Crypto exchange OKEx today launched a compensation plan to reward users who continued to trade on the exchange even after all withdrawals were suspended according to a press release shared with Decrypt. Payouts are opened on November 27th, after a break of more than a month.
“We [OKEx] We know we are nothing without users and we want to demonstrate this by providing them with significant rewards and incentives to ensure OKEx remains their platform of choice, “the company’s CEO Jay Hao said in a statement.
OKEx struggled last month after its founder and private key holder Star Xu was taken away by the police in China, increasing the exchange stop processing of all withdrawals that require a private key holder to cryptographically sign and approve transfers over a month. However, it urged users to stay and continue trading on the exchange.
It gives something back to believers today. Under the Compensation Plan, users who had total assets over $ 10,000 on the exchange will be rewarded between $ 100 and $ 1,000 based on the volume they traded during the period that the withdrawals were suspended in the form of a discount.
Other users, owners and depositors receive rewards from an “Incentive Fund” created by OKEx that puts 20% of its total earnings from futures and perpetual swap transaction fees at risk over the past seven weeks. These rewards are 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 with a “Happy Friday” offer and collect a portion of all futures and perpetual swap trading fees to incentivize its user base (and prevent massive outflows).
In the meantime, the exchange hopes to avoid such a situation in the future. It recorded on one current blog“If a holder of a private key is temporarily unable to carry out their duties due to an accident or participation in highly confidential work, we will activate the private backup key within 30 days.”