OKX Web3 Ecosystem Terms of Service

Publicado el 28 mar 2023Actualizado el 5 abr 2024lectura de 36 min

Last updated: 8 March 2024

These terms of service constitute the agreement (“these Terms”) between: you (“User” or “you”) and the service provider, OKX Technology Services Pte. Ltd., a Singapore registered company (“we,” “us”, “our” or “OKX”), or any of our affiliates, regarding your use of the OKX Web3 Ecosystem platform at https://www.okx.com/web3, its mobile application (App) and any of its respective products or services (collectively, the “Services”, and the platform provided the Services, the “Platform”).

By using our Services, you confirm that you have read, understood, and accepted these Terms and any and all other user agreements, terms, rules or policies referenced in these Terms and/or during the provision of the Services as well as on the Platform, including our OKX Web3 Ecosystem Privacy Policy (collectively, the “Terms”), and you acknowledge and agree that you shall be legally bound by any and all of these terms and conditions regardless of your location, nationality, and/or Services used. These Terms may affect your legal rights and obligations, including but not limited to the binding arbitration provisions that may significantly affect your legal rights, including your right to file a lawsuit in court and to have a jury hear your claims. If you do not agree to be bound by these Terms, please do not access or use the Services.

1. KEY DEFINITIONS & RULES OF INTERPRETATION

1.1 Key Definitions. Below are some key definitions that are applicable throughout these Terms as well as other related terms, user agreements, and rules:

  • “Applicable Laws” include any applicable common and civil law, principles of equity, and laws made by any government, relevant authority, or judicial body, including but not limited to any regulations, rules, court judgments, decrees, directives, policies, circulars, codes, guidelines or any other instruments (whether they have the force of law or not), and any amendments, replacements, modifications, consolidations, or re-enactments of any of the forementioned.

  • “Content” includes any text, images, music, software, data, audio, video, works of authorship, information, and any other materials that are generated, provided or otherwise made available through the Services. Content includes all User Content (as defined below) without any limitations.

  • “DApps” means decentralized applications, which are applications that operate on a blockchain or peer-to-peer network of computers and may operate autonomously.

  • "DeFi” means decentralized finance, which refers to the infrastructure, processes, and technologies used to democratize and/or decentralize financial transactions.

  • “Digital Asset” means any digital asset (also called “convertible virtual currency,” “virtual asset”, “cryptocurrency,” or “digital goods”), which is based on the cryptographic protocol of a computer network that may be (a) centralized or decentralized, (b) closed or open-source, and (c) used as a medium of exchange and/or store of value. Furthermore, a Digital Asset is expressed as a unit; capable of being transferred, stored and traded on a peer-to-peer basis with or without conditions or limitations; and approved by OKX for use in connection with the Exchange from time to time. For the avoidance of doubt, any Digital Asset that: (a) is transferred on any additional layer on top of a blockchain relating to another Digital Asset or any side chain; or (b) is a derivative of another Digital Asset, has enhanced features or functionality that supplements or interacts with another Digital Asset; is to be treated as a distinct Digital Asset from such other Digital Asset, and its use in connection with the Services will be subject to OKX’s approval. Digital Assets also include NFTs and other digital collectibles.

  • “Digital Wallet Address” means the public address for receiving and sending Digital Assets.

  • “Disputes” include but are not limited to any dispute, controversy, difference or claim arising out of or relating to these Terms and the Services, including the existence, validity, interpretation, performance, breach or termination thereof (including whether such controversy or claim is arbitrable) or any dispute regarding non-contractual obligations arising out of or relating to these Terms and the Services.

  • “Force Majeure” includes any event that is beyond OKX’s control and prevents us or delays us from fully performing our obligations under these Terms, including but not limited to: (a) natural disasters and/or acts of God, such as earthquakes, fires, cyclones, explosions, typhoons, floods, monsoons, landslides, lightning, storms, tempests, pandemics, droughts or meteors; (b) acts of war, whether declared or undeclared, including invasion, act of a foreign enemy, hostilities between nations, civil insurrection, or militarily usurped power; and acts of terrorism; (c) civil disorder, such as acts of a public enemy, malicious damage, terrorism, sabotage, or civil unrest; (d) embargoes or sanctions (such as confiscation, nationalization, requisition, expropriation, prohibition, restraint or damage to property by or under the order of any government or governmental authority; (e) unnatural disasters, such as ionizing radiation or contamination by radioactivity from any nuclear waste or from combustion of nuclear fuel; (f) labor disputes, including strikes, blockades, lock-outs, or other industrial disputes; (g) failure of telecommunication outlets, including the internet, communications networks and facilities, or other infrastructure, systems, operations or of equipment relevant to the provision or use of the Platform and/or Services; (h) data breaches or data-processing failure or incomplete processing; and/or (i) changes in laws or regulations that may materially affect the digital assets and/or blockchain industries.

