Cryptocurrency

<p class="is-style-lead">Cryptocurrency exchange Coinbase said in an X post it has restored some of its services following an outage that disrupted trading on its website and mobile app.</p>
<p>In <a href="https://x.com/CoinbaseSupport/status/1790271420603252981" target="_blank" rel="noopener noreferrer nofollow">an X post</a> on May 14, the US-based crypto exchange Coinbase said it recovered “some services,” noting though that customers “may still be encountering connectivity problems.” The exchange’s update comes two hours after Coinbase initially reported a “system wide outage” and reassured customers of an active investigation into the matter.</p>
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   <p lang="en" dir="ltr">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. <a href="https://t.co/AAzEMPaJGL" target="_blank" rel="noopener noreferrer nofollow">https://t.co/AAzEMPaJGL</a></p>— Coinbase Support (@CoinbaseSupport) <a href="https://twitter.com/CoinbaseSupport/status/1790271420603252981?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">May 14, 2024</a>
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<p>Coinbase allegedly first encountered the problem on May 13 at around 21:19 PDT. In a notification message on its status page, the exchange said some users “may experience failures when sending funds,” without elaborating on the matter.</p>
<p>You might also like: <a href="https://crypto.news/blockfi-partners-with-coinbase-to-distribute-assets-recovered-from-ftx/" rel="noopener noreferrer nofollow"> BlockFi partners with Coinbase to distribute assets recovered from FTX </a></p>
<p>At the time of writing, Coinbase’s status page reads “This incident has been resolved,” although it’s unclear what was the reason for the two-hour “wide outage.” Centralized crypto exchanges usually go down due to a spike of volatility in the market or high blockchain network traffic.</p>
<p>As Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-05-14/coinbase-says-it-is-investigating-system-wide-outage-lw5xf888" target="_blank" rel="noopener noreferrer nofollow">notes</a>, Coinbase had previously encountered technical difficulties in March, resulting in some users’ accounts displaying a zero balance. This incident coincided with a Bitcoin rally to record levels shortly afterward, the report reads.</p>
<p>The recent incident, however, appears to be related to a technical issue on the exchange’s back-end side as Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) and Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>) show barely any movements over the past 24 hours with +0.31% and -0.44% change respectively, according to CoinGecko.</p>
<p>Read more: <a href="https://crypto.news/crypto-hacks-on-coinbases-base-chain-rose-by-145-in-april-data-shows/" rel="noopener noreferrer nofollow"> Crypto hacks on Coinbase’s Base chain rose by 145% in April, data shows </a></p>

Coinbase recovers services following two-hour system wide outage

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