Cryptocurrency exchange Coinbase has announced the restoration of some of its services following an outage that disrupted trading on its website and mobile app.
In a post on X platform on May 14, the US-based crypto exchange Coinbase stated that it has recovered “some services,” while acknowledging that customers “may still encounter connectivity issues.” This update comes two hours after Coinbase initially reported a “system-wide outage” and assured customers of an ongoing investigation into the matter.
Reportedly, Coinbase first encountered the issue on May 13 around 21:19 PDT. In a notification message on its status page, the exchange mentioned that some users “may experience failures when sending funds,” although further details were not provided.
At present, Coinbase’s status page indicates that “This incident has been resolved,” although the reason for the two-hour “wide outage” remains unclear. Typically, centralized crypto exchanges experience downtime due to market volatility spikes or high blockchain network traffic.
As reported by Bloomberg, Coinbase faced technical difficulties in March, resulting in some users’ accounts displaying a zero balance. This incident coincided with a Bitcoin rally to record levels shortly afterward.
However, the recent incident appears to be related to a technical issue on the exchange’s backend, as Bitcoin (BTC) and Ethereum (ETH) have shown minimal movements over the past 24 hours, with a change of +0.31% and -0.44% respectively, according to CoinGecko.
Summary Review: Coinbase’s swift restoration of services following a two-hour system-wide outage highlights the importance of prompt response and communication in the cryptocurrency exchange industry. While the specific cause of the outage remains undisclosed, Coinbase’s commitment to resolving the issue and keeping customers informed is commendable. The incident serves as a reminder of the inherent technical challenges faced by centralized exchanges, especially during periods of heightened market activity or network congestion. Moving forward, continuous monitoring and improvement of backend infrastructure will be essential for exchanges like Coinbase to maintain operational reliability and ensure a seamless trading experience for users.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
