To foster a healthy digital asset environment in the blockchain industry, optimize project liquidity, and enhance user trading experience, OKX's risk control department has conducted comprehensive market monitoring and progress tracking of listed projects. Based on user feedback and complaints, Tornado (TORN) will be delisted according to the following plan:
1. Spot Trading
OKX will suspend spot trading services for TORN on September 27, 2022, at 18:00 (HKT), canceling all open orders.
2. Margin Trading
- Borrowing for TORN was disabled on September 21, 2022, at 17:00 (HKT).
September 27, 2022, at 10:00 (HKT):
- Margin trading services will be suspended, and all open orders will be canceled.
- Automatic loan repayment will be triggered. Users with unpaid loans in TORN/USDT pairs must repay before this time to avoid forced repayment by the system.
👉 Learn how to manage margin positions effectively
Risk Warning: High market volatility—close positions manually before suspension to prevent losses during forced repayment.
3. Perpetual Contracts
To avoid disruption from TORN’s delisting, the TORNUSDT perpetual contract will be discontinued on September 26, 2022, at 16:00 (HKT).
- All open orders will be canceled.
- Final settlement price: Arithmetic average of OKX’s TORN/USDT index over the hour preceding delisting (adjusted if price manipulation is detected).
- No funding fees or additional charges will apply during settlement.
Pre-Delisting Adjustments:
- September 24, 16:00 (HKT): Price limits tightened to ±2% (XYZ parameters: 2%/2%/5%).
- September 26, 15:30 (HKT): Further tightened to ±1% (XYZ: 1%/1%/2%).
Users holding >$10,000 in TORNUSDT contracts at delisting will face a 30-minute transfer freeze post-settlement.
4. Savings (Earn Products)
- Subscription for TORN savings halted after borrowing suspension.
- Existing holdings will be automatically redeemed and transferred to users’ funding accounts after margin trading discontinuation.
FAQs
Q1: What happens to my open TORN spot orders?
A: All orders will be canceled automatically at suspension time.
Q2: How is the perpetual contract settlement price determined?
A: It’s based on the hourly index average before delisting, with anti-manipulation adjustments if needed.
Q3: Can I transfer assets immediately after perpetual contract delisting?
A: Large holdings (>$10K) face a 30-minute transfer freeze for system stability.
Q4: Will I incur fees during forced margin loan repayment?
A: No, but manual repayment is advised to avoid unfavorable prices.
Q5: Is TORN still available in OKX’s Earn products?
A: No—subscriptions are disabled, and balances will be auto-redeemed.