Coinbase Investigates System-Wide Outage, Assures Users’ Funds Are Safe
Coinbase is currently grappling with a system-wide outage that has left users unable to access their accounts or conduct transactions.
The company has announced that it is actively investigating the issue and working on implementing a solution to restore full functionality to its platform.
Key points:
- Coinbase is experiencing a system-wide outage, affecting all users.
- The exchange is currently investigating the issue and working on a solution.
- Coinbase has assured users that their funds are safe despite the outage.
- The company’s website currently displays a “503 Service Temporarily Unavailable” alert.
- This is not the first time Coinbase has faced technical issues, with previous outages occurring in March and February 2024.
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In a tweet on X, Coinbase acknowledged the outage and stated that its team is diligently working to resolve the problem. The exchange also sought to dismiss any concerns users may have about the safety of their funds. They also added that, despite the technical issues, all user assets remain secure.
Coinbase website currently shows a 503 service temporarily unavailable
At present, Coinbase website displays a “503 Service Temporarily Unavailable” alert. This has left users unable to log in to their accounts, view their balances, or execute any trades.
The current outage is not the first time Coinbase has encountered technical difficulties. In March of this year, the exchange experienced a temporary glitch that caused problems for users during a period of heavy trading activity.
Also read: Crypto Funds See $130M Inflows, Ending 5-Week Outflow Streak
Some users reported seeing their account balances incorrectly displayed as $0, causing significant concern and confusion.
Prior to that, on February 28, 2024, Coinbase and several other exchanges faced temporary outages as a result of a sudden surge in crypto trading activity during a Bitcoin flash crash. The increased load on the platforms’ infrastructure led to disruptions in service.
