Sep 13, 2023 Trading service failure report

1. Impact and timelines

Between 07:38:07 AM and 07:43:01 AM UTC on September 13, 2023, certain trading products were affected by anomalous prices.

The timeline for this incident is detailed below:
07:38:07 AM UTC: Anomalies in the trading systems were detected. Our developers immediately became aware of the problem through monitoring and alerts as user reports also began to come in.
During this period, we pinpointed the reason for the disruption following an emergency investigation. We then executed a repair solution, specifically targeted at optimizing system configurations.
07:43:01 AM UTC: Trading systems resumed normal functions.

2. What caused this disruption?

The limit price services used by the trading system were disrupted due to updates in system configurations. Consequently, orders couldn’t be placed for some trading products, causing price discrepancies that triggered certain users’ liquidation or stop loss mechanisms.

3. What steps are we taking to avoid this in the future?

1). Optimize update procedures for system configurations and deployment procedures;
2). Strengthen the trading system’s stability by reducing interdependencies between internal systems, thus lowering potential risks;
3). Refine the ‌internal monitoring system by implementing more precise monitoring of our system’s limit price mechanisms.

4. Our commitment to you

OKX is dedicated to providing an ultra-reliable, high-performance, and feature-rich platform to our valued customers. To this end, we make continual improvements to system performance, stability, and features. Given the complexity and challenges of operating high-performance systems 24/7, unexpected issues may occasionally arise.
We understand that timely communications are critically important to our users, and believe that transparency is integral to building trust. In the event of any issue, we will notify clients as quickly as possible through our Telegram community channels, the Status API, and the Status page.

Regards,
OKX team
September 20, 2023