Home Coinbase sees global outage but says ‘funds are safe’

Coinbase sees global outage but says ‘funds are safe’

Coinbase, a popular cryptocurrency exchange, announced on Tuesday in an X post  it was facing a “system-wide outage.” The company is actively investigating the cause of the issue and reassured its customers that despite the outage no user funds were lost:

Your funds are safe.

At the time of the full outage, visitors attempting to access Coinbase’s website were greeted with a “503 Service Temporarily Unavailable” message, indicating that the platform is currently unavailable due to technical difficulties. Since then, Coinbase published a second announcement claiming that normal operations resumed:

Coinbase is now fully recovered. We appreciate your patience and apologize for the inconvenience.

Despite this announcement, the firm’s Coinbase Status incident tracking page seemingly suggests that not all issues were already resolved. The last update on the page reads:

Update – We are continuing to investigate this issue.

This is not the first time Coinbase has encountered technical issues. In March, the exchange experienced a temporary glitch during a period of high trading activity. Some users reported seeing their account balances incorrectly displayed as $0, causing momentary panic among the affected customers.

An influential exchange

Coinbase is the second-largest crypto exchange — preceded only by Binance — and listing a coin or token on the platform can significantly impact its performance. In fact, the crypto community refers as the “Coinbase effect” due to the sharp price increases often reported post-listing.

The sole existence of the Coinbase effect term is a testament to its frequency, many believe its significance is waning. Still, it may still be quite interesting for the average investor to consult our list of ten upcoming Coinbase listings. While price increases are far from guaranteed, listings are expected to improve asset liquidity and notability at least.

About ReadWrite’s Editorial Process

The ReadWrite Editorial policy involves closely monitoring the tech industry for major developments, new product launches, AI breakthroughs, video game releases and other newsworthy events. Editors assign relevant stories to staff writers or freelance contributors with expertise in each particular topic area. Before publication, articles go through a rigorous round of editing for accuracy, clarity, and to ensure adherence to ReadWrite's style guidelines.

Radek Zielinski
Tech Journalist

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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