Coinbase - America's largest crypto exchange - informed users on May 14 that it has resolved what it described earlier in the day as a system wide outage. The company investigated the matter and told users it was working on a solution, adding that users’ funds are safe. The outage had disrupted trading services on exchange’s website and mobile app.
Crypto prices had fallen during the period of the outage.
Earlier in March, Coinbase exchange had informed that some individual investors were getting zero balance display in their accounts - second such outage in less than a week. The company later said it issued “a fix which remediated the display issue impacting customer account balances and latency across Coinbase.com.”
Crypto exchanges often experience glitches during sharp moves in Bitcoin, the world’s largest cryptocurrency based on market value. A flood of traders tend to go onto such platforms to take part in the market action.
David Schwed, chief operating officer of Halborn, a blockchain security firm, had said in March that the Coinbase glitches show the crypto market’s infrastructure is still adapting to handle increasing demand and volumes.
Coinbase has reported $56 billion in trading volumes in the first quarter of 2024, a period when bitcoin reached record highs of close to $74,000.
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