Crypto Exchange OKEx Is Giving Customers up to $1,000

The exchange is rewarding loyal users after a police crackdown caused it to pause withdrawals for over a month.

2 min read

Nov 24, 2020

Crypto exchange OKEx rolled out a compensation plan today to reward users who continued to trade on the exchange even after it had to pause all withdrawals, as per a release shared with Decrypt. Withdrawals are set to open on November 27, after more than a month of being paused.

“We [OKEx] know that we are nothing without users and we want to demonstrate this by offering them significant rewards and incentives to ensure that OKEx remains their platform of choice," said the firm’s CEO, Jay Hao, in a statement.

OKEx faced troubles last month after its founder and private key holder Star Xu was taken away by police in China, causing the exchange to cease the processing of all withdrawals—which require private key holders to cryptographically sign and approve transfers—for over a month. However, it urged users to stick around and continue to trade on the exchange at the time.

It’s giving back to the faithful today. As per the compensation plan, users who held over $10,000 in total assets on the exchange will be rewarded between $100 to $1,000 based on the volume they traded in the period when withdrawals were paused, in the form of a rebate.

Other users, holders, and depositors, will receive rewards from an “incentive fund” created by OKEx, compromising 20% of its total income from futures and perpetual swap transaction fees over the last seven weeks. These rewards will be based on the total assets they held and the amount they traded.

That’s not all. OKEx will continue to reward users over the next few weeks as part of a ‘Happy Friday,’ offer, collecting a portion of all futures and perpetual swap trading fees to incentivize its user base (and to arguably prevent outflows of funds en masse).

Meanwhile, the exchange hopes to avoid such a situation in the future. It noted on a recent blog, “If any private key holder is temporarily unable to perform their duties due to an accident or participation in highly confidential work, we will enable the backup private key within 30 days.”

Get crypto news straight to your inbox--

sign up for the Decrypt Daily below. (It’s free).

Get Email!

United States of Bitcoin? These States Are Considering BTC Reserves

Donald Trump and his political allies are plugging away at plans to stockpile Bitcoin at a national level in the U.S. Treasury. And now, with the asset’s price repeatedly soaring to new peaks since Election Day, some U.S. states are following suit. So far, three states are fielding proposals to establish strategic Bitcoin reserves, while digital asset advocates are calling for other local governments to do the same. Bitcoin Strategic Reserve Is Now on the Table—Here's How It Could Work Here'...

AI Won’t Tell You How to Build a Bomb—Unless You Say It’s a 'b0mB'

Remember when we thought AI security was all about sophisticated cyber-defenses and complex neural architectures? Well, Anthropic's latest research shows how today’s advanced AI hacking techniques can be executed by a child in kindergarten. Anthropic—which likes to rattle AI doorknobs to find vulnerabilities to later be able to counter them—found a hole it calls a “Best-of-N (BoN)” jailbreak. It works by creating variations of forbidden queries that technically mean the same thing, but are expre...

Elon Musk and Dogecoin: How the Billionaire Became the 'Dogefather'

As Dogecoin makes a comeback off the back of Bitcoin’s surge, some may be pondering: Where did the asset come from? What’s it for? And what’s Tesla CEO Elon Musk got to do with it? The original meme coin’s boom largely has the world’s richest man to thank. Musk’s obsession with shitposting helped boost the coin to a top 10 cryptocurrency. It’s been a wacky ride over the past few years, culminating in Musk's appointment to co-lead a government agency called D.O.G.E.—yes, really. But we'll explai...

News

Courses

Deep Dives

Coins

Videos