Cryptocurrency exchange OKX has stopped withdrawals for a time during the day today. After the collapse of FTX, such situations immediately cause panic. This stopping process naturally created a panic. However, the exchange put its customers at ease by making a statement on the subject.
Withdrawals stopped at OKX!
Cryptocurrency exchange OKX has not processed any withdrawals in the past five hours. This title itself is quite remarkable. It even causes a certain amount of controversy. However, the exchange is not experiencing any problems with solvency or liquidity. Also, the reason behind the issue is a third-party service that does not provide full access to the trading platform.
According to OKX on-chain data, there were no withdrawals processed in the last hours. The last transaction shows that OKX sent about 1 million SOS tokens to an unknown address about five hours ago. However, no further action took place after that. This also raised question marks. However, OKX made a statement about the problem:
There is currently an intermittent connection error affecting the user experience with our cloud provider. Our development team is solving the problem with them. The funds are safe. We are sorry if we caused any inconvenience. Alibaba Cloud is still fixing HK Zone C equipment failure. Our development team is in touch with them and encouraged them to fix it as soon as possible. We will be ready to proceed once the Alibaba Cloud fixes the anomaly.
The problem is not caused by the cryptocurrency exchange
cryptocoin.com As we reported, some users tried to access their assets in a panic. However, the main reason why no new withdrawals are made on the network is the inability of Alibaba Cloud to serve in the last hours. According to the official announcement on Alibaba’s website, equipment in Zone C in Hong Kong has been disconnected from a central server. However, cloud engineers are actively working to fix the problem. Alibaba Cloud apologized to its users for this outage.
Considering that OKX was founded by a Chinese entrepreneur, it may be using Alibaba’s cloud services to provide a stable connection for its users. Withdrawals are not possible due to exchange access issues. So, this does not mean that there are any problems with the cryptocurrency platform itself.
Once Alibaba fixes its server issues, a withdrawal surge is most likely possible at OKX. We will also likely see increased network activity on coins stuck in the exchange. This is likely to cause a certain increase in volatility.
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