A trading platform for cryptocurrency derivatives, BitMEX, has announced the reason for the recent malfunctions noticed by users using its services. A report published on its official blog explained that the error was caused by slow API responses which eventually led to API Timeouts.

According to the report, the problem only lasted a few minutes as it was immediately fixed as soon as it was detected. Also, BitMEX has a mechanism that lets the platform quickly notice and attend to many issues including API problems.

The report said:

“Between 05:40 and 07:11 UTC today, a subset of the requests to the BitMEX REST API experienced slow API responses and eventual API timeouts due to resource contention at the API layer. Upon detection via our internal alerting mechanisms we identified the cause and mitigated the immediate impact within a few minutes. There is currently no ongoing issue and there was no impact to the trading engine or user data during this time.”

There also is some guarantee from BitMEX that their technical team will take all possible steps to ensure that such a thing doesn’t happen anymore. The plan is for them to undertake and deploy a very thorough surveillance system that quickly detects and reports issues as quickly as they occur.

BitMEX also said,

“We have also increased the sensitivity of our system monitoring to detect and resolve potential similar issues much sooner. We apologize for any inconvenience this may have caused.”

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