The services of cryptocurrency exchange Coinbase have been restored after a “system-wide outage” of over three hours. The exchange confirmed that its functionalities are “now fully recovered.”
Coinbase is now fully recovered. We appreciate your patience and apologize for the inconvenience. https://t.co/AAzEMPaJGL
— Coinbase Support (@CoinbaseSupport) May 14, 2024
Withdrawal Issues Persist
However, many Coinbase users on social media are complaining of difficulties in fund withdrawals and transfers. Some even pointed out that crypto transfers and cash withdrawals remain offline.
We are sorry for the inconvenience, rocket. Our team is actively working towards a resolution. While we can't provide a specific timeline for the fix, we suggest that you keep checking your account for updates. 1/2^KZ https://t.co/lVqd7e12Qg
— Coinbase Support (@CoinbaseSupport) May 14, 2024
Although Coinbase did not specifically address the issues with the fund transfers and withdrawals, it labelled the ongoing situation as “degraded transactions” on its status page.
A 3 Hour Long Outage
As Finance Magnates reported earlier, the cryptocurrency exchange services were affected at 21:19 hours Pacific Daylight Time (PDT) on 13 May, with a complete outage. The latest update on the recovery of services came at 00:27 hours PDT on 14 May, making it an outage of more than three hours.
However, the exchange is yet to reveal the reason behind the abrupt “system-wide outage” that impacted its users on web and mobile devices. The crypto self-custody wallet service of the exchange was also affected.
“Coinbase is now fully recovered,” the service status page of the crypto exchange noted, labelling the outage as “resolved,” adding that “we appreciate your patience and apologise for the inconvenience.”
System-wide outages are rare but occur often. One of the reasons behind such outages is an overload on the servers of the crypto exchanges during an extremely volatile market. Coinbase itself suffered multiple outages in the past; some occurred during bull runs, while one resulted following its Super Bowl advertisement.
However, the latest outage did not occur due to volatility or a marketing campaign.
According to the updates provided by the exchange, the issue was identified at 23:40 hours PDT when it was “seeing some services recover.” However, it pointed out that “customers may still be encountering connectivity problems.”
This article was written by Arnab Shome at www.financemagnates.com.
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