On 18/12, CEX exchanges including OKX and Gate.io simultaneously encountered technical problems, directly affecting users' withdrawals.
Updated on the morning of 12/19:
On the morning of 19/12, OKX announced that it had fixed the problem and that trading had resumed as usual.
The #OKX app is back online. Trading activities can now resume. Rest assured, all user funds are safe.
Please keep following this space for more updates and DM @OKXHelpDesk if you face any issues. Once again, we apologize for any inconvenience and thank you for your patience! — OKX (@okx) December 18, 2022
The first name to have notifications regarding technical problems is OKX. On its Twitter page, the exchange explained the above issues and confirmed that user assets were not affected.
. @alibaba_cloud is still fixing their HK Zone C equipment failure. Our dev team has been in contact with them and have uraged them to fix it ASAP. We are ready to resume once @alibaba_cloud resolves its anomaly.
"Alibaba Cloud is fixing the problems in the HK Zone C system. Our team of programmers is reaching out to resolve the issue as soon as possible. We're ready to restart all services when Alibaba Cloud takes care of things. User assets remain safe and we apologize for any inconvenience."
Another exchange also affected by the technical issue is Gate.io. The timing of the exchange's issue announcement almost coincides with OKX's.
📢 Affected by our data center provider's network issues, we will have some delays on the deposit and withdrawal services. The other services on https://t.co/8kWqgEeplL are not affected. your funds are SAFU. The delays will be recovered as soon as the network is fixed. pic.twitter.com/nEITwPzzsb
— Gate.io (@gate_io) December 18, 2022
"Due to the influence of data providers, the function of depositing and withdrawing funds on the exchange will be suspended. Other services on the Gate.io are operating as usual. All user assets remain secure. We will be back to normal when the network fixes the problems."
As such, delays in withdrawals by pure CEX exchanges are technical issues related to the data provider. However, this has caused many users to worry because recently CEX exchanges have constantly encountered questions around the total amount of assets stored on the platform.
Since the announcement was around 10:40 AM on 18/12, OKX and Gate.io have had their withdrawal operations interrupted for nearly 7 hours.
On 16/12, Mazars announced that it would stop providing audit services to major cryptocurrency exchanges in the current market. The reason for the same move comes from the risks and complexity of the inspection of crypto assets.
It can be said that any information related to CEX exchanges after the collapse of FTX is a headache for many investors. However, in the context of current volatility, users entering the market need to have careful selection and analysis with news, along with an appropriate risk distribution strategy.