Coinbase Restores Stability After 3 Hours of Outage
Coinbase, one of the largest U.S.-based cryptocurrency exchanges, has announced through its support handle on X that the exchange is now fully recovered and back online after a three-hour system outage.
Coinbase is now fully recovered. We appreciate your patience and apologize for the inconvenience. https://t.co/AAzEMPaJGL
— Coinbase Support (@CoinbaseSupport) May 14, 2024
Earlier today, crypto exchange Coinbase reported a system-wide outage in its services, affecting customers’ crypto operations. Users attempting to access their accounts or complete transactions expressed great frustration as a result of the disruption, which started on May 14 at 4:15 a.m. UTC.
Following the outage, Coinbase Support via X (formerly known as Twitter) promptly communicated that the firm is experiencing a system-wide outage and that an investigation is ongoing. In addition, it informed users that their funds were safe as they were working on a solution to bring the system back online.
On its status website, Coinbase stated that it was aware that “some users may experience failures when sending crypto or withdrawing fiat” and stated it was working to fix this issue. After this, the exchange recognized that it was experiencing a system-wide outage on its services and assured users that their funds were safe.
Both mobile and desktop users were unable to access Coinbase's services due to the system-wide outage. Visitors browsing the Coinbase website are presented with the error message "503 Service Temporarily Unavailable."
Coinbase has not disclosed the root cause of the problem, but it is expected that the company will keep the public informed. However, Bloomberg reported that the technical issue coincided with a small selloff in crypto. Furthermore, Coinbase disclosed on its status site that some users may still experience failures when performing crypto transactions, marking the service as degraded.
In March, there were also technical problems with the crypto exchange that resulted in some users' accounts showing a zero balance. A few weeks later, the glitch was followed by a rally that sent the price of Bitcoin to all-time highs.
Although a direct correlation cannot be established, the price of bitcoin did not significantly decline in the initial hours following Coinbase's system outage. The price of bitcoin (BTC) appears to be unaffected by the issue and is trading around $61,811, according to Coinmarket data, down less than 1.59% in 24 hours.
Coinbase shares are down 1.65% in pre-market trading as of 4:55 a.m. EDT, according to Marketwatch.
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