Coinbase users report withdrawal issues despite official ‘resolved’ status Coinbase users report withdrawal issues despite official ‘resolved’ status
Bitcoin's price dropped to as low as $61,400 following the incident.
1 min read
Updated: May. 14, 2024 at 10:21 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Coinbase said it resumed operations after a system-wide outage that impacted its website, mobile, and API for over three hours.
However, several customers of the crypto trading platform on social media claimed this was false as they could still not withdraw their funds.
One X user, Nigel Dias, revealed that he attempted to send his crypto but was met with a prompt that read, ” Sending to this recipient is temporarily disabled.”
Coinbase outage
According to the status page, the incident began around 4:19 am UTC and was resolved by 07:42 am UTC.
During the incident, the crypto trading platform stated that its users experienced failures in sending crypto or withdrawing fiat, marking the service as degraded. It added:
“[Some] customers may still be encountering connectivity problems and we appreciate your patience while we work to correct this. We’re still monitoring this closely.”
Meanwhile, Coinbase has yet to disclose the reasons for this outage or any compensation plan for users impacted by its issues.
The recent outage marks another in a series of disruptions experienced by the exchange in recent months. According to its status page, the platform has logged 14 incidents this month alone, in addition to the 29 incidents in April and 36 in March.
Bitcoin price reacts
Coinbase’s outage issue appears to have aligned with Bitcoin’s price dropping to as low as $61,400 from $62,660.
However, the flagship digital asset price has slightly recovered to $61,780 as of press time.
Coinglass data showed that the price action resulted in the liquidation of approximately $50 million during the past four hours, with most losses coming from long traders.
This price performance continued the current bearish sentiments pervading the market, which has seen BTC’s price drop by approximately 3% over the past seven days, according to CryptoSlate’s data.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Brian Armstrong, co-founder and CEO of Coinbase, stands at the forefront of the digital currency revolution.