thenewscrypto.com
- OKX admitted that the account balance and position interfaces had problems with errors.
- The exchange stated that developers were hard at work fixing the API issue.
Users of the OKX exchange have reported that their cryptocurrency accounts were showing an incorrect amount due to an API error. Some OKX users’ balances showed zero dollars, while others displayed tens of millions of dollars, according to a report on X from Wu Blockchain.
It seems that thousands of users are now being affected by an odd behavior on the OKX API. Note that the majority of the OKX API bug victims were American, Singaporean, and Japanese residents.
Developers Working Hard to Fix the Issue
Some traders even went so far as to say that the massive losses were caused in part by the API’s absence of data on views. In addressing user concerns, OKX admitted that the account balance and position interfaces had reporting problems with errors.
So, the cryptocurrency exchange reassured its customers that their money would be secure and that its developers were hard at work fixing the OKX API issue. However, the OKX native token, OKB, has had its rise halted by this OKX API problem, and as of this writing, it has fallen 2.51% to $64.90.
There has to be a lot more protection on crypto protocols since problems like this OKX API malfunction are becoming more common in the crypto ecosystem.
A number of these outages have occurred on Coinbase exchange and Solana network. Solana had an almost five-hour outage at the beginning of February. The Coinbase outage happened just as the price of Bitcoin was going through a major upswing. Users were assured that their funds would remain secure throughout these disruptions.