Huobi and OKEx Offers Compensation To Angry Crypto Traders

By Kapil Gauhar

Cryptocurrency exchanges were not ready for the market crash on March 12, 2020, and a few platforms faced temporary technical difficulties. Huobi, OKEx were one of the cryptocurrency exchanges that went down owing to the congestion, causing a lot of traders to suffer major losses.

The two respectively formed teams in order to process clients’ complaints and potentially provide compensation.

On Monday, a few anonymous individuals even gathered in front of Huobi China’s office. They also charged the firm of disregarding their rights. However, a spokesperson from Huobi told the media that a few participants of the gathering were not the Huobi Global clients, where the others did not make any operations amid the market crash on March 12.

Yet, four of them were Huobi Global clients who could prove to have tried transactions on that gloomy day.

“We have arranged a special person to follow up, the company said.”

Huobi emphasized that many platforms were down amid the plunge owing to the extreme situations.

The spokesperson stated –

“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.”

OKEx’ Approach To Affected Users

OKEx too experienced difficulties on March 12. Though, they “immediately repaired the system and resumed normal operations within a short period of time.”

The company said that it had looked into the root cause and ensured that such things wouldn’t occur again.

The company said –

“Currently, we have already communicated with most of the affected users and have reached a mutually satisfactory solution.”

Still, the trading systems has to be resilient. Cryptocurrency exchanges shouldn’t be blamed for the recent incidents.