Coinbase recently announced that it had resumed operations after facing a system-wide outage that impacted its website, mobile app, and API for over three hours. However, some customers of the popular crypto trading platform took to social media to dispute this claim, stating that they were still unable to withdraw their funds.
One such user, Nigel Dias, shared his experience of trying to send his cryptocurrency but receiving a message that stated, “Sending to this recipient is temporarily disabled.” This raises concerns among users who rely on Coinbase to manage their digital assets securely.
According to Coinbase’s status page, the incident began at 4:19 am UTC and was resolved by 07:42 am UTC. During this time, users faced issues with sending cryptocurrency or withdrawing fiat currency, with the platform marking its service as degraded. Although Coinbase assured customers that they were working to correct the connectivity problems, many were left frustrated by the lack of transparency regarding the outage.
This recent outage is not an isolated incident for Coinbase. The exchange has experienced multiple disruptions in recent months, with the status page revealing a total of 14 incidents in the current month, 29 in April, and 36 in March. The lack of reliability is concerning for users who depend on Coinbase for their trading activities.
Interestingly, the outage coincided with a drop in the price of Bitcoin, with the flagship digital asset falling from $62,660 to as low as $61,400. While the price has since recovered slightly to $61,780, the volatility in the market has led to the liquidation of around $50 million within a short period, primarily affecting long traders.
Despite the disruptions and financial losses incurred by users, Coinbase has not provided any explanation for the outage or outlined any compensation plans for affected customers. This lack of transparency only serves to increase frustration among users who are left in the dark about the reliability of the platform.
The recent outage experienced by Coinbase highlights the vulnerabilities of centralized exchanges and the importance of robust infrastructure to prevent such disruptions in the future. Customers need assurance that their funds are secure and accessible at all times, and it is up to platforms like Coinbase to prioritize transparency and communication in times of crisis.
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