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Companies Crypto Exchange Battles Slow Withdrawal and Deposits


on Crypto Exchange Battles Slow Withdrawal and Deposits

Amidst exodus of users from centralized exchanges to self-custody wallets, cryptocurrency exchange recorded a remarkable slowdown in deposits and withdrawals as a result of ongoing node maintenance.

Meanwhile, the exchange assured users that their funds are safe and secure, stressing that transactions are steadily being processed.

The difficulty started on Dec. 18 when users of the crypto platform experienced massive deposits and withdrawals due to maintenance from a third-party cloud provider.

Reacting to the development, the exchange maintained that it is closely monitoring the network connection status of its cloud service providers and will consolidate efforts in ensuring hitch-free deposits and withdrawals.

However, it is not established if the delay was instigated or connected to the OKX outage occasioned by a hardware failure at a Hong Kong data centre of its primary infrastructure provider, Alibaba Cloud.

It would be recalled that Alibaba Cloud went offline on Dec 17. As a result, there was a power outage for more than fifteen hours, thereby leading to the halt of withdrawal and deposit funds.

It is instructive to note that Alibaba’s Cloud services were disrupted following the company’s disclosure that it was developing its first Blockchain Node Service, which is scheduled to be launched in the first quarter of 2023.

OKX Exchange Resumes Fully As Struggles Continue

While several users on the exchange are still experiencing transaction problems, it is instructive to note that the OKX exchange has fully resumed.

OKX announced on Dec. 19 that transactions as regards deposits and withdrawals have fully resumed. Funds that transactions are now processing include ETH, USDT, USDC, and other ERC20.

It further maintained that wallet services for another cryptocurrency will resume in a few hours. Meanwhile, the exchange explained that the hardware issue has no implications or problems with the safety of customer funds.

Recall that has been at the centre of attraction and criticisms before now following its disclosure of its proof of reserves. It is hoped that its ongoing challenge will be fully resolved in due time.