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Coinbase suffers a major outage, users unable to withdraw funds

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Coinbase suffers a major outage, users unable to withdraw funds 2

The outage of Coinbase’s crypto services amid the surging trade price of Bitcoin acted as a big fear among Coinbase users. 

Coinbase is a top-ranked crypto exchange that is mainly known for its highly compliant Crypto services. Despite being highly compliant with financial rules, this crypto exchange has been under huge legal hurdles. In mid-2023, the United States Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase over providing unregistered securities offerings & running an unregistered national securities exchange. 

This morning, Coinbase crypto exchange reported that their services paused, because the platform faced an unknown technical issue. 

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 three hours of investigation, the technical team successfully encountered & fixed the issue partially. 

Coinbase is now fully recovered. We appreciate your patience and apologize for the inconvenience. https://t.co/AAzEMPaJGL

— Coinbase Support (@CoinbaseSupport) May 14, 2024

Even at the time of writing this article, many Coinbase users reported on X (formerly Twitter) that they were unable to transfer their crypto assets. 

We are sorry for the inconvenience, rocket. Our team is actively working towards a resolution. While we can't provide a specific timeline for the fix, we suggest that you keep checking your account for updates. 1/2
^KZ https://t.co/lVqd7e12Qg

— Coinbase Support (@CoinbaseSupport) May 14, 2024

Many Crypto X users said that they’re failing to withdraw or transfer funds from the exchange. 

Coinbase (COIN) stock price action 

Following this news, the trade price of Coinbase (COIN) stock plummeted -3.51% but later recovered slightly. The current trade price of Coin stock is $199 which is only 0.7% down over the last 24 hours. 

Notably, the trade price of Coin stock has been 116% high over the last 6 months, despite the fact that the company is facing legal hurdles badly.

Nasdaq $Coin price pic.twitter.com/PwbTgZyEbl

— Bitcoinik (@Bitcoinikdotcom) May 14, 2024

Coinbase vs SEC 

The whole crypto sector is aware of the legal battle between the SEC body & Coinbase exchange. Despite the SEC’s legal action, Coinbase crypto exchange has provided full crypto services, while restricting some of its crypto services in particular US States.

Read also: Rain crypto exchange lost $14.1 million in a hacking incident 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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