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OKX suspends fund withdrawal but no “liquidity crunch”

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Because of the issue in the Alibaba cloud service, OKX Exchange failed to give the withdrawal of cryptocurrencies to the customers.

OKX is a popular crypto Exchange and currently stands at 18th rank in terms of 24 hours crypto trade volume on its platform.

Today many Okx users reported that they were failing to withdraw their crypto assets from the exchange and after these reports few people started to assume that there may be a chance of a liquidity crisis on the OKX exchange, more likely the FTX exchange.

The OKX Exchange team official took to Twitter to talk about this issue and said that the issue occurred because of a fault in the cloud service partner.

“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,” OKX said.

Cloud service provider Alibaba also officially responded on this matter and confirmed that it was the fault of the technical side of Alibaba’s cloud services.

In the meantime, the majority of crypto investors are in a hurdle of whether their funds are safe or not because many users found that trading activities are stuck & OKX showing a $0 balance in the accounts.

The majority of the reports confirmed that the issue was associated with the cloud service and here users should not take any kind of tension because this exchange is holding users’ funds perfectly, as Cointracking website Coinmarketcap (CMC) showed.

Read also: 100% of users can withdraw 100% of assets, Says Binance Exec

OKX suspends fund withdrawal but no “liquidity crunch”



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