Reimbursement for Bitflex Derivatives BTCUSDT-P Price Deviation Incident (2023-05-25) – BITFLEX

Fellow Bitflexers,

Bitflex Derivatives encountered a system issue which affected the index price of BTCUSDT perpetual contracts from 00:14 (UTC) to 01:17 (UTC) on 2023-05-25. The issue caused an unintended consequence to certain users where they suffered loss due to deviation in price between Bitflex and other exchanges. The issue was immediately isolated and has been resolved.

Bitflex will be taking the following actions within the next 72 hours:

Reimbursing the open/close fee to all users with affected orders
Reimbursing the realized loss/potential gains to all users with affected orders
Informing all users with affected orders that the compensation has been disbursed to their main wallet.

Please note:

Bitflex Spot and all other perpetual contracts were not impacted.
Impacted users will be reimbursed via a USDT airdrop to their Bitflex account

We have meticulously examined various scenarios that could have potentially affected our users, ensuring that we leave no stone unturned. If you have been impacted by this issue and your situation aligns with one of these identified scenarios, you will be compensated for your loss.

Additionally, we have extended the consideration time by 3 hours to account for affected orders eligibility. Hence, any orders that fit the below scenarios between 00:14 (UTC) to 04:17 (UTC) will be compensated.

Direction	Open Order Placed	Open Order Executed	Close Order Placed	Close Order Executed	P&L Scenario	Compensation
Direction	Open Order Placed	Open Order Executed	Close Order Placed	Close Order Executed	P&L Scenario	Realized Loss	Potential Gains	Open Fee	Close Fee
Long	Before	During	Before / During	After	Loss	Yes	No	Yes	Yes
Long	During	During	Before / During	After	Loss	Yes	No	No	Yes
Long	Before	During	After	After	Loss	Yes	No	Yes	No
Long	During	During	After	After	Loss	Yes	No	No	No
Long	Before	During	After	After	Loss	Yes	No	Yes	No
Long	During	During	After	After	Loss	Yes	No	No	No
Long	Before	During	Before	During	Loss	Yes	No	Yes	Yes
Long	During	During	Before	During	Loss	Yes	No	No	Yes
Long	Before	During	During	During	Loss	Yes	No	Yes	No
Long	During	During	During	During	Loss	Yes	No	No	No
Long	Before	During	During	During	Loss	Yes	No	Yes	No
Long	During	During	During	During	Loss	Yes	No	No	No
Short	Before	Before	Before	During	Loss	Yes	No	No	Yes
Short	Before	Before	During	During	Loss	Yes	No	No	No
Short	Before	Before	During	During	Loss	Yes	No	No	Yes
Short	Before	Before	During	During	Profit	No	Yes	No	No
Short	Before	During	Before / During	After	Loss	Yes	No	Yes	Yes
Short	During	During	Before / During	After	Loss	Yes	No	No	Yes
Short	Before	During	After	After	Loss	Yes	No	Yes	No
Short	During	During	After	After	Loss	Yes	No	No	No
Short	Before	During	Before	During	Loss	Yes	No	Yes	Yes
Short	During	During	Before	During	Loss	Yes	No	No	Yes
Short	Before	During	During	During	Loss	Yes	No	Yes	No
Short	During	During	During	During	Loss	Yes	No	No	No
Short	Before	During	During	During	Loss	Yes	No	Yes	No
Short	During	During	During	During	Loss	Yes	No	No	No

Our users are our foremost priority, and we are committed to providing a seamless trading experience. We deeply apologize for the inconvenience caused by this system issue, and we are dedicated to promptly reimbursing our affected users in full to ensure their satisfaction and trust in our platform.

If you have further questions, please contact customer service for additional assistance. Thanks for your support!

Bitflex Team