OKX API Failure Causes Account Balance Confusion, Thousands of Users Affected
By Hassan Shittu
Updated on March 27, 2024, 16:34 EDT
A technical glitch in the OKX API has resulted in incorrect account balances for users in Singapore, Japan, and the United States, causing confusion among thousands of individuals.
According to reports on the OKX Telegram, affected users have encountered various issues, ranging from accounts displaying zero balances to others showing balances reaching millions of dollars.
Traders, who have been unable to access or close positions due to the widespread nature of the glitch, have expressed significant frustration and reported losses.
In response to the numerous complaints, OKX has acknowledged the problems with their Rest API, which enables connections to external services through standard HTTP requests. The Rest API crashed during this period, leading to errors, incorrect data, and trade execution failures.
OKX has assured users that their engineering team is actively working to resolve the API glitch and has emphasized the safety of user assets throughout the incident. The exchange has also stated that their WebSocket, app, and website are unaffected by the glitch.
However, the OKX API glitch has had an impact on the exchange’s native token, OKB, resulting in a 2.21% decline in value to $64.59 at the time of writing.
In recent developments in the crypto space, prior to the current OKX API glitch, the exchange had integrated Uniswap Labs’ application programming interface (API) into its decentralized exchange (DEX) to enable gas-free trading through a feature called “Snap.” This feature aimed to simplify decentralized token swapping and provide a direct connection with Uniswap, granting the OKX DEX access to the UniswapX protocol and its liquidity.
However, the OKX API glitch is not an isolated incident in the crypto space. Platforms like Coinbase and Solana have also experienced outages and glitches in recent weeks.
Solana encountered a nearly 5-hour outage in early February, during which block production suddenly stopped. The issue was traced back to an infinite recompile loop triggered by a legacy loader program within the JIT cache, requiring a network upgrade and restart by validator operators.
Coinbase, on the other hand, experienced an outage that resulted in a $100 billion loss in Bitcoin market cap within just 15 minutes in late February. The disruption occurred during a period of significant rally in Bitcoin prices, with CEO Brian Armstrong attributing the outage to unexpectedly high demand.
Please follow us on Google News for more updates.
