Last updated on May 21st, 2024 at 06:07 pm
Coinbase experienced a significant setback earlier today, May 14, 2024, when it encountered a “system-wide outage” that made its services inaccessible to users on both desktop and mobile platforms.
However, as indicated on its status page, the crypto exchange’s website and other platforms, including mobile apps, are now fully operational. Notably, specific details about the cause of the outage were not disclosed.
The outage, deemed a “major outage” by Coinbase’s official status page, began at 4:15 am UTC. Visitors to the website got a “503 Service Temporarily Unavailable” error message, a common indicator of server downtime due to maintenance or overload, as per a website developer guide from Mozilla.
In response to the disruption, Coinbase Support’s official account on X announced that they were investigating the issue and actively working on a solution. The platform assured users that their funds remained secure despite the inconvenience they might be experiencing.
“Coinbase is experiencing a system wide outage. We are investigating this issue and working on a solution. Please see status.coinbase.com for updates. Your funds are safe”,
the platform noted.
This recent outage isn’t the first for Coinbase. On February 28, the exchange and several others experienced temporary outages due to a surge in crypto trading activity during a Bitcoin flash crash.
Citron, an investment research firm founded by well-known Wall Street short-seller Andrew Left, also recommended short-selling Coinbase (COIN) stock in response to the exchange’s temporary outage on February 28 at time.
“The recent $COIN site malfunction makes the long Bitcoin/Short Coinbase trade one of the most compelling trades in the crypto market,” Citron wrote on a February 29 post on social media, adding: “This means going LONG bitcoin through an ETF and short the bloated Coinbase exchange.”
However, the response to the recent outage has been less harsh. Crypto trader Castillo Trading humorously remarked to his 73,000 followers on X that the Coinbase outage is a reason for a somewhat ironic celebration.
“Coinbase down. We are so back,” Castillo Trading wrote in a May 14 post on X.
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