A technical malfunction on OKX's API caused confusion among users, with some accounts displaying zero balances while others unexpectedly showed significant increases, affecting thousands of users globally, including those in Singapore, the United Kingdom, and Japan. However, OKX has since resolved the issue, reassuring users about the platform's reliability and the security of their assets.

The disruption occurred on the exchange's Rest API, which enables developers to connect to external services and manage resources through standard HTTP requests. In cryptocurrency exchanges like OKX, the Rest API facilitates various actions such as checking account balances, executing trades, and accessing market data.

When such an API crashes, users may encounter errors or face difficulties completing transactions as intended. This could lead to issues such as inability to access account details, viewing incorrect information, or experiencing failures during trade execution.

This incident adds OKX to a growing list of exchanges, including Coinbase, Binance, and BitMex, that have encountered technical challenges amid the increased traffic during the current bull market. Coinbase, for instance, has experienced three crashes recently, resulting in some users seeing their balances drop to zero.

Similarly, users on Binance experienced brief disruptions in specific regions due to a crash, while BitMex witnessed a flash crash in Bitcoin earlier in the month. A significant sell order worth $55.4 million led to a temporary drop in Bitcoin's price to $8,900 on BitMex, although the market swiftly recovered.