- 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 announcement 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.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.