Coinbase News – Coinbase Resumes Operations After Lengthy Outage Amid Customer Complaints

Coinbase News – Coinbase Resumes Operations After Lengthy Outage Amid Customer Complaints

Coinbase News – Coinbase has announced the resumption of operations following a system-wide outage that affected its website, mobile app, and API for over three hours. However, some customers took to social media to dispute this claim, stating they were still unable to withdraw their funds.

One user, Nigel Dias, reported that he tried to send his cryptocurrency but received a message stating, “Sending to this recipient is temporarily disabled.”

The incident, according to Coinbase’s status page, began around 4:19 am UTC and was resolved by 07:42 am UTC. Throughout the outage, the platform acknowledged that users experienced difficulties in sending crypto or withdrawing fiat, categorizing the service as degraded. They stated, “[Some] customers may still be encountering connectivity problems, and we appreciate your patience while we work to correct this. We’re still monitoring this closely.”

Coinbase has yet to disclose the reasons behind the outage or any compensation plans for affected users. This recent disruption adds to a string of incidents experienced by the exchange in recent months. According to their status page, the platform has reported 14 incidents this month alone, in addition to 29 in April and 36 in March.

The outage seems to have coincided with a drop in Bitcoin’s price, which fell to as low as $61,400 from $62,660. However, the price has since recovered slightly to $61,780 at the time of writing.

Data from Coinglass indicates that approximately $50 million in liquidations occurred during the past four hours, with most losses attributed to long traders. This price action continues the prevailing bearish sentiment in the market, with BTC’s price decreasing by approximately 3% over the past seven days, according to CryptoSlate’s data.