Cryptocurrency exchange OKX, one of the top 10 in the world, is experiencing technical difficulties, putting most of its services on hold. According to the company, the platform lost connection with its cloud provider.
As reported, OKX uses cloud services from Alibaba Cloud, which recently revealed a flaw in its equipment.
OKX developers are reportedly in talks and have already asked the provider to fix the issue as soon as possible.
In a recent update, OKX said that cloud services are starting to resume and they will pre-open the procedure for users to use the trading platform again.
According to user reports, the company’s wallets stopped processing withdrawals more than 10 hours ago. Despite the issues, the broker said the funds are safe.
🇧🇷@alibaba_cloud it is still in the process of resolving the HK Zone C outage. Our development team contacted them and asked them to resolve the issue as soon as possible. We are ready to resume as soon as the @alibaba_cloud resolve your anomaly. All funds are safe. We apologize for any inconvenience.”
🇧🇷@alibaba_cloud is still repairing their HK Zone C equipment failure. Our development team has been in contact with them and urged them to fix it as soon as possible. We are ready to resume once @alibaba_cloud resolves his anomaly.
All funds are safe.
We apologize for any inconvenience. pic.twitter.com/lrn2ITnOD5
— OKX (@okx) December 18, 2022
Alibaba cloud
While some users are frantically trying to withdraw funds, thinking that the company is facing a liquidity crunch, the real reason behind the withdrawal delays is the discontinuation of the Alibaba Cloud service.
The cloud hosting company’s servers went offline around 10 p.m. on Saturday and were offline for more than 7 hours.
Alibaba Cloud confirmed hardware issues in Hong Kong IDC Zone C affecting some services.
According to an official announcement on Alibaba’s website, equipment in Zone C in Hong Kong lost connection to a central server and cloud engineers are actively working to resolve the issue and apologized to users.
Evidently, @AlibabaCloudME is the underlying reason @okx malfunction.
Found that post on Alibaba cloud website.https://t.co/uMRflomB2L pic.twitter.com/3gPgqLIUP4
— Kareem (@KareemFarid) December 18, 2022
During the Alibaba Cloud service outage, users reported that the exchange suspended deposits and withdrawals. According to Etherscan, wallets of OKX did not process transactions.
The founder of the OK group, which controls OKX, said the incident could become a major scandal in Alibaba Cloud’s history.
OK group founder Star Xu said that the Aliyun accident could last 24 hours and will become a major scandal in Alibaba Cloud’s history. @starokg https://t.co/Z7qug2LxJC pic.twitter.com/WQrGve3hLa
— Wu Blockchain (@WuBlockchain) December 18, 2022
Source: Live Coins
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
