Coinbase restores operations after experiencing a two-hour system-wide shutdown.
Coinbase, a popular cryptocurrency exchange based in the US, has announced that it has restored some of its services after experiencing an outage that disrupted trading on its website and mobile app.
In a recent post on May 14, Coinbase stated that it has recovered “some services,” although it warned customers that they may still encounter connectivity issues. This update comes two hours after Coinbase initially reported a “system wide outage” and assured customers that an investigation was underway.
The problem was allegedly first encountered by Coinbase on May 13 at around 21:19 PDT. The exchange notified users through its status page that some may experience failures when sending funds, but did not provide further details.
As of now, Coinbase’s status page indicates that the incident has been resolved, although the exact cause of the two-hour outage remains unclear. Typically, centralized cryptocurrency exchanges experience downtime due to increased market volatility or high traffic on the blockchain network.
According to Bloomberg, Coinbase had previously faced technical difficulties in March, which resulted in some users seeing a zero balance in their accounts. This incident coincided with a surge in the price of Bitcoin, reaching record levels shortly after.
However, the recent outage appears to be unrelated to market movements, as both Bitcoin (BTC) and Ethereum (ETH) have shown minimal changes in the past 24 hours, with a 0.31% increase and a 0.44% decrease respectively, according to CoinGecko.
In other news, data shows that crypto hacks on Coinbase’s Base chain rose by 145% in April.
