$104,136.00
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1.04%$1.17
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3.34%$6.08
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0.01%
U.S crypto exchange Coinbase has recovered from an hours-long "system wide outage" early Tuesday morning that began at 4:15 a.m. coordinated universal time.
The San Francisco-based exchange's support account on Twitter assured users that the company was "investigating this issue and woking on a solution," adding an assurance that users' funds were safe.
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
Not long after that, the exchange gave the all clear on Twitter. "Coinbase is now fully recovered," it wrote. "We appreciate your patience and apologize for the inconvenience."
It's worth noting that the Coinbase Status website still shows a yellow alert for "degraded transactions"—specifically for the exchange's mobile application and website. But the rest of Coinbase's services, including its API, wallet, and payments, are now fully operational.
The page still notes that Coinbase is investigating what might have caused the early morning outage.
Earlier this morning, during the outage, some users uploaded screenshots of the Coinbase app showing that the outage was being referred to as "planned maintenance." But all the messaging from the company itself suggests this was not a planned.
Others complained that the outage left them unable to sell any of their assets.
Ahhhh, the app is saying this is "planned maintenance." pic.twitter.com/U6bd0NtH2c
— Metaman (@FacebookZucks) May 14, 2024
Even though traders couldn't sell assets held in their Coinbase wallets, investors were selling the publicly traded company's shares. Around 12 p.m. Central European Time, the stock was changing hands for $195.56 in pre-market trading—down 3% from its Monday afternoon closing price.
The last time Coinbase had a widespread outage was in February, when users saw zeroed out account balances amid a particularly volatile period for Bitcoin.
Coinbase CEO Brian Armstrong tweeted at the time that the exchange was facing an influx of traffic amid Bitcoin's latest bull run, which saw the price of the leading cryptocurrency approach $64,000 before plunging to nearly $60,000 in a matter of minutes.
