Friday, April 12, 2024

Coinbase goes offline, and trading goes for a toss

On Wednesday, September 27, renowned crypto wallet Coinbase experienced an outage. This led to its many users being unable to trade crypto tokens such as Dogecoin, Bitcoin, and Shiba Inu. The problem surfaced on Wednesday afternoon, when several Coinbase customers reported that they couldn’t reach out to either Coinbase or Coinbase Pro, its pro-level service. Coinbase later sent an error message to customers experiencing issues, claiming that there were “connection issues”. However, users were reassured about the safety of their funds.

The outage reports were first submitted by several users on Downdetector around 3:00 p.m. ET. Following these reports, Coinbase released an official statement on Twitter confirming the outage, which also stated that the company was doing everything possible to rectify the issue. The statement also acknowledged that until the issue was fixed, customers may have to contend with delayed trades and transactions.

The outage lasted for around 90 minutes, following which Coinbase started functioning like normal. This isn’t the first time that Coinbase users have experienced an outage on the platform. The last time such an issue happened was in May, when the platform went offline after a huge traffic influx. The outage in May sent the price of Bitcoin crashing. In 2017, the company had suffered multiple outages due to a variety of technical issues.

Many Coinbase users blamed the skyrocketing investments in the meme crypto token Shiba Inu for the outage. However, Coinbase didn’t officially confirm or deny this. While 90 minutes may not seem like a long time, when it comes to crypto trading, it’s a long time where a lot of money can be potentially lost.

 

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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