Friday, June 14, 2024
Blockchain Slows Deposits And Withdrawals DueTo Node Maintenance

Customers have been reassured by the cryptocurrency exchange that their funds are safe and that their transactions are in the process of being carried out.

According to a statement that was released on the 18th of December, users of the cryptocurrency exchange are experiencing sluggish deposits and withdrawals on transactions as a result of a node maintenance that is being performed by a third-party cloud provider. The statement was made public on the cryptocurrency exchange’s official blog.

Despite the fact that they had previously claimed the opposite, has stated that transactions are still being carried out and that customer funds are safe.

It is not immediately clear whether the delay in transactions is related to OKX’s outage, which was caused by a hardware failure at a Hong Kong data center owned by Alibaba Cloud, which is the primary infrastructure provider for OKX.

Alibaba’s Cloud server experienced an outage on December 17 and did not recover for more than fifteen hours after the outage. Users were unable to make cash withdrawals or deposits during this period of downtime.

In spite of the fact that OKX trading services were brought back online after a delay of a few hours, users of the Twitter account for are still reporting that they are having difficulties placing trades.

The company announced that it would be launching its first Blockchain Node Service a few days prior to the disruption that occurred with Alibaba’s Cloud services. The cause of the disruption is unknown.

It is anticipated that the service will go live at the beginning of the first quarter of 2023, and its primary objective will be to make it simpler for businesses to create applications that make use of blockchain technology.

According to Alibaba, the new platform-as-a-service solution will be beneficial to developers because it will reduce the amount of time spent on tasks related to operation and maintenance. This will result in less time spent overall.

The company stated that the application of their technology would make it possible for node hosts to actively monitor other nodes and automatically switch between them in the event of a failure in the network. “Because it does not require hands-on monitoring or issue mitigation, developers are free to focus on product development and may therefore be able to speed up the pace at which the product roll-out process is completed,” said Alibaba’s.



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