  • “Losses” include but are not limited to any and all incidental, direct, indirect, general, special, punitive, exemplary, or consequential damages, as well as any loss of goodwill or business profits, work stoppage, data loss, computer failure or malfunction, and any and all other commercial and non-commercial losses, including without limitation, all interest, assessments, and other charges paid or payable in connection with or with respect to any of the foregoing of any kind.

  • “Mnemonic Phrase” means a specific number of words in a particular order generated by a random algorithm in accordance with the blockchain BIP39 industry standard, which is an easy-to-record expression of the private key and may be convenient for Users to backup and maintain.

  • “Password” means the password, including keys, certificates, passwords, access codes, user IDs, API Key or other credentials and login information (collectively "Passwords") a User may set during the process of creating an account or wallet and is used to protect the Private Key.

  • “Personal Data” means any information relating to an identified or identifiable natural person, such as a name, an identification number, location data, an online identifier or one or more factors specific to the physical, economic, cultural or social identity of you. It may also include network information regarding transactions, such as but not limited to, the type of device that you use, access times, hardware models, operating systems and versions, and other unique device identifiers; information about potential plug-ins you may use, such as but not limited to those related to the management of cryptocurrency assets and any information provided by them; your email and wallet addresses; and any other interactions with our Services and other related information that passes through our Services and/or other related blockchain technologies.

  • “Platform” means the entire decentralized ecosystem of OKX website, mobile applications, platforms, and any other applications that offer our Services under “OKX Web3 Ecosystem”. If there are any discrepancies between their respective terms and these Terms, their respective terms shall apply.

  • “Private Key” means the private key which is composed of 256 random characters and is the key to the User’s possession and use of Digital Assets.

  • “Public Key” means the public key generated by one-way derivation of the private key through cryptographic principles and systems. The Public Key is generally used to generate the digital wallet address on the blockchain.

  • “Restricted Location(s)” means any location through which OKX does not offer the Services, including but may not be limited to, Bangladesh, Bolivia, Cuba, Iran, North Korea, and Syria.

  • “Taxes” include any and all taxes, levies, stamps, charges, imposts, and duties imposed by any governmental authority as well as any related interest, penalties, fines and expenses in connection with them, except if imposed on, or calculated having regard to, the overall net income of OKX.

  • “Third Party Blockchain” means a blockchain supported by OKX and its Services and through which Users may withdraw and transfer available Digital Assets to such blockchain.

  • “Third Party Platforms” mean other platforms owned, controlled, or operated by third parties. OKX does not have any control of these platforms and also does not endorse any product, service information, or disclaimer they provide, nor does OKX guarantee the accuracy of the third-party platform’s information.

  • “User Content” means any Content that Users make available through the Services.

1.2 Rules of Interpretation. Unless the contrary intention is explicitly indicated, a reference in these Terms are as follows:

  • Any reference to a Digital Asset includes any part or fraction thereof.

  • Any reference to anything, including an amount, is a reference to the whole and each part of it.

  • Any labels or words that are used for definitions are for convenience only and do not affect the interpretation of the definition.

  • Any document, including these Terms, includes any amendment, variation, or replacement of that document.

  • Any reference to a document includes any ancillary documents or any agreements or other legally enforceable understanding created by that or under that document.

  • Any clause, part, annex, or schedule is a reference to a clause in, part of, or annex or schedule to these Terms.

  • Any statute, ordinance, code, or other law includes regulations and any other instrument(s) under it, as well as amendments, reenactments, consolidations, or replacements of any of the forementioned.

  • The singular includes the plural and vice versa.

  • The word “person” includes an individual, firm, corporate body, partnership, joint venture, unincorporated body or association, or any governmental authority.

  • A particular person includes a reference to that person’s executors, administrators, successors, substitutes, and assignees.

  • An agreement, representation, or warranty in favor of two or more persons is for the benefit of them jointly and each as an individual.

  • An agreement, representation, or warranty by two or more persons is binding upon them jointly and each as an individual.

  • A group of persons or things is a reference to any two or more of them jointly as well as to each as an individual.

