Cryptocurrency exchange Coinbase said in an X post it has restored some of its services following an outage that disrupted trading on its website and mobile app.
In an X post on May 14, the US-based crypto exchange Coinbase said it recovered “some services,” noting though that customers “may still be encountering connectivity problems.” The exchange’s update comes two hours after Coinbase initially reported a “system wide outage” and reassured customers of an active investigation into the matter.
We're seeing some services recover. We know customers may still be encountering connectivity problems and we appreciate your patience while we work to correct this. We're still monitoring this closely. https://t.co/AAzEMPaJGL
— Coinbase Support (@CoinbaseSupport) May 14, 2024
Coinbase allegedly first encountered the problem on May 13 at around 21:19 PDT. In a notification message on its status page, the exchange said some users “may experience failures when sending funds,” without elaborating on the matter.
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At the time of writing, Coinbase’s status page reads “This incident has been resolved,” although it’s unclear what was the reason for the two-hour “wide outage.” Centralized crypto exchanges usually go down due to a spike of volatility in the market or high blockchain network traffic.
As Bloomberg notes, Coinbase had previously encountered 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, the report reads.
The recent incident, however, appears to be related to a technical issue on the exchange’s back-end side as Bitcoin (BTC) and Ethereum (ETH) show barely any movements over the past 24 hours with +0.31% and -0.44% change respectively, according to CoinGecko.
Read more: Crypto hacks on Coinbase’s Base chain rose by 145% in April, data shows
