Coinbase cryptocurrency exchange hit with “Major Outage”, US bank accounts clients affected

Coinbase cryptocurrency exchange hit with “Major Outage”, US bank accounts clients affected

 

In an official statement, Coinbase exchange said: “We are currently unable to take payments or make withdrawals involving U.S. bank accounts. Our team is aware of this issue and is working on getting everything back to normal as soon as possible.”

 

At 8:23 a.m. ET, the Cryptocurrency Exchange Platform issued another update saying that its engineers identified the transaction is bugs and that fixing was being currently implemented. The main cause of the transaction issue was a bug that has restricted U.S. bank accounts from making withdrawals, payments or purchases on the exchange platform.

 

Coinbase Exchange identified the issue as a problem with “ACH withdrawals, deposits, and buys failures.” ACH stands for Automated Clearing House Network, is an electronical system mainly used for transferring funds between bank accounts in the U.S.

 

 

The Crypto Exchange further clarified that the affected users in the U.S. can still use debit cards or PayPal to make direct cryptocurrency purchases during the outage. The Cryptocurrency Exchange firm described the technical issue as a ‘major outage.’ While all other coins/tokens supported on the exchange platform were still fully tradable, Solana (SOL) also witnessed poor performance because of its major outage incident that started Friday night and spilt onto a major part of Saturday.

 

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Coinbase Exchange later released an update that assured its account holders that their funds are safe and said it would issue further update when functionality starts again. At 11:30 a.m. EST on Sunday, the issue was still unresolved.

 

This is not the first incident facing the crypto exchange. In May, Coinbase exchange experienced fund withdrawal difficulties. Multiple users witnessed rolling delays in withdrawals, leaving thousands of dollars hanging in the balance while others could not access the neither the app nor website.

 

The Cryptocurrency Exchange platform confirmed the problem to avert heightening fears amid a widespread crash in cryptocurrency prices, adding urgency to trades and withdrawals. The drop in the values pushed many customers to sell their assets and tested the underlying financial infrastructure of several cryptocurrency firms.

 

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Another instance in June, a Cloudflare outage knocked down several major popular web services, including Cryptocurrency exchanges such as FTX, Bitfinex and OKX, raising questions about the security of centralized cryptocurrency platforms and services. Many services affected by the Cloudflare incident were back online within approx two hours.