  • A period of time dating from a particular day or the day of an act or event is to be calculated inclusive of that day.

  • The words “include”, “including”, “for example” or “such as” when introducing an example does not limit the meaning of the words to which the example relates to that example or examples of a similar kind.

  • A reference to “law” includes common law, principles of equity, and legislation (such as but not limited to regulations, rules, bylaws, ordinances, orders, and proclamations) and includes any amendments, re-enactments, consolidations, or replacements of any of the forementioned.

  • A reference to “regulation” includes legislation and instruments of a legislative character under legislation (such as but not limited to regulations, rules, bylaws, ordinances, orders, directives, and proclamations) as well as instruments or orders or endorsed by relevant governmental or regulatory authorities as well as any licensing, registration, or approval requirements under any of the forementioned.

  • A reference to “in writing” means in legible form and capable of reproduction on paper, and includes electronic communication.

  • A reference to “material” includes the ability to affect the outcome of a decision or application.

  • A reference to “property” or “asset” includes any present or future, real or personal, tangible or intangible property, asset, or undertaking as well as any right, interest or benefit under or arising from it.

  • Anything, including any amount or Service, includes each part and/or feature of it.

  • Any references to “you” or “your” refers to the person agreeing to these Terms, and where the context permits, includes any authorized individuals of that person.

2. OUR SERVICES

2.1 Description of our Services. OKX provides a decentralized online platform where Users may explore and engage with the decentralized world. These Services may include but are not limited to:

  • OKX Web3 Wallet – the digital wallet in your browser, which allows for multi-chain and multi-terminal ease of use. Users may connect their OKX Web3 Wallet to DApps and DeFi protocols to invest, trade and earn through installation of our browser extension. Wallet services also may include digital asset security management services; a display of digital asset exchange rate and transaction information; technical and management services to ensure the normal operation of the OKX Web3 Ecosystem; and other services available on the OKX Web3 Ecosystem.

  • OKX Web3 Marketplace – decentralized platform where you can create, trade and display your Digital Assets including without limitation non-fungible tokens (NFTs), cryptocurrency and ordinals, digital collectibles, among other things.

  • OKX Web3 Trade – an aggregator that allows Users to swap certain Digital Assets through a variety of blockchain networks.

  • OKX Web3 DeFi – a fully functional invest or staking platform where on-chain users can invest and manage their cryptocurrencies or digital asset investments through different third-party protocols and self-developed tools.

  • OKX Web3 Discover – an aggregator providing access to multiple third party DApps, including crypto games, video games that use blockchain technology and are fueled by Digital Assets.

  • OKX Web3 Build – a platform providing tools, products and services for developers to build and create personalised Web3 Ecosystem/or products and services.

OKX Web3 Ecosystem also includes a powerful dashboard where you can view all your assets under different DeFi protocols on multiple public chains in one place, including the supported networks of Ethereum and OKC. Other supported protocols may include Uniswap, Maker, Compound, Aave, and Sushiswap, and OKX reserves the right to monitor and/or exclude certain protocols at its sole discretion.

2.2 Eligibility. The Services are intended solely for Users who are 18 or older. By accessing or using our Services, you represent and warrant that you are at least 18 years old and have not previously been suspended, banned, or removed from the Platform or Services, nor are you prohibited by any Applicable Laws. You represent and warrant that you have full civil rights and capacity, are able to independently bear legal responsibilities, and have all necessary power and authority to enter into these Terms. If you have limited capacity, you may only use the Platform and Services under the supervision and participation of your legal guardian; otherwise, OKX has the right to suspend and/or bar your wallet from accessing the Platform to the extent permitted by law.

If you are registering to use the Services on behalf of a legal entity, you represent and warrant that:

  • such legal entity is duly established and validly existing in accordance with Applicable Laws;

  • you have the necessary power and authority to enter into binding agreements for and on behalf of the legal entity; and

  • these Terms, once entered into, are binding on you and the legal entity.

