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Crypto Exchange OKX Fails to Process Withdrawals For Seven Hours Due To Cloud Failure

OKX, a cryptocurrency exchange platform, is unable to process withdrawals because of a failure undergone by the entity offering it the cloud services. The partial outage on the withdrawals and deposits of the crypto exchange for all tokens was witnessed on its forum and one of the chief hot wallets points out that no withdrawals have been processed by it for hours.

OKX Clients Face Withdrawal Suspension for Hours Because of Cloud Failure

OKX noted that the reason for this issue was some hardware-related problem dealing with the cloud services of Alibaba in the region of Hong Kong. As mentioned by Alibaba, the platform experienced an equipment anomaly and its engineers work continuously attempting to resolve the respective issue. The web portal of Alibaba Cloud indicates that the Hong Kong-based server of the company hosts 3 areas of availability that have been functional since 2014.

The cloud provider validated the outage via a formal announcement. The firm noted in its declaration that an equipment anomaly was detected by Alibaba Cloud Monitor in Alibaba Cloud Hong Kong IDC Zone C. Subsequently, the platform added, the engineers of the company initiated operating on the matter on a top priority basis.

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While describing the disruption in its services, OKX brought to the front that the firm was operating in collaboration with Alibaba Cloud on the resolution of the possible problems. In addition to this, it guaranteed the safety of client funds. While moving on, OKX asked the consumers for forgiveness over the inconvenience.

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Meanwhile, the clients are unable to deposit as well as withdraw their assets, whereas a few also assert that the balances on their accounts are showing $0 worth of funds. Several customers have validated that the trades executed by them got stuck. They additionally expressed apprehensions related to potential losses.

Gate.io Witnesses a Decline in Cloud Services

With these issues in the cloud services, the crypto exchanges have been undergoing some impact. Another crypto exchange firm named Gate.io announced sluggish deposits as well as withdrawals in this respect. However, it noted that the funds of its users were safe on the platform. It suggested that the users who requested withdrawals can abandon them if they want otherwise they will have to wait until the restoration of the cloud services.

Gate.io asserted that the users can verify the proof of reserves of the firm. It also said that the clients can still utilize the trading as well as the rest of the services offered by the company. As per the platform, it will expectedly find out a solution in a short time. At the start of December, a collaboration was carried out between Avalanche and Alibaba Cloud. The purpose of that partnership was to run the node-as-a-service initiatives of Alibaba Cloud.

In an official Twitter post, Avalanche disclosed that Alibaba Cloud was spreading its span by supporting the infrastructure and validators on Avalanche Public Blockchain. As a result, the consumers are permitted to release validator nodes via the service along with accessing storage, computing, as well as distribution with the help of the package of products provided by Alibaba Cloud in Asia.

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Avalanche noted in its declaration that the developers pursuing the launch of exclusive Avalanche validators are allowed to do it conveniently with the plug-and-play infrastructure as a service (IaaS) of Alibaba Cloud. The app developers can additionally incorporate more cloud infrastructure for the support of their application at the time when it witnesses maximum demand to move along the consumer activity.


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Mubashar Nawaz (United Arab Emirates)

Mubashar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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