OKX Reports Outage due to Issues with Alibaba Cloud

Parthe DubeyAuteur vérifié

December 18, 2022 at 15:09 UTC (il y a 1 minute)

  • Crypto exchange platform OKX has reported connection issues with its cloud provider Alibaba Cloud.
  • The issue resulted in a withdrawal pause on the platform, leading to panic in the crypto market.
  • Investors said that their trades became stuck in the middle and have expressed worry about potential losses.

While the cryptocurrency market has still not moved on from the unfortunate collapse of once-leading crypto exchange FTX, renowned Seychelles-based crypto exchange platform OKX has reported connection issues with its cloud provider Alibaba Cloud.

There is currently an intermittent connection error with our cloud provider which is affecting the user experience. Our dev team is resolving it with them. Funds are safe. Sorry for any inconvenience caused. 🙏

— OKX (@okx) December 18, 2022

The issue resulted in a withdrawal pause on the platform, leading to panic in the crypto market. Users are currently unable to withdraw or deposit money, and some report that the glitch has caused their account balances to display $0 in their funds. Numerous investors have stated that their trades became stuck in the middle and have expressed worry about potential losses.

However, according to the most recent development, some of the cloud services by Alibaba Cloud have been resumed, but they are not completely stable yet. The annonce reads:

“We will start with a pre open procedure to allow users to, cancel, place post-only orders, and/or manage margins. We will keep you guys up-to-date here. We will also work on a post-mortem and avoid such problems going forward.”

Interestingly, the withdrawal pause comes at a time when several big crypto companies have filed for bankruptcy, starting with the withdrawal pause. However, while several other hot wallets seem to also be affected and have not processed withdrawals in the past 10 hours, OKX calls it a general glitch.

Recently, the once-second-largest crypto exchange FTX filed for bankruptcy after Binance backed out of its acquisition deal due to alleged major issues in the former’s methodologies and accounting practices. At the time, OKX founder Star Xu said that no one will benefit from this struggle and eventually the entire crypto industry will face the consequences, which happened to be true.

According to a recent development, the United States Department of Justice is reportedly investigating the founder of the disgraced FTX, Sam Bankman-Fried (SBF), for sending funds out of the US.

Parthe Dubey

Parthe Dubey Auteur vérifié

Un journaliste crypto avec plus de 3 ans d'expérience dans DeFi, NFT, métaverse, etc. Parth a travaillé avec les principaux médias du monde de la crypto et de la finance et a acquis de l'expérience et de l'expertise dans la culture crypto après avoir survécu aux marchés baissiers et haussiers au fil des ans.

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  • Guillaume Foster

    William Foster est éditeur pour la région Asie centrale et Europe. Auparavant, il a travaillé comme rédacteur chez Acuris (Mergermarket) où il était responsable des documents sur les startups, les opérations de capital-investissement, les levées de fonds, les développements et la direction éditoriale. Son temps le plus mémorable a été à Reuters, où il était à la fois journaliste et rédacteur en chef pour diverses équipes.

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