YOU REPRESENT AND WARRANT THAT YOU ARE NOT ON ANY TRADE EMBARGOES OR ECONOMIC SANCTIONS LISTS (SUCH AS THE UNITED NATIONS SECURITY COUNCIL SANCTIONS LIST), THE LIST OF SPECIALLY DESIGNATED NATIONALS MAINTAINED BY OFAC (THE OFFICE OF FOREIGN ASSETS CONTROL OF THE U.S. DEPARTMENT OF THE TREASURY), OR THE DENIED PERSONS OR ENTITY LIST OF THE U.S. DEPARTMENT OF COMMERCE. YOU ALSO REPRESENT AND WARRANT THAT YOU ARE NOT RESTRICTED OR PROHIBITED FROM ENGAGING IN ANY TYPE OF TRADING BY THE EUROPEAN UNION, HONG KONG MONETARY AUTHORITY, HONG KONG CUSTOMS AND EXCISE DEPARTMENT, OFAC OR ANY OTHER ADMINISTRATIVE LAW ENFORCEMENT AGENCIES. OKX RESERVES THE RIGHT TO CHOOSE MARKETS AND JURISDICTIONS TO CONDUCT BUSINESS, AND MAY RESTRICT OR REFUSE, IN ITS DISCRETION, THE PROVISION OF ITS SERVICES IN CERTAIN COUNTRIES OR REGIONS.

In order to participate in our Services, you must ensure the following:

  • You have an active and valid OKX Web3 Wallet or other supported digital wallets;

  • If applicable, you shall ensure you have sufficient funds in your OKX Web3 Wallet; and

  • You shall otherwise satisfy any additional user agreement, service terms or requirements as stated by the Platform and/or Service.

OKX has sole and absolute discretion to determine access to the Services, and different eligibility criteria may apply when you access and use the Services.

2.3 Prohibited or Restricted Regions. The Services may not be available in all markets and jurisdictions, and we may restrict or prohibit use of all or part of the Services from certain locations, including but not limited to Restricted Locations (as defined in Section 1.1). The content of these Terms shall not be excluded from the laws of the country or region under which the User belongs. As a result, if you do not meet these eligibility requirements, you may not access or use the Services.

2.4 Third Party Content and Services. As a peer-to-peer Web3 service, OKX helps you explore Digital Assets including NFTs created by third parties and interact with different blockchains. Through its Discover Portal, OKX also provides insight and access to multiple third party DApps, including crypto games, which are fun and exciting video games that use blockchain technology and are fueled by Digital Assets. OKX does not make any representations or warranties about this third-party content visible through our Services, including any content associated with NFTs displayed on the Services, and you bear responsibility for verifying the legitimacy, authenticity, and legality of NFTs that you purchase from third-party sellers. We also cannot guarantee that any NFTs visible on OKX will always remain visible and/or available to be bought, sold, or transferred.

NFTs may be subject to terms directly between buyers and sellers with respect to the use of the NFT content and benefits associated with a given NFT (“Purchase Terms”). For example, when you click to get more details about any of the NFTs visible on OKX, you may notice a third-party link to the creator’s website. Such website may include Purchase Terms governing the use of the NFT that you will be required to comply with. OKX is not a party to any such Purchase Terms, which are solely between the buyer and the seller. The buyer and seller are entirely responsible for communicating, promulgating, agreeing to, and enforcing Purchase Terms. You are solely responsible for reviewing such Purchase Terms.

The Service may also contain links or functionality to access or use third-party websites (“Third-Party Websites”) and applications (“Third-Party Applications”), or otherwise display, include, or make available content, data, information, services, applications, or materials from third parties (“Third-Party Materials”). Any links of Third-Party Websites in our Services do not mean that OKX endorses any products, services, information and disclaimers provided therein, and OKX does not guarantee the accuracy of the information contained therein. When you click on a link to, or access and use, a Third-Party Website or Third-Party Application, though we may not warn you that you have left our Service, you are subject to the terms and conditions (including privacy policies) of another website or destination. Such Third-Party Websites, Third-Party Applications, and Third-Party Materials are not under the control of OKX, and may be “open” applications for which no recourse is possible. OKX is not responsible or liable for any Third-Party Websites, Third-Party Applications, and Third-Party Materials. OKX provides links to these Third-Party Websites and Third-Party Applications only as a convenience and does not review, approve, monitor, endorse, warrant, or make any representations with respect to Third-Party Websites or Third-Party Applications, or their products or services or associated Third-Party Materials. You use all links in Third-Party Websites, Third-Party Applications, and Third-Party Materials at your own risk. OKX shall not be liable for any Losses caused by your use of such third-party products and services on Third-Party Websites and Third-Party Applications. OKX and each Third-Party Website and Third-Party Application are independent legal entities, and these Terms shall not constitute any form of agency, partnership or cooperative relationship between the parties. OKX and each Third-Party Website and Third-Party Application shall be responsible for their respective claims, debts and disputes arising from the performance of their respective contracts and agreements. OKX is merely the service provider of the OKX Web3 Ecosystem and the Services, and it has no influence or control of the content of Third Party Platforms or websites that reside on the OKX Web3 Ecosystem, and the operators of these Third Party Platforms or websites are solely responsible for their content. OKX has no control over Third Party Platforms’ terms of use or privacy policies. Once you use our Services, you acknowledge, understand, and agree to all the terms of service, privacy policies, and relevant transaction and operation rules, policies, or any other rules (as amended from time to time) on the Third Party Platform or other third party websites. OKX and each Third Party Platform are independent legal entities, and these Terms do not constitute any form of agency, partnership, or cooperative relationship between the parties. OKX and each Third Party Platform and any third party shall be responsible for their respective claims, debts and disputes that arise from the performance of their respective contracts and agreements.

