Coinbase Faces Outage, Users May See Inconsistency in Platform’s Functioning

According to the outage-related posts on X, Coinbase platform faced downtime around 10:00 AM IST on Tuesday. The exact time remains unclear.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 14 May 2024 13:52 IST

Coinbase Faces Outage, Users May See Inconsistency in Platform’s Functioning

Photo Credit: Unsplash

The X page of Coinbase Support is sharing updates on the situation

Highlights

Coinbase is touted among the biggest crypto exchanges in the world
Coinbase is presently down in the US as well as in the UK
Exact reason behind Coinbase’s outage remains unknown

The Coinbase crypto exchange platform is undergoing a system-wide outage. The development came to light on Tuesday, May 14 after users of the platform flooded X with complaints that the Coinbase site was not functioning. Soon after, a message was posted on the exchange noting that its systems are undergoing an outage and that an internal probe into the issue has been launched. As of now, the outage has not been resolved.

According to the outage-related posts on X, the issues on the Coinbase platform started around 10:00 AM IST on Tuesday. The exact time remains unclear.

These types of instances can be a scary moment for the members of the crypto community. The first of many fears is that of a potential hack attack. The concerns about the safety of their funds tends to create a tensed situation for the overall ecosystem.

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In its message being displayed on the platform, Coinbase has claimed that its users need not worry about their funds because of this outage.

“Coinbase experiencing a system wide outage. We are investigating this issue. Your funds are safe,” the exchange has said in its message.

The notification was also shared by the official Coinbase Support handle on X, which has over 71 thousand followers.

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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

After conducting preliminary investigation into the matter, the Coinbase Support page informed its followers that some services are being recovered but customers may still encounter connectivity problems.

“We appreciate your patience while we work to correct this. We're still monitoring this closely,” Coinbase Support noted.

We're seeing some services recover. We know customers may still be encountering connectivity problems and we appreciate your patience while we work to correct this. We're still monitoring this closely. https://t.co/AAzEMPaJGL
— Coinbase Support (@CoinbaseSupport) May 14, 2024

As per user complaints, the issue on Coinbase is being observed in the US and the UK. Commenting on the situation, many have called the exchange out for regularly facing outages.

Coinbase is a $50 billion dollar company but their website goes down once a month pic.twitter.com/EbgcqwlzTr
— borovik (@3orovik) May 14, 2024

⁦@brian_armstrong⁩ and ⁦@coinbase⁩ everytime Bitcoiners start buying in bulk.#CoinbaseDown #Coinbase #Bitcoin pic.twitter.com/zNvWcdUdFj
— :zap:️Solo Satoshi:zap:️ (@SoloSatoshi) May 14, 2024

Coinbase is down.

Again. pic.twitter.com/uTS4GBJDCG
— Dogecow (@DanKananen) May 13, 2024

As of now, the reason why Coinbase experienced this downtime remains unknown.

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Further reading: Cryptocurrency, Coinbase, Crypto Exchange

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More