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Coinbase Outage Resolved Partially: Withdrawals Still Unavailable

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Coinbase, one of the biggest crypto exchanges, recently had a problem, but it’s getting better.

Earlier today, the exchange had a three-hour break where users couldn’t get into their account.

The exchange announced that they’ve resolved the issue but there’s still a problem.

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Users complain about not being able to withdraw their money.

Notably, the reason for this outage has not been revealed yet.

Coinbase Suffers Major Three-Hour Break, Assures Investigation

Coinbase experienced a major outage on May 14th which caused speculation within the crypto space.

The exchange announced a system-wide outage that lasted for three hours, starting at 4:19 am UTC.

Coinbase managed to fully recover and restore services by 7:34 am UTC, according to its status page.

In an X post, Coinbase stated: “Coinbase is experiencing a major outage. We have now fully recovered from this outage.”

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Source: X Post

While the exact reason behind the outage remains unknown, Coinbase assured its users that it will continue investigating the issue to understand the root cause and prevent similar occurrences in the future.

In the X Post, the exchange stated “We are investigating this issue and working on a solution.”

Coinbase is among the biggest cryptocurrency exchanges where people trade a lot of money every day, about $2.4 billion worth, according to CoinMarketCap data.

But it’s not as big as Binance, another exchange, that trades a lot more, over $18.7 billion in the same time.

Major outages can have significant consequences for cryptocurrency exchanges, as they disrupt trading activities and potentially lead to losses for users.

Coinbase Back Online, But Users Still Struggle to Withdraw Funds

While they announced their systems were fully operational on May 14th after a three-hour outage, many users are still reporting problems. Social media isn’t painting a rosy picture.

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Source: X Post

A user named Rocket, commenting anonymously on the platform X, blasted Coinbase’s claim as “false,” stating that millions are still stuck and unable to move their crypto.

These frustrations appear widespread, with numerous users echoing the same issue.

Some are even calling for fact-checking of Coinbase’s recovery claims on X’s Community Notes feature.

Coinbase’s official status page acknowledges the issue, admitting to “degraded transactions” on May 14th.

However, they maintain that this problem has also been resolved as of 4:19 am UTC.

Platforms like Coinbase and Binance, are often the gateway for new users entering the crypto world due to their user-friendly interfaces compared to decentralized exchanges (DEXs).

However, outages and withdrawal issues on these centralized platforms can significantly erode trust in cryptocurrency as a whole among users.

 

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