2.5 Actions Regarding the Services. OKX has sole and absolute discretion in the provision and administration of the Services, whether under these Terms, the Terms, or otherwise.

2.6 Services are Provided As-Is. Please note that OKX provides all information regarding and/or on the Services on an as-is and as-available basis. You may not redistribute any information displayed on or provided by the OKX Web3 Ecosystem or its related Services.

3. REQUIREMENTS FOR USE

3.1 Connection with Digital Wallet. You understand and agree that in order to use and access the OKX Web3 Ecosystem and the Services, you must connect a digital wallet such as the OKX Web3 Wallet. You are responsible for all activities and events relating to or affiliated with your digital wallet after entering the system, and You shall bear all liability directly or indirectly caused by any and all actions and behaviours of this wallet address.

3.2 Public and Private Keys. In order to secure your wallet and be able to store Digital Assets, you must utilize a Private Key. You are also required to ensure the safety of your Private Key.

3.3 Protection of Keys and Mnemonic Phrase. You are responsible for keeping, protecting and safeguarding any Private Keys and/or Mnemonic Phrases relating to your digital wallet. If you lose these, you may not be able to access your digital wallet. You must immediately notify us of any unauthorized use and/or access of your digital wallet. We are not responsible for any Losses arising out of the unauthorized use of your digital wallet or any compensation or other liabilities for the Losses caused by or arising from any of the above-mentioned circumstances. We shall not ask for any Private Key or Mnemonic Phrase from our Users, nor shall we ask Users to transmit any funds, Digital Assets or Digital Asset addresses that are not listed on the Platform. We shall not be responsible for any Losses caused by transmitting funds, Digital Assets or Digital Asset addresses that are not listed on the Platform.

3.4 Access. Users must prepare the following devices and bear any related costs: 1) internet-connected device(s), including but not limited to computer or other internet-connectivity terminals; and 2) internet-accessing costs, including but not limited to internet fees, rental charges for internet-connected equipment, cellular data fees; etc.

3.5 Third Parties. You understand and agree that if you authorize any third party or third-party platform to use the Private Key information of your digital wallet, the third party or third-party platform will know your digital wallet information (including without limitation, information relating to your assets, transactions, operating authority for trading and digital wallet information; etc.); your digital wallet will be exposed to certain risks, and you may suffer Losses. You are solely responsible for any Losses caused by your authorization of any third party or third-party platform to use your Private Key information, and any Losses you incur by the third party or third-party platform using your Private Key information.

4. RISK DISCLOSURE

4.1 General. Digital Asset trading involves significant risk. The use of our Services also involves risks. In this section, we set out a non-exhaustive list of some of the risks below. These risks, as well as additional risks arising from now or in the future can be substantial and potentially devastating. You should therefore carefully consider whether using any of our Services is suitable for you in light of your financial condition prior to commencing your use. You must also seek professional advice regarding your particular financial condition prior to commencing your use of our Services. Finally, please ensure that you review the latest version of these Terms as they may change from time to time.

4.2 Digital Asset Risks. Digital Asset prices may fluctuate significantly at any given moment for any reason, moving up or down and even becoming valueless. The likelihood of Losses is just as likely as profits incurred from the trading of Digital Assets. Due to these price fluctuations, you may gain or lose value in your Digital Assets at any given moment.

4.2.1 Digital Assets Are Not Legal Tender. Digital Assets are not considered legal tender. They may not be backed by any physical assets and may not be not backed, guaranteed, or supported by any government or centralized authority. Digital Assets may not have intrinsic value either, and their circulation may be limited and restricted.

4.2.2 High-Risk Asset Class. Digital Assets are generally considered a high-risk asset class and may or may not be considered securities under certain jurisdictions. You must therefore exercise prudent judgment when trading Digital Assets (as well as any other assets).

4.2.3 Complex Nature. The nature of Digital Assets may be very complex, and their terms, features, and/or risks may not be readily or fully understood due to the complex structure, novelty, and reliance on technological features.

4.2.4. Value Fluctuation and Price Volatility. The value of Digital Assets may fluctuate significantly over a short period of time. Price volatility and unpredictable fluctuations may result in significant Losses over a short period of time.

4.2.5 Various Factors for Loss of Value. Any Digital Asset may decrease in value or lose all value in a short period of time or permanently due to various factors, including but not limited to, government or regulatory activity, the discovery of wrongful or illegal conduct, market manipulation, price distortion, insider dealing, market distortion, malicious wrongdoing or behaviours, changes to the Digital Asset’s nature or characteristics, suspension or cessation of support for a Digital Asset by other exchanges or service providers, public opinion, or other factors outside our control, technical advancements, and macroeconomic and political factors.

4.3 Trading on DApps. There is no assurance that our trading market for Digital Assets will be orderly and stable. Any Digital Asset or trading position may be subject to large swings in value and may even become worthless.

4.3.1 Conversion Risks. If you convert Digital Assets following the execution of an order or where an order is denominated in a particular Digital Asset other than your primary reference asset, there is a risk that, if the markets move against your position, then upon maturity or any earlier, the net proceeds may be significantly less than the initial amount in your primary reference asset, and any income or gains may be entirely negated.

4.3.2 No Deposits. The Digital Assets that are held by a DApp service provider or aggregator are not “deposits” nor are they intended to be held as any other regulated product or service under Applicable Laws.

4.3.3 No Statutory or Regulatory Protection. In comparison to other types of assets, including fiat currencies and securities, any Digital Asset transactions may not be subject to a right to claim under any investor compensation fund established by any government or regulatory authority; furthermore, Digital Assets held by any DApp service provider or aggregator may not be protected deposits, and may not be protected by any deposit protection scheme in any relevant jurisdiction. Thus, Digital Assets may have a reduced level and type of protection compared to fiat currencies, securities, and other asset classes and types.

4.3.4 Commissions and Fees. During the course of using our Services, you may be subject to various fees that may or may not arise directly from OKX. Prior to making any transactions, you must obtain details and a full understanding of all commissions, fees, and costs for which you may be liable. If any of these fees are not clear to you, you must request clarification of what fees will be applicable in specific monetary terms before using our Services or entering into any transactions. OKX may publish any fee schedule on the Platform and update it in its sole discretion from time to time.

4.3.5 Authorized Access to Your Wallet. Providing any other person access to your digital wallet involves risk. You must take all necessary steps to ensure that any person you provide access to are appropriate and legal. You must also adopt controls and protocols relating to your digital wallet as you see fit in order to monitor the activities of such persons in order to ensure that they remain appropriate and legal in their capacity.

4.3.6 Digital Assets May be Subject to International Laws. Please note that Digital Assets received or held by us may be subject to other Applicable Laws of international jurisdictions beyond your country of residence and/or citizenship.

4.3.7 Designated Persons Risks. There are substantial risks when allowing another person to trade or operate your digital wallet, and it is possible that any instructions you provide are not properly authorized or executed. You accept all risks of such operation and fully and irrevocably release OKX from any and all liability arising out of or in connection with all the aforementioned.

4.3.8 Potential Destabilizing Network Events. Under certain circumstances or situations, it may be difficult or even impossible to liquidate a position in Digital Assets. Certain events that occur on the network may occur rapidly and affect the ability to conduct transactions on any DApp’s platform. Information relating to these network events may be difficult to predict or ascertain beforehand and may be subject to limited oversight by any third party who may be capable of intervening in order to stabilize the network.

4.3.9 Irreversible Nature of Transactions. Digital Asset transfers are irreversible. Thus, accidental or fraudulent transactions with respect to Digital Assets may not be recoverable. You must therefore exercise caution when making any Digital Asset transfers and are solely liable for any Losses that may arise.

4.3.10 Timing-Related Risks. An order made on or via OKX Web3 Ecosystem is binding upon completion of the steps described in these Terms. An Order will not be reversed unless otherwise provided in these Terms. There is a risk that the final binding order does not occur simultaneously along with your instructions.

Thus, you may suffer Losses due to the fact that an order is not carried out at the desired time. In particular, contingent orders such as options or perpetual swaps may not limit your Losses to the intended amounts due to the volatility of market conditions.

