It appears that one of OKX’s hot wallets shows it hasn’t processed any withdrawals for 7 hours at the time writing.

Some kind of anomaly popped up on OKX’s cloud and now all deposits and withdrawals are experiencing partial outages. In the meantime, just sit tight and try not to panic while your crypto remains stuck in limbo. The issue originates OKX’s cloud service provider — Alibaba

Alibaba acknowledged the issue as an “equipment anomaly” and assured everyone that engineers are working to fix the issue. This sort of issue is exactly why it makes little to no sense for the cryptocurrency industry to rely too much on centralized systems.

Many blockchains out there were built with decentralization and freedom from the ground up, and this would not have been possible without a deep belief in decentransalized systems and governance. The issue we’re seeing here with OKX is that, in order to interact with these decentralized systems, the user needs to go through a centralized gateway.

Centralizing the access or gateway towards decentralized systems, pretty much removes all the benefits of the decentralized system. If the gateway is down, you’re out of luck try again tomorrow. In fact, many centralized exchanges and even decentralized applications are relying on Cloud providers such as Alibaba and AWS to host their data.

For unstoppable services we need decentralized hosting. Even a CEX like OKX would benefit from decentralizing their cloud storage. That’s it for now, just a bit of news and me ranting about why we need more decentralization before we forever bow to our corporate overlords.