Crypto Exchange OKX Suspends Withdrawals amid Cloud Infra Failure

UTC by Bhushan Akolkar · 2 min read
Crypto Exchange OKX Suspends Withdrawals amid Cloud Infra Failure
Photo: Unsplash

Alibaba faced an “equipment anomaly” in the hardware controlling its cloud infrastructure due to which OKX services remained suspended for 7 hours. The exchange has now resumed withdrawals for BTC, ETH, and stablecoins.

Over the last weekend, cryptocurrency exchange OKX faced massive disruption in its services and withdrawals after its cloud infrastructure provider Alibaba announced a major hardware failure in Alibaba Cloud’s Hong Kong data center.

OKX and Cloud Infrastructure Failure

On Saturday, December 17, roughly at 10 pm ET, the Alibaba Cloud Hong Kong IDC Zone C server went offline. Interestingly, it also failed to recover for seven long hours and during this time, OKX couldn’t process any transactions as per on-chain data. Crypto exchange OKX was quick enough to reciprocate the same to its customers. They wrote:

“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.”

Alibaba also confirmed the development later adding that there was an “equipment anomaly” and its engineers were working to fix the issue. This failure took place in zone C of Alibaba Cloud Hong Kong region.

Later in the day, OKX said that the cloud services had started to resume. The exchange added:

Some @alibaba_cloud cloud services have resumed but they are not completely stable yet. We will keep you guys up to date here. We will also work on a post-mortem and avoid such problems going forward”.

But now in its latest update, crypto exchange OKX confirmed that they have resumed withdrawals for Bitcoin (BTC), Ethereum (ETH), stablecoins like USDT and USDC along with other ERC20 tokens.

Elon Musk and OKX

Last week, crypto exchange OKX was also in the news after Twitter chief and billionaire Elon Musk followed the exchange on the social media platform. This was the first time that Elon Musk was following any crypto exchange account on the platform.

The news stirred the discussion of whether Elon Musk is planning a move in crypto or any major partnership with OKX. However, nothing official has come to the surface so far. Within the crypto community Musk is now following, OKX, Dogecoin, and its founder Billy Markus.

But just a follow by Musk was enough to get some price movements in OKX’snative cryptocurrency OKB. Last Friday, the OKB token price shot up to $24.5, however, it has corrected by 5% in the last 24 hours amid recent developments.

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