4.3.11 Unauthorized Access. You accept there is a genuine risk that unauthorized third parties may access your digital wallet and make transactions without your knowledge or authorization, whether by obtaining control over a device or wallet you use or by other methods.

4.3.12 Materials May Not Be Up to Date. OKX is not obliged to provide any adaptations, enhancements and/or modifications to the materials and information provided on the Platform. This means, for example, that you may have an out-of-date version of the App, and new features may not be incorporated to the version of the App you use. It is your responsibility to ensure you update and download applicable updates and versions.

4.3.13 Unjust Enrichment and Clawbacks. If a potential loophole in the trading rules leaves you unjustly enriched, you may be contacted by OKX or the DApp to recover the gains. You must fully and effectively cooperate; otherwise, we will take actions, including but not limited to, placing restrictions on your access to the Services, initiating prosecution against you in a court with right of jurisdiction and other measures of recourse. If you do not cooperate, you will also bear all recourse costs. Where applicable, we may trigger socialized clawback mechanisms to take a portion of your gain to cover the shortfall.

4.4 Cyber Security and Technology-Related Risks. Trading Digital Assets involves various cyber security and technology-related risks. Below is a non-exhaustive list of various risks that you may encounter when using our Services.

4.4.1 Forks and Attacks. Digital Assets may be subject to forks or attacks on the security, integrity, and/or operation of the networks, including any network events, as mentioned above. These events may affect features, functionality, operations, use or other properties of any Digital Asset, network and/or platform. These events may also severely impact the price or value of any Digital Assets, and may even result in the shutdown of a network or platform associated with the Digital Asset, whether a DApp or not. These events are beyond OKX’s control. Even if OKX has any ability to impact such event, OKX’s decision or actions may not be in your best interests.

4.4.2 Cyber Attacks and Fraudulent Activity. Relying on Service technology via the Internet exposes you to an increased risk of fraud or cyber-attack. Digital Assets, your digital wallet, the Services, communication methods, or any other part of the Platform may be targeted by malicious persons or individuals who may attempt to disrupt the Platform, an order, or even steal Digital Assets. This includes but is not limited to the following:

  • Malware;

  • Hacking;

  • Phishing;

  • Double spending;

  • Smurfing;

  • Spoofing;

  • Sybil attacks;

  • Social engineering;

  • Majority-mining, consensus-based or other mining attacks;

  • Misinformation campaigns;

  • Distributed denial of service; and

  • Blockchain fork.

Digital Assets, your digital wallet, our Services, communication mediums, or any other part of the Platform may also have vulnerabilities that may be exploited, as well as vulnerabilities in smart contracts and other code, and even be due to or arising from human error.

You may store some of your Digital Assets in hot wallets, but these hot wallets may be at risk of hacking, cyber-attacks, or any of the above-mentioned disruptions. Cyber-attacks and hacking of Digital Asset trading platforms and Digital Asset theft are unfortunately very common. Victims may face extreme difficulty recovering Losses from hackers, trading platforms, or other related industry organizations and/or individuals. This could result in significant Losses and other adverse impacts that may materially affect your interests.

4.4.3 Targeting by Malicious Persons or Individuals. Malicious persons or individuals may target you and attempt to steal any Digital Assets you may hold, or claim any Digital Asset that you may have purchased. This may involve a variety of creative tactics, including the unauthorized access to your digital wallet(s), your Private Keys, your addresses, any Passwords, your email or social media accounts, your log-in access details or access method for the digital wallet(s), as well as unauthorized access to your computer, smartphone and any other devices that you may use. You are solely responsible for protecting yourself against such actions.

4.4.4 Reliance on the Internet and Other Technology. Digital Assets and the Platform depend on the internet and other technology (including various communication methods and mediums). However, the public nature of the internet means that parts or the entire internet may be unreliable or unavailable at any given time. Furthermore, interruption, delay, corruption or loss of data, the loss of confidentiality or privacy through the course of data transmission, or malware transmission may occur when transmitting data via the internet and/or other technology. The above may result in your transactions not being executed according to your instructions at the requested time, or not executed at all.

There is no technology that is completely secure or safe. You should therefore exercise caution when using any technology.

The internet as well as other electronic media (including but not limited to electronic devices, services by third-party telecom service providers such as mobile phones or other handheld trading devices or interactive voice response systems) are an inherently unreliable form of communication, and such unreliable may be beyond OKX’s control.

