Coinbase Faces Massive Outage of its Services
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.
Coinbase is experiencing a system wide outage. We are investigating this issue and working on a solution. Please see https://t.co/a3pl4WiDhZ for updates. Your funds are safe.
— Coinbase Support (@CoinbaseSupport) May 14, 2024
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.
Coinbase is now fully recovered. We appreciate your patience and apologize for the inconvenience. https://t.co/AAzEMPaJGL
— Coinbase Support (@CoinbaseSupport) May 14, 2024
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.
