Coinbase requires full recovery after a system-wide outage
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US crypto exchange Coinbase has been struggling with a “system-wide outage” since 12:15 a.m. earlier today, rendering its service inaccessible to users trying to use the platform on desktop or mobile.
The exchange regularly updates its official status page and social media channels to ensure users that their funds remain safe. In X's latest post, the exchange claims to have “fully recovered” from the incident.
Coinbase is now fully recovered. We appreciate your patience and apologize for the inconvenience.
— Coinbase Support (@CoinbaseSupport) May 14, 2024
Despite this, users are still reporting access issues to the Coinbase platform, with some asking X for community notes on the issue. Community notes on X allow contributors to provide context, fact-checking, and helpful information under posts, images, or videos with the goal of preventing misinformation by allowing users from different backgrounds to collaboratively contribute notes.
As a result of the outage, users trying to visit Coinbase's website received a “503 Service Temporarily Unavailable” error message, indicating that the servers were either under maintenance or overloaded.
The status page shows the process of solving the outage in different steps, starting from diagnosing the problem and monitoring the effectiveness of the applied fixes. Despite the challenges, Coinbase has maintained transparency regarding its troubleshooting process and reiterated that all user funds are safe.
At 4:16 AM ET, the status page stated that a fix had been applied and that results would be visible after the fix. After 42 minutes, the page stated that the Coinbase team is still investigating the issue “at this time”, that the applied fix did not work as planned.
This isn't the first time Coinbase has experienced an outage. In the year This happened again in the first week of March 2024 when Bitcoin reached the $67k level.
While the outage is frustrating for users, some in the crypto community see traffic congestion as a sign of a longer period of time, which will increase interest and activity in the cryptocurrency market.
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