Coinbase suffers outage, restores system, but users report problems with withdrawals

The cryptocurrency exchange Coinbase, based in San Francisco, United States, managed to recover from a “system-wide outage” that occurred this Tuesday morning (14). The outage lasted about an hour, according to the company.

The cryptocurrency exchange assured users via its X (formerly Twitter) support account that it was investigating the issue and working to resolve it. Furthermore, it ensured the safety of users’ funds.

Shortly after, Coinbase announced that it had fully recovered, thanking users for their patience and apologizing for the inconvenience.

Although the Coinbase Status website still shows a yellow alert for “degraded transactions” on the exchange’s mobile app and website, all other services including API, wallet and payments are functioning normally. Coinbase said it continues to investigate the cause of the morning outage.

Coinbase Recovers from Widespread Outage

During the platform outage, some users reported that the Coinbase app indicated “planned maintenance.” However, the company clarified that this was not the case, but rather an interruption. Some users also complained about the inability to sell their assets during the outage.

While traders were unable to sell assets in their Coinbase wallets, the company’s shares on the open market were trading lower, reaching $195.56 in pre-market trading, a 3% drop from its afternoon closing price. previous.

This is not the first time Coinbase has faced a significant outage. In February of this year, for example, during a period of volatility for Bitcoin, users saw their balances reset to zero. Coinbase CEO Brian Armstrong at the time attributed the outage to heavy traffic during a Bitcoin rally that saw the leading cryptocurrency’s price reach nearly $64,000. After that, the price of BTC fell to almost $60,000.

Today, the largest cryptocurrency on the market is priced at $61,960, with a daily drop of around 1%, according to data from CoinGecko.