OKX Fails to Process Transactions for Over a Day as Intermittent Outage Hit Alibaba

Crypto exchange, OKX, failed to process deposits and withdrawals for over 25 hours as Alibaba experienced an intermittent outage.

OKX logo in front of blue lightning next to white excavator

A hardware failure in Alibaba Cloud’s Hong Kong data center caused major service disruption for OKX, with the cryptocurrency exchange failing to process deposits and withdrawals for over 25 hours.

Alibaba Behind OKX’s Transaction Halt

On Sunday, December 18th, at 3am UTC, the Alibaba Cloud Hong Kong IDC Zone C server went offline. As the primary infrastructure provider for OKX, the service disruption affected deposits and withdrawals for the exchange.

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On-chain data confirmed that OKX processed no transactions during this timeline, with the last transaction being one million SOS tokens to an unknown wallet address. Some OKX hot wallets were also affected by the downtime.

OKX confirmed the service outage, writing that “our systems experienced a hardware issue with our cloud service provider that interrupted our depositing and withdrawal services.” However, the exchange assured users that funds were safe during the outage.

OKX Back Online

As Alibaba fixed the issues with its Hong Kong IDC Zone C server, OKX said they were working on the issue and ready to resume withdrawals as soon as the servers were online.

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On Monday, December 19th, at 4am UTC, OKX announced that the connection issues with their cloud service provider had been fixed. 

  • OKX was not the only exchange to record difficulty in processing transactions, with Gemini and Gate.io suffering transaction downtime over the last few days.

Why You Should Care

With the increasing scrutiny on centralized exchanges, the outage and relationship with a single cloud provider could hurt OKX’s image.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

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Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia