Users of top global crypto exchange have been hit with an API glitch that has caused panic among users. The glitch which happened yesterday caused users’ account balances to change abruptly.
While some balances fell to zero, some were inflated showing much larger balances than the correct ones. The technical fault is said to have affected all users, but mostly those from Singapore, Japan, and the United States.
Such outages like this are not uncommon or unusual among crypto trading platforms, but they need to be looked into as criminals can take advantage of them to exploit the platform for users’ funds.
Top crypto exchange Coinbase is one of such platforms that experiences such issues regularly, especially at times of high crypto trading activities when the market volatility is high. This mostly results in the freezing of the platform, hindering users from buying or selling of assets.
OKX has confirmed that there were error reporting issues in the account balance and position interfaces, but assured that its engineering team was looking into it and would soon put things in order and that the funds of customers as well as their data was safe.
For those who may not know it, OKX is a booming crypto trading platform that offers a wide range of services including buying and selling of crypto, staking, and also a hot wallet known as OKX wallet.
As a platform driven by innovation, OKX also allows users to engage in automated crypto trading using AI trading bots. An example of such bots is PROFIT REX, which is an AI trading bot that automates trading to maximize profit for users on autopilot.
OKX supports over 350 crypto assets that can be used for trading using this bot and many others on the platform and with its innovative drive, will be able to contain the API glitch that has affected its customers.
OKB Price Affected?
OKX exchange has a token issued by OKX Blockchain Foundation that enables users to access certain special and exclusive features on the platform. Holders of the token have voting rights and administration on the site, and they can get rewards for staking it.
Following the glitch, the price of the token was impacted, dropping by over 1.7% at the time of writing this report. It’s hard to tell if the drop is as a result of the wider market decline or specifically because of the glitch, as the two events coincided.
The market has been hit by a general price decline led by Bitcoin, following the court’s ruling that the SEC can proceed with its lawsuit against crypto giant, Coinbase.
