Coinbase crypto wallet goes offline, preventing customers from trading

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Users started submitting outage reports on Coinbase just after 3:00 p.m. ET, according to internet activity tracking service Downdetector. Coinbase confirmed the outage on Twitter, saying it is “everyone on the bridge to resolve this issue as quickly as possible,” while acknowledging that transactions and customer transactions can be delayed. Customers who visited the site in the afternoon reported that they could not access Coinbase and its business-level service Coinbase Pro online. An error message blamed “connection issues” and reassured users that their funds were safe.

After about 90 minutes, the blackout appeared to start to dissipate.

Coinbase was previously offline in May amid a huge influx of traffic, contributing to the fall in Bitcoin prices. The company also suffered frequent outages in 2017 due to technical issues.

The latest outage comes as the Shiba Inu coin hit a record high of $ 0.00005478 on Wednesday, up 777% in the past 30 days. Twitter users blamed the booming dog-themed cryptocurrency market for the Coinbase outage, although Coinbase gave no reason.

The impact on traders can be significant when their brokerage houses or crypto wallets are offline. In May 2020, Robinhood online brokerage suffered a two-day outage, causing some clients to lose money, including one who said he lost $ 52,000 after being unable to trade on one of the trading days. the most volatile of the year. The clients demanded that Robinhood indemnify them and filed a class action lawsuit against the company. The financial industry’s self-regulatory body, the Financial Industry Regulatory Authority, fined Robinhood $ 70 million for past outages and other violations.

This story was originally featured on Fortune.com

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