Coinbase, one of the most well-known cryptocurrency exchanges has successfully resumed operations after four long hours of system outages that felt like an eternity to users.
On May 14, Coinbase announced that it had suffered a major system outage that affected performance on both desktop and mobile devices.
In a post on
The outage began at approximately 4:15 a.m. UTC on Tuesday. However, after hours of locking out users, the company’s support team announced on X that services had been fully restored.
Coinbase has not yet disclosed the cause of the system outage
Initially, users trying to visit the Coinbase website on desktop and mobile devices were presented with an error message: “503 Service Temporarily Unavailable.”
Although the company informed users about the “system-wide outage,” details about the exact cause of the downtime were not provided.
The support team used X (formerly Twitter) to reach users report that the company had been unable to determine the exact cause of the outage, while assuring users that their funds were safe.
The lack of a definitive explanation for the downtime led to speculation that it could be due to server maintenance or system overload.
According to a developer guide from Mozilla, overloading is one of the most common causes of such disruptions, which may have contributed to Coinbase’s problems.
Despite bringing the service back online, Coinbase has not disclosed the specific cause of the outage, leaving users and industry watchers to speculate about the incident.
Not for the first time
The recent four-hour system outage at Coinbase is not an isolated incident. Earlier this year, Coinbase, along with other crypto exchanges, experienced temporary outages in February.
These outages were triggered by a sudden spike in cryptocurrency trading activity, caused by a rapid drop of almost 10% in the Bitcoin (BTC) price during a so-called flash crash, before recovering.
In March, Coinbase experienced a technical issue that prevented some users from accessing their accounts.
These temporary technical issues hindered users from utilizing the platform, resulting in some traders temporarily seeing zero balances on their Coinbase accounts.
While such outages are frustrating for crypto exchange users, they are not exclusive to centralized platforms.
For example, it was recently reported that Degen Chain, a decentralized finance (DeFi) protocol, suffered a system outage for over 12 hours.
This outage temporarily limited users’ access to other blockchain projects, including the bridges associated with the chain.
Last month, Shibarium, a layer-2 network developed for the Shiba Inu ecosystem, also experienced a system outage that affected SHIB’s performance.
Source: https://cryptobenelux.com/2024/05/15/coinbase-ervaart-vier-uur-durende-systeemuitval/
