There was a malfunction on the OKX cryptocurrency exchange, causing incorrect display of balances and absence of information about open positions for traders. This issue affected thousands of OKX clients from various parts of the world, including Singapore, the UK, and Japan. On March 27, 2024, users began reporting that their accounts were showing either a zero balance or significantly inflated amounts in the tens of millions of dollars.

Representatives from OKX confirmed the existence of the problem and stated that they are working to resolve it. According to them, the malfunction only affected the Rest API, while the websockets are functioning normally, and the website and application are unaffected. At the time of writing this article, complaints about incorrect balance display on some accounts continue to be received by the OKX support service.

In addition, one user reported being unable to connect their Web3 wallet to Openstamp and other decentralized applications. In February 2024, OKX published a monthly reserves report, according to which the platform's reserve ratio reached 104%. This incident resembles previously recorded technical failures on other major cryptocurrency exchanges, highlighting the importance of reliability and security in the crypto industry.