Coinbase suffers system-wide outage, funds safe
- Coinbase's system outage began at 4:15 am UTC, May 14.
- Users saw a "503 Service Temporarily Unavailable" error.
- Coinbase has faced multiple outages in 2024.
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U.S. crypto exchange Coinbase experienced a system-wide outage early on May 14, preventing customers from accessing its services on both desktop and mobile platforms. The company confirmed the disruption on its official status page, declaring that the “major outage” commenced at 4:15 am UTC.
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Visitors to the Coinbase website encountered a “503 Service Temporarily Unavailable” error, indicating potential server maintenance or overload issues.
Coinbase Support took to social media on May 14, reassuring users that they were addressing the problem and that all funds were safe.
A history of outages
Copy link to sectionThis incident follows a series of disruptions experienced by Coinbase.
On Feb. 28, a sudden increase in crypto trading volume linked to a Bitcoin price fluctuation led to temporary service interruptions. Notably, the price of Bitcoin plummeted nearly 10% before recovering sharply, impacting Coinbase and other exchanges.
Another notable disruption occurred on March 4, marking the second outage within a week. The exchange reported increased latency on its website, with some users observing intermittent zero balances. February’s service issues similarly showed temporary zero balances and transaction errors.
Over the years, Coinbase has faced criticism for technical issues during periods of intense trading activity and high user demand.
Community responds
Copy link to sectionPublic response to the latest outage has been mixed. While some users speculated on social media that the disruption might have been planned maintenance, others sought clarity from Coinbase on the nature of the incident.
Despite the challenges, some crypto enthusiasts view such outages as positive indicators of growing interest and activity in the crypto space.
Crypto trader Castillo Trading considered this a bullish scenario, indicating that such incidents might signal strong market engagement.
“Coinbase down. We are so back,” he wrote on X.
Meanwhile, Coinbase is amidst a legal tussle with the U.S. Securities and Exchange Commission in the back drop of these technical hiccups. The SEC has charged Coinbase with operating as an unregistered securities exchange, broker, and clearing agency since at least 2019.
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