- Coinbase is currently down.
- There’s no word yet as to what’s going on with the cryptocurrency exchange.
- The company assures that the funds of its users are safe.
- Its team is already investigating and fixing the problem.
What is Happening with Coinbase?
Coinbase, one of the top cryptocurrency exchanges in the world, is currently experiencing a major hiccup in its network. There are no reports as to what is really happening within its system yet but the crash is now under investigation according to its website and official posts on X.
Upon checking the company’s feeds on its X social media account, we have seen some complaints from users about their balances dropping to zero. Others were having issues with their transactions, too.
This comes amid the three-year high of Bitcoin at $63,000, which hadn’t been experienced since November 2021—the same month and year it went to an all-time high.
The Coinbase team assured customers that the incident is presently being investigated as of 9:40 AM PST.
“Investigating – We are aware that some users may see a zero balance across their Coinbase accounts and may experience errors in buying or selling. Our team is investigating this issue and will provide an update shortly. Your assets are safe,” said Coinbase Support on X and the Coinbase Status page.
Just an hour before that, the firm led by CEO Brian Armstrong also exhibited some glitches as users bought or sold Ethereum. Unfortunately, this is happening as ETH is coincidentally at its two-year high of $3,300, which was a range it lost in April 2022.
Again, Coinbase guarantees that the funds of its users are safe and they are probing the matter.
“Investigating – We are aware that some users may be experiencing delayed sends/receives for assets on the Ethereum network (ERC-20s). While we work on a fix, your funds remain secure,” it stated.
As of this writing, at around 15 minutes past the last incident, we are still waiting for the result of the investigation and other related developments.
Nonetheless, this is fueling a lot of speculation and FUD in the market right now as two of the largest cryptocurrencies in the world are trading at their multi-year peaks. How this will affect the market in the next few hours remains to be seen.
Update from CEO
Armstrong just addressed the matter but still hasn’t provided any particular explanation of the problem. However, he commented that their network is “dealing with a LARGE surge of traffic.”
Considering that there was an emphasis on the word “large” in his post, it’s bound to be serious.
Likewise, he apologized for the inconvenience it is causing their users and reiterated that they are “working to remediate” the issue.