Users’ transactions stopped in the middle.
The overall philosophical trust upon the crypto exchanges are devastating the entire crypto industry terribly. With the fall of FTX exchange, the entire notion people had upon the crypto exchanges took a bad turn.
Ever since then, exchanges are ultimately towards the aim of restoring the lost trust, and faith people have in exchanges. With such a bad aura surrounding, things have become worse with the OKX crypto exchange.
The OKX exchange is a Seychelles based centralized global crypto exchange, which has deep roots with China, being a subsidiary of the OK Group from China.
The OK exchange completely stopped functioning from Saturday night, 17th December, about 10 pm European time approximately.
The exchange freezed for about an ultimate of 7 hours overall. Meanwhile all transactions have been stopped during the 7 hours. Users who carried out their transactions, suffered from transactions stopping all of a sudden. This indeed created discomfort upon the users.
Also, many feared that their transactions which stopped suddenly, all went in vain. However, the team from OKX exchange terms that no such losses have occurred, and assured that all the funds are safe. In addition, upon a closer look after the issues sorted out, it’s denoted as that the amount of money transacted was $0.
Upon further investigations, it was identified that the temporary stoppage of OKX exchange was due to the hardware failure of Alibaba Cloud’s Hong Kong data center. It was due to the IDC zone C server of Alibaba Cloud’s Hong Kong data center which went offline.
Finally, after about 7 hours, the server came online, and the OKX exchange resumed its operations.
However, there are no further answers from Alibaba Cloud’s end. Recently, even the Avalanche blockchain ecosystem has partnered with Alibaba, for getting Alibaba’s cloud server services.