Any information (including any document or data) transmitted, or communication or transactions made, over the Internet or through other electronic media (including but not limited to electronic devices, services by third-party telecom service providers such as mobile phones or other handheld trading devices or interactive voice response systems) may be subject to interruption, transmission blackout, delayed transmission due to data volume, Internet traffic, market volatility or incorrect data transmission (including incorrect price quotation), or pause and/or delay of price data feed due to the public nature of the internet or other electronic media.

4.5 General Digital Asset Market Risks. The value of a particular Digital Asset may decline or be completely and permanently lost should the market for that Digital Asset disappear. There is no assurance that a market for a particular Digital Asset will continue indefinitely into the future since the value of a Digital Asset may be derived from various factors, including the continued willingness of market participants to exchange that Digital Asset.

4.5.1 Liquidity Risks and Losses. There is a risk that you may experience Losses due to the inability to sell or convert Digital Assets into a preferred alternative asset immediately or where conversion is possible but at a loss. Such liquidity risk for a Digital Asset may be caused by many reasons, including the absence of buyers, limited buy/sell activity or underdeveloped secondary markets.

4.5.2 Uncertain Future Payment Acceptance. There is no assurance that any individual or person who accepts a Digital Asset as payment will continue to do so in the future.

4.5.3 Government or Regulatory Authority Interference. You may suffer Losses as a result of value depreciation of a Digital Asset you paid as a result of controls imposed by a government or regulatory authority. Repayment or payment of any amounts due to you may be delayed or even prevented by controls or other actions imposed by government or regulatory authorities over Digital Assets and/or their ecosystem that these authorities control or regulate.

4.5.4 Inflation Risks. Digital Assets may, either because of their inherent design or through network events, not be a fixed supply. If and when additional Digital Assets are created, the particular Digital Asset’s price may decline due to inflationary effects of adding additional Digital Assets to the total available amount of assets in the market.

4.5.5 Whales and Concentration Risk. At any point in time, one or more persons may directly or indirectly control significant portions of the total supply of any particular Digital Asset. These persons are often referred to colloquially as “whales”. Whether acting individually or collectively, these whales may have significant impact, and may be able to influence or cause significant market events that may have a detrimental effect on price, value or functionality of Digital Assets. Furthermore, these whales, or other network participants and users, may make decisions that are not in your best interest as an investor of Digital Assets.

4.6 User Fault or Error. You shall bear any and all Losses resulting from your own fault or error, including but not limited to: not being in accordance with the transaction prompts operation, not conducting timely trading operations, forgetting or leakage of Passwords and/or Keys, cracked Passwords and/or Keys, and/or your computer being invaded or hacked by others.

4.6.1 Loss of Private Key. You are solely responsible for securing your Private Key with respect to any and all digital wallet(s). The loss of your control to your Private Key will permanently and irreversibly deny your access to your Digital Assets. We shall not be able to retrieve or protect your Digital Assets. Once lost, you will not be able to transfer your Digital Assets to any other address or wallet. Thus, you will not be able to realize any value or utility that the Digital Assets may hold.

4.6.2 Use of Jailbroken Devices. The use of the Platform on a jailbroken device may compromise security and lead to fraudulent transactions. You may suffer Losses as well as a termination of these Terms.

4.7 Reliance on Blockchain and/or Distributed Ledger Technology. Transactions involving Digital Assets are most likely irrevocable due to their utilization of blockchain and/or distributed ledger technology. Lost or stolen Digital Assets may never be retrieved or returned.

4.7.1 Irreversible Upon Recording. Once a transaction has been verified and recorded on a blockchain, generally the involved Digital Assets, even if lost or stolen, will not be returned, and the transaction will not be reversible.

4.7.2 Open-Source Software Risks. Digital Assets rely on various types of blockchain and/or distributed ledger technology. This technology is an open-source software that is built upon blockchain, which is still considered a novel and experimental technology. There are many risks that arise from this reliance, including but not limited to: existing technical flaws in the technology, malicious targets, majority-mining, consensus-based or other mining attacks, changes in the protocol or algorithms, changes in community or miner support, rapid and/or extreme fluctuations in value of relevant Digital Assets, the existence or development of competing networks, platforms, and assets, flaws or vulnerabilities in coding languages, disputes between developers, miners, and/or users, and regulatory action.

4.7.3 Cryptographic Innovation. Innovation and developments in cryptographic technologies and techniques, including but not limited to the advance of artificial intelligence and/or quantum computing may pose security risks to all cryptographically-based systems, including Digital Assets, digital wallets, communication mediums, any other part of the Platform, and even your data, as applicable.