OKX froze withdrawals because of this reason – Katoch Tubes

OKX crypto exchange freeze withdrawals

About OKX

OKX is a Seychelles based crypto exchange founded in 2017 by Star Xu. It also has its own coin i.e OkCoin.

What's the news?

OKX exchange recently halted withdrawals which panicked the whole crypto market. As fear of liquidation spreads.

FTX debacle & FUD

Their has been a wave of FUD and negative sentiments after FTX filed for bankruptcy. OKX news added fuel to the fire.

Binance Withdrawals

Earlier Binance users have withdrawn over $5 billion in cryptocurrencies after fears of its insolvency emerged in the market.

OKX halted withdrawals

OKX halted withdrawals because of Alibaba Cloud system failure. The disruption caused failure in operations.

Situation of the industry

Crypto industry crashed from $3 trillion to $870 billion this year. There's no sign of recovery and things will take longer to recover.

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