Coinbase Outage: Crypto Exchange Platform Inaccessible for Hours—Is It Back Online?

Traders and users were met with frustration as they try to access their Coinbase wallets and the entire platform as it experienced an outage earlier this Sunday, and people were unable to do anything during this issue. The company addressed this issue as a "major outage" and people were unable to withdraw funds from their cryptocurrencies to US bank accounts.

Coinbase Outage: What Happened?

Coinbase confirmed earlier that the company faced an outage on its Automatic Clearing House (ACH) network which caused several features to be inaccessible for users early Sunday. The company claimed that funds are safe and it is not a breach within its systems, merely something which affected its networks in this "major outage."

People were still able to access paying cryptocurrency using their wallets with debit cards, but users reported that they were unable to access their funds for withdrawal to their respective US bank accounts.

Users were not able to transfer the funds to their intended recipients or their accounts, and this ensued for more than 6 hours earlier today.

Is Coinbase Now Accessible?

The company announced via Twitter that there are no more issues present with its transfers, three hours after the outage confirmation.

Coinbase's status website already claims that its platform is accessible and systems are in green, and the previous issue that it faced is no longer a problem for its platform. The outage sure affected many individuals trying to access their platform for different transactions and getting funds to their accounts, something which was not accessible earlier.

Coinbase's Crypto Platform

Coinbase was one of the most anticipated cryptocurrency platforms to arrive in the public, especially as it had a massive IPO and serious investors when the company was still forming its wallet. The company first made its public outing in 2021, back when Bitcoin is at a massive high with as much as $63,000 for its valuation in the market.

The platform was massive as it held $14 billion in stock purchases from different investors without going public yet, and it is a significant one in the industry as it was renowned before it became available. The rise of cryptocurrency during its public outing became a massive driver for Coinbase, as it was met with many hopefuls in the industry.

Now, it lost a massive chunk of its IPO and the company is already struggling to maintain its threshold, particularly with its series of employment changes.

The recent down on Coinbase's platform surely enraged many customers and users who aim to get their money from digital holdings but were unable to do so after the issue. The company already confirmed that their services are available for users to access again, now resolved for everyone's needs.

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Written by Isaiah Richard