On May 3, 2023, during the opening auction trading of the new SUI token, some users encountered issues where their orders could not be canceled after the auction period. This article provides a detailed explanation of what happened, the root cause of the issue, and the compensation measures implemented for affected users.
What Happened with SUI Token Trading?
The SUI token was originally scheduled to conclude its opening auction trading at 20:10 (UTC+8) on May 3, 2023. However, due to a last-minute request from the project team, the auction end time was adjusted to 20:00 (UTC+8). Unfortunately, an internal operational error occurred, and the updated closing time was not successfully synchronized across some core modules of the trading system.
This triggered a low-level system bug, which led to several issues affecting user experience. Although order matching continued until 20:10 (UTC+8), some users who placed orders during the auction period experienced a delay in order status updates and fund settlements. As a result, these orders remained visible on the platform even after the auction ended and could not be canceled, causing some users to miss subsequent trading opportunities.
The issue has since been fully resolved, and all user orders have returned to normal. A thorough review is being conducted to prevent similar problems in the future.
Compensation Policy for Affected Users
To address the inconvenience caused by this incident, a compensation plan has been established for eligible users. Below are the specific scenarios and compensation rules.
Users Who Could Not Cancel Orders After the Auction
Some users were unable to cancel their buy orders after the auction ended. If those orders were eventually executed at a price above 1.3 USDT, they are eligible for compensation.
Eligibility Criteria:
- Placed a buy order during the auction period.
- Experienced order cancellation failure.
- Order was executed at a price higher than 1.3 USDT.
Compensation Formula:
Compensation Amount = Quantity of SUI Purchased × (Average Purchase Price – 1.3) USDT
The reference price of 1.3 USDT is based on the closing price at 00:00 (UTC+8) on May 4 and the lower range of trading prices observed during that day.
Example:
If a user bought 40,000 SUI at an average price of 1.7 USDT and was unable to cancel, the compensation would be:
40,000 × (1.7 – 1.3) = 16,000 USDT
This effectively brings the user’s net purchase cost down to 1.3 USDT per token.
Compensation Process:
Compensation amounts will be automatically credited to the accounts of eligible users within three business days. If you believe you qualify but have not received compensation, please contact customer support.
Users with Sell Orders Executed Below intended Price
A small number of users reported sell orders being executed below the intended price. This was due to a front-end display issue during the system glitch and did not result in actual financial loss. If you have concerns, reach out to support for a detailed review.
Our Commitment to Users
We sincerely apologize for the disruption this incident may have caused. We are taking several steps to improve system robustness and internal procedures to provide a more reliable trading experience.
In addition, during the SUI Jumpstart event, we implemented anti-sybil mechanisms to detect and prevent multi-account and farming activities. This helped ensure a fair distribution process for retail users. We will continue to enhance our risk management systems to maintain a transparent and equitable trading environment.
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Frequently Asked Questions
What was the main cause of the SUI token order issue?
The problem occurred when the auction end time was updated due to a project request, but the change wasn’t fully applied across all trading system modules. This triggered a technical bug that delayed order status updates.
Who is eligible for compensation?
Users who placed buy orders during the auction, experienced failed cancellations, and had orders execute above 1.3 USDT are eligible for compensation.
How is the compensation amount calculated?
Compensation is based on the difference between the actual purchase price and 1.3 USDT, multiplied by the number of tokens acquired.
Will this affect future token launches?
We have reinforced our system synchronization protocols and order processing checks to prevent similar issues in future listings.
How can I check if I received compensation?
Compensation is automatically distributed to eligible accounts. You can review your transaction history or contact support for clarification.
What should I do if I experienced an issue not covered here?
Please contact customer support with details of your situation. Our team will investigate and assist accordingly.