or stop-losses during this incident. Details are as follows:
1. Eligible recipients: Users who opened positions before 3:38:07 PM UTC+8 on September 13 and whose accounts underwent forced liquidation or triggered stop-losses between 3:38:07 PM and 3:43:59 PM UTC+8. This applies to perpetual contracts, delivery contracts, and margin trading.
2. Compensation amount: For liquidated users, compensation covers the loss difference between the mark price at 3:38:06 PM and the actual forced liquidation execution price during the service disruption. For stop-loss users, compensation is based on the difference between the mark price at 3:38:06 PM and the stop-loss execution price during the system anomaly. Transaction fees incurred during these trades are also included in the compensation.
3. Compensation method: Funds will be directly credited to affected users' accounts in USDT before September 20.
Finally, OKX apologizes for the inconvenience caused by this incident and has already optimized relevant product functions to prevent similar issues from occurring in the future.
