Пользователь OKX теряет доступ к $400 000 из-за недостающих логов торгов с 2020 года Translation: OKX user loses access to $400,000 due to missing trading logs from 2020

According to the user, on January 11, 2025, the risk control system was triggered on his account. The exchange performed a video verification of the client and subsequently requested detailed information on the case in April, particularly interested in the large volume of transactions from August 14, 2020.

Andrei attributed this to «active trading on the platform, which included scalping and trading within the spread to capitalize on short-term price fluctuations.»

On May 20, the administration informed him that no further documents or information were required at that stage.

On July 21, OKX notified the user about the blocking of his account due to violations of clauses 3, 5, and 7 of the Terms of Service. These pertain to prohibited commercial activities, trading operations on the platform, and the exchange account, respectively.

«I clarified which specific actions were in violation of these clauses. The exchange responded that it allegedly ‘did not receive the necessary clarifications and evidence after multiple requests’ and therefore could not continue servicing my account. However, I had not received any additional requests,» Andrei explained.

The user considered this a procedural error, which he stated in a reply letter.

A week later, on July 30, the exchange required him to submit additional documents within seven days explaining his trading methodology and how the client selected trading pairs.

«I sent all the materials I had preserved from that period five years ago. At that time, I was experimenting with market making based on the methodology described by BitMEX — placing orders at the edges of the spread at the minimum buy price and maximum sell price. I fully described the essence of my trading operations, but since the script that searched for pairs with a spread (the difference between bid and ask) outputted information to the console, I did not retain any notes,» Andrei elaborated.

The client claims that the platform retrospectively changed the documentation criteria. According to these new criteria, he is required to retain all materials, complete trading and decision-making logs for five years. This requirement had not been imposed before.

«The exchange completely ignored the document market_data.json, even though it had remained unchanged for five years and contained historical data on trading pair parameters from August 14, 2020. Also, OKX did not check the content of the scripts, even though they contain historical endpoints and the old domain okex.com. As an external user, I cannot prove the functionality of the scripts, as the trading pairs have long been delisted, and the historical data does not contain records for 2020,» the client added.

Andrei insists that the strategy he employed is legitimate, as it constitutes «market making without hedging on futures.»

On September 29, after nine months of inquiries, OKX closed the support ticket with no possibility for review. The user’s account remains blocked, and his funds are frozen.

The platform did not disclose additional details regarding the situation, citing privacy policies.

«We cannot share data on any cases related to clients with third parties,» stated a representative of the exchange.

In July, OKX CEO Star Xu apologized to users for unjustified account blocks. The entrepreneur explained them as «false triggers» of the compliance control system.

According to the exchange head, these processes still face issues such as «a high level of erroneous judgments and suboptimal information gathering.» He assured that the platform is doing everything possible to enhance its processes.

As of July, OKX’s global compliance team and risk control group consisted of over 600 individuals.

Despite the convenience of storing cryptocurrency on the exchange, this method is not suitable for the long-term placement of large sums. The administration of a centralized trading platform possesses both private and public keys, allowing either them or malicious actors to access clients’ assets.

Furthermore, the exchange, as a legal entity, is obligated to comply with laws and law enforcement requirements. Upon receiving a relevant request, a user’s funds can easily be frozen for an indefinite period.

For complete control over their cryptocurrencies, it is preferable to opt for non-custodial solutions.

It should be noted that in April 2024, OKX denied any targeted blocking of clients from the CIS. According to them, the exchange does not unjustifiably freeze user accounts, and restrictive measures are only implemented in cases of identified violations.