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Coinbase, a major player in the crypto exchange market, is currently offline, dealing with a significant system-wide outage.
This disruption has locked many users out of their accounts at a time when Bitcoin is witnessing notable price movements, intensifying user concerns.
Coinbase Website and Mobile App Experiences Major Outage
Currently, the Coinbase website displays a “503 Service Temporarily Unavailable” error, signaling severe service interruptions. The company has recognized the issue, announcing on its X account that it is “investigating this issue and working on a solution.”
Historically, Coinbase has faced similar challenges. Hence, its users are frustrated with the experience.
“Coinbase is a $50 billion dollar company but their website goes down once a month,” Borovik wrote on X.
Read more: Coinbase Review 2024: The Best Crypto Exchange for Beginners?
In March, as Bitcoin approached record highs, some Coinbase users saw their account balances erroneously reported as zero due to a display glitch. Affecting only a small group, this incident stirred substantial alarm among affected users.
A Coinbase spokesperson later assured that the issue was limited to display errors, confirming that all assets were secure and that the problem had been quickly resolved.
Furthermore, another outage occurred in February when Bitcoin exceeded the $60,000 mark. This incident, caused by a surge in traffic, left many users facing errors while trying to execute transactions.
Reports of zero balances added to the turmoil. The Coinbase team quickly addressed these concerns, reassuring users about the safety of their assets and promising swift action.
These repeated disruptions highlight concerns about Coinbase’s capacity to manage sudden increases in demand. Such outages hinder trading activities and also impact trader confidence in the platform’s reliability.