OKEx and Huobi to compensate victims of system failure

Global digital currency exchange giants OKEx and Huobi have offered to compensate users who were affected by a recent system failure. The users lost funds after the two exchanges experienced some technical issues and went down.

OKEx was first to respond, admitting to the system failure that it says occurred between 10:50 – 11:40 (UTC). It caused the exchange’s perpetual swap order book to lag for a short period of time before the technical team repaired it. It also claims to have identified the root cause of the issue to prevent a similar incident from occurring in the future.

Nevertheless, users were affected, and OKEx is already working on reparation measures. In a blog post, the exchange stated, “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.”

The exchange has reportedly contacted most of the affected users already and has reached “a mutually satisfactory solution.” Affected users who are yet to be contacted are advised to submit a ticket on the website.

On its part, Huobi is taking similar measures. However, unlike with OKEx, Huobi’s users weren’t as calm about the issue. On Monday, Mach 23, a mob of angry users stormed the exchange’s China office demanding compensation for the losses incurred during the downtime. But according to a Huobi spokesperson, not all the protesters were aggrieved users. Speaking to Chinese outlet Mars Finance, the spokesperson said that only four of them had legitimate claims.

Huobi wasn’t the only affected platform and as such, the users should try to understand, he believes. He added, “After repeated verification by the team during this period, the trading system of Huobi Global has basically remained stable. While the system’s engine has been responsible for a certain range of delays in transactions, it didn’t affect the normal operation.”

Huobi will compensate the users with genuine claims. It has already put together a special processing team that will cater to the affected users accordingly. He added, “If an individual user has suffered a loss due to a system failure, he can submit key operation information to support@huobigroup.com. Clarify the ownership of responsibility and deal with it according to the determination of responsibility.”