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OKX API is experiencing technical issues and display errors

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Crypto exchange OKX encountered a major technical issue that led to display errors in account balances.

The incident confused users, with some accounts showing zero balances while others inexplicably ballooned into the tens of millions of dollars. The issue affected thousands of users in various regions, including Singapore, the United Kingdom, and Japan. OKX has since resolved the question, guaranteeing users the integrity of the platform and the security of their assets.

OKX API is experiencing technical issues and display errors - 1
Message from a user on OKX’s Telegram channel

The exchange’s Rest API went down. Representational State Transfer APIs allow developers to connect to external services and access or manipulate resources using standard HTTP requests.

In a cryptocurrency exchange like OKX, the Rest API would typically allow users and third-party applications to perform actions such as querying account balances, executing trades, and retrieving market data.

When such an API crashes, interactions encounter errors or do not complete as expected. Users may be unable to access account information, see incorrect data, or experience failures when attempting to execute transactions.

The incident places OKX among a growing list of exchanges, including Coinbase, Binance and BitMex, that have encountered technical difficulties amid the increased traffic of the current bull market. Coinbase has faced three crashes in recent times, with several users seeing their balances drop to zero.

Similarly, Binance users in specific regions briefly lost access due to a crash, and BitMex witnessed a Bitcoin flash crash earlier in the month. A large sell order worth $55.4 million sent the price of Bitcoin down to $8,900 on BitMex, although the market quickly recovered.

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