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Coinbase Faces Massive Outage of its Services
05/14/2024

Coinbase Faces Massive Outage of its Services

05/14/2024
4,5

Coinbase users could not access the exchange's website and other services due to an outage. Prior to that, the exchange faced massive sell-offs, which led to Bitcoin's slippage.

On its social networks, representatives of the Coinbase exchange announced a system-wide failure, causing users to be unable to access any of the platform's services. Users were greeted with the inscription "503 Service Temporarily Unavailable" when trying to access the site.

In a short statement, the Coinbase team said it had launched an investigation into the incident and also assured that all user funds were safe. A few hours later, access to the site and services was restored. The reasons for the failure are not reported. 

Some experts suggested that the failure could be due to overloading. A while before the failure, the exchange saw a massive sell-off, which led to a sharp drop in the price of Bitcoin by $1,000. 

In March, the exchange faced a similar problem. Back then, the system failure was also caused by intense trading activity. 

Despite the quick solution to the problem, users were not shy to speak negatively about Coinbase. 


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