In a recent announcement, Coinbase, a prominent cryptocurrency exchange, revealed that it has partially restored its services after experiencing a significant outage that disrupted trading activities on its platform and mobile application.
The US-based exchange stated in a post on May 14 that it has recovered “some services,” cautioning customers that they may still encounter connectivity issues. This update from Coinbase came two hours after the initial report of a “system wide outage,” with the exchange assuring customers of an ongoing investigation into the issue.
The disruption reportedly began on May 13 around 21:19 PDT, with a notification on the exchange’s status page indicating that some users might face difficulties when sending funds, although no further details were provided.
Despite the outage, Coinbase’s status page now indicates that the incident has been resolved, though the exact cause of the two-hour disruption remains unclear. It is common for centralized cryptocurrency exchanges to experience downtime during periods of market volatility or high blockchain traffic.
According to reports, Coinbase had previously faced technical issues in March, leading to some users seeing a zero balance in their accounts. This incident coincided with a surge in Bitcoin prices shortly thereafter.
The recent outage, however, seems to be tied to a technical problem on Coinbase’s backend, as both Bitcoin (BTC) and Ethereum (ETH) have shown minimal movement over the past 24 hours. CoinGecko data indicates a modest increase of +0.31% for Bitcoin and a slight decrease of -0.44% for Ethereum during this period.
In related news, data shows that crypto hacks on Coinbase’s Base chain surged by 145% in April, highlighting the importance of security measures in the cryptocurrency space.