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OKX API Glitch Goes Viral, OKB Price In Jeopardy – Crypto News

Published

1 year ago

March 27, 2024

Dripp

OKX exchange has been hit with an API glitch amid reports from users who claim their crypto accounts were displaying the wrong balance.

OKX API Glitch and Impact

According to a report from Wu Blockchain on X, some OKX users’ accounts were displaying a zero balance while some others showed balances skyrocketing to tens of millions of dollars.

This suggests an unusual activity on OKX API which is now affecting thousands of users. It is worth noting that most of the customers affected by the OKX API glitch were basically residents of Singapore, Japan, and the United States.

It was further reported by some traders that the lack of data on opinions obtained from the API contributed to the huge losses that were recorded. In response to the complaints from users, OKX acknowledged that there were error reporting issues in the account balance and position interfaces.

Consequently, the crypto firm assured users that its engineers were working on the OKX API glitch while reassuring users of the safety of their assets. This OKX API glitch has, however, derailed the growth of OKB, the exchange’s native token which has slumped by 2.3% at the time of writing to $64.97.

Solana and Coinbase Hitting Similar Outages

Besides this OKX API glitch, related issues like these are somewhat becoming incessant in the crypto ecosystem and this calls for intense security on crypto protocols.

Coinbase and Solana are two networks that have seen quite a number of these disruptions. In early February, Solana experienced an outage that spanned for close to 5 hours.

During this time, block production on the network was abruptly halted and a resumption was not possible until there was a successful upgrade to version 1.17.20 and a restart of the cluster by validator operators. With the occurrence of another outage, a root cause analysis was conducted. It was discovered that the halt in block production came as a result of the “deploy-evict-request cycle of a legacy loader program triggered an infinite recompile loop in the JIT cache.”

For Coinbase, its outage led to a staggering loss of $100 billion in Bitcoin (BTC) market cap within a mere 15 minutes. The Coinbase outage occurred at about the same time the Bitcoin price was rallying significantly. It wasn’t long after that Brian Armstrong, Coinbase CEO explained that the outage was caused by a larger-than-expected demand following a Bitcoin price surge.

Amidst these outages, customers have been reassured of the safety of their funds. Coinbase claimed that its users’ deposits are safely tucked away.