Dear valued customers,
On Mar 12, 2020 (UTC), the crypto market experienced unexpected extreme volatility between 10:50 – 11:40 (UTC), causing our Perpetual Swap order book to lag for a short period of time.
When the incident occurred, we immediately repaired the system and resumed normal operations within a short period of time. We also investigated and resolved the root of the incident so as to prevent it from happening again in the future.
Users always come first as they are of utmost importance to OKX. For any failed transactions due to the failure of our system, we will offer reasonable compensation to the affected users. Our customer support team has already started to contact users that have logged on to our platform and traded perpetual swap orders during the incident to discuss compensation solutions. Currently, we have already communicated with most of the affected users and have reached a mutually satisfactory solution. If your orders or transactions have been affected by this incident but you haven’t heard from us, please submit a ticket on our website and a member of our team will be in touch shortly.
Since OKX was established, we pride ourselves on offering the most innovative products and the most sophisticated risk management system in the industry, and has maintained zero clawbacks on all markets last year. During the several market volatilities in the past year, we have maintained stable operations throughout. Yet as the market fluctuation on Mar 12 was much more extreme than usual, most exchanges, including OKX, experienced significant order book lag. As the leading exchange in the crypto space, we do not shy away from responsibilities. We will offer reasonable and necessary compensation to users who experienced losses during this incident. However, OKX reserves the right to pursue legal liability for any malicious claims that were not caused by the failure of our system during the lag.
Thank you for your continued support and we assure you of our best services at all times.
Mar 23, 2020 (UTC)