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Gate.io Users Experience the Disruption of Withdrawal and Deposit Services

Gate.io Users Experience the Disruption of Withdrawal and Deposit Services

On December 18th, two crypto exchanges faced issues with their deposit and withdrawal services.

Gate.io, a cryptocurrency exchange with over 1400 digital currencies established in 2013, has faced issues with its withdrawal and deposit services.

According to the announcement shared on December 18th, the issues occurred due to “intermittent connection interruption caused by node maintenance of <Gate.io> cloud service providers.”

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The company highlighted that due to the "connection interruption," customers may experience slower processing of withdrawals and deposits. For those who “have pending withdrawals” but did not want to wait, the company recommended cancelling the withdrawal and trying again later. However, Gate.io highlighted that after the network returns to normal, the withdrawal will be completed automatically.

Moreover, for those waiting for deposits, the process will be completed once “the network connection is restored.”

The crypto exchange ensured its customers that other services are not affected. On top of that, Gate.io added that user assets are safe and tradings are processed as usual. In the announcement crypto exchange added:

At this moment, we are monitoring the network connection status of our cloud service providers and will expedite the deposits and withdrawals as soon as the network connection is restored.

After almost a day, Gate.io solved the issues and returned the withdrawal and deposit services to normal. In the separate blog post shared on December 19th, Gate.io stated:

<...> the network connection is restored and now deposits and withdrawals work normally. If you have any pending withdrawals, they should have been sent; if you have any pending deposits, they should have been credited to you.

It is unclear what caused the withdrawal and deposit service delays. Some reports claim that the incident may be connected to a similar matter at the crypto exchange OKX. On December 18th, OKX shared a tweet revealing that its “systems experienced an outage on <their> platform due to a hardware issue with <their> cloud service provider.”

OKX cloud service provider is Alibaba Cloud, which on December 17th experienced a hardware failure at its Hong Kong data centre.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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