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Cryptocurrency exchange Coinbase experienced a comprehensive outage in the system, and while users reported difficulties accessing the platform, an investigation was launched into the issue.
Coinbase Experiences System-Wide Outage, Ensures Security of User Funds
In an announcement posted on X, Coinbase acknowledged the ongoing system-wide outage and reassured users that their funds remained safe despite technical difficulties.
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
The exchange confirmed that its team is actively working to address the issue and restore normal operations.
As a result of the outage, visitors attempting to access Coinbase's website are greeted with a “503 Service Temporarily Unavailable” warning, indicating disruptions in the platform's services.
This isn't the first time Coinbase has encountered technical difficulties. In March, the exchange experienced a temporary disruption that affected the trading platform during periods of high trading activity.
Users reported encountering issues such as incorrect account balance display, with some having their balance incorrectly listed as $0.
Despite the current outage, Coinbase emphasizes its commitment to protecting user assets and ensuring the integrity of its platform.
The exchange's rapid response and ongoing efforts to resolve the issue underscore its commitment to maintaining trust and credibility within the cryptocurrency community.
While Coinbase continues to investigate the root cause of the system-wide outage, it advised users to be patient and monitor official updates from the exchange regarding the status of their services.
*This is not investment advice.