The Coinbase crypto exchange platform is undergoing a system-wide outage. The development came to light on Tuesday, May 14 after users of the platform flooded X with complaints that the Coinbase site was not functioning. Soon after, a message was posted on the exchange noting that its systems are undergoing an outage and that an internal probe into the issue has been launched. As of now, the outage has not been resolved.
According to the outage-related posts on X, the issues on the Coinbase platform started around 10:00 AM IST on Tuesday. The exact time remains unclear.
These types of instances can be a scary moment for the members of the crypto community. The first of many fears is that of a potential hack attack. The concerns about the safety of their funds tends to create a tensed situation for the overall ecosystem.
In its message being displayed on the platform, Coinbase has claimed that its users need not worry about their funds because of this outage.
“Coinbase experiencing a system wide outage. We are investigating this issue. Your funds are safe,” the exchange has said in its message.
The notification was also shared by the official Coinbase Support handle on X, which has over 71 thousand followers.
Coinbase is experiencing a system wide outage. We are investigating this issue and working on a solution. Please see https://t.co/a3pl4WiDhZ for updates. Your funds are safe.
— Coinbase Support (@CoinbaseSupport) May 14, 2024
After conducting preliminary investigation into the matter, the Coinbase Support page informed its followers that some services are being recovered but customers may still encounter connectivity problems.
“We appreciate your patience while we work to correct this. We’re still monitoring this closely,” Coinbase Support noted.
We’re seeing some services recover. We know customers may still be encountering connectivity problems and we appreciate your patience while we work to correct this. We’re still monitoring this closely. https://t.co/AAzEMPaJGL
— Coinbase Support (@CoinbaseSupport) May 14, 2024
As per user complaints, the issue on Coinbase is being observed in the US and the UK. Commenting on the situation, many have called the exchange out for regularly facing outages.
As of now, the reason why Coinbase experienced this downtime remains unknown.
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