OKX and Gate.io resume withdrawals following cloud provider issues OKX and Gate.io resume withdrawals following cloud provider issues
OKX said it would cover potential losses due to connection issues that might have prevented some users from closing their orders.
1 min read
Updated: Dec. 19, 2022 at 11:08 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Cryptocurrency exchange OKX resumed withdrawals and deposits for its users after it suffered a downtime for several hours on Dec. 18.
The latest update from the exchange confirmed that deposits and withdrawals have resumed for Bitcoin (BTC), Ethereum (ETH), Tron (TRX), USDT, USDC, and other ERC-20 and TRC-20 tokens. In contrast, support for other cryptocurrencies would be available by 9:00 am UTC.
According to the exchange, its connection issues were caused by a third-party cloud service provider. OKX revealed that it uses Alibaba as its singular cloud provider -the cloud service provider had experienced equipment failure with its equipment in its Hong Kong Zone C.
Meanwhile, the downtime generated panic among users of the exchange. However, OKX assured users that their funds were safe and the exchange was only experiencing a technical problem.
OKX said it would be “implementing a multi-cloud deployment strategy to ensure our core services can be deployed on multiple clouds” to forestall a future recurrence. It added that it would cover all the potential losses due to connection issues that might have prevented some users from closing their orders.
Meanwhile, Gate.io, another exchange that experienced withdrawal issues during the last 24 hours, has resumed services. The exchange blamed its problems on node maintenance from an unnamed third-party cloud provider.
Mentioned in this article
Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Featured Story
Advertise Here
In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,483.93
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Tether
$0.99951
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
USD Coin
$1.00001
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
OKX
OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.
Gate.io
Gate Technology’s mission is to serve the blockchain industry by providing secure and reliable products to consumers and companies around the world.