A few crypto exchanges ran into some trouble on March 12 that significantly affected trades on their platforms. Huobi and OKEx both had some disgruntled customers who lost quite a bit on their platforms. However, the exchanges have said that they will be compensating these traders.
On that day, both platforms were heavily congested with hundreds of traders trying to run transactions at the same time. Because of the congestion, the two platforms went down and many trades were not fulfilled. These caused a lot of traders to lose a lot of money, eventually infuriating them.
By March 23, there was a protest at Huobi’s office in China. Many people showed up there to air their grievances against the exchange. However, an official with Huobi said that a lot of the protesters were not customers of the exchange and had not tried to run any trades on that day. Only four were proving to have been affected.
OKEx has already hit the ground running. In an official announcement, the exchange said it already investigated the glitch and “resolved the root of the incident”, ensuring that it will not happen again. It also said it has repaired the system and operations have returned to normalcy.
In addition, OKEx said it has already reached out to most of the customers affected and has “reached a mutually satisfactory solution.”
Both exchanges are Chinese with Huobi’s headquarters in Singapore and OKEx’s in Malta.
Earlier this month, Huobi announced a new DeFi blockchain platform.
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