Coin Edition -
- Coinbase (NASDAQ:COIN) is experiencing a widespread system outage.
- The Coinbase team is investigating the issue and working on a solution.
- The crypto exchange assured users that their funds were safe.
Coinbase, the largest cryptocurrency exchange in the U.S., is experiencing a widespread system outage. A post from Coinbase Support on X in the early hours of Tuesday stated that the crypto exchange is investigating the issue and working on a solution. The team further assured users that their funds were safe while they worked to resolve the problem.
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
The outage interrupted trading activities on both the Coinbase website and app. As of the time of writing, attempting to access the crypto exchange’s website returned a 503 error message, showing the problem persisted.
Meanwhile, Coinbase users have expressed frustration over the issue, with some taking to the social media platform X to communicate their inability to carry out operations. A user responding to Coinbase’s post shared a screenshot of a message he received trying to access the Coinbase app. The message on the shared screenshot read – “Planned maintenance in progress.”
Apart from the initial message from the Coinbase Support team, the crypto exchange had yet to state the reason for the outage as of the time of filing this report. The crypto exchange’s position remained the same as its original message of investigating the situation.
Coinbase experienced a similar outage in March this year. However, the firm later found the reason behind the March incident was heavy trading activities on the platform.
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