- A system-wide outage on crypto exchange Coinbase affects both desktop and mobile users.
- The Chief Legal Officer of Coinbase files a lawsuit against the Chairman of the SEC for deceptive remarks about cryptocurrency legality.
Crypto exchange Users of both desktop and mobile platforms cannot presently access the Coinbase website or exchange platform. In an X post, the company said it was experiencing a “system-wide outage,” adding that the team was looking into the matter and stressing that funds were secure.
Coinbase is experiencing a system wide outage. We are investigating this issue and working on a solution. Please see https://t.co/a3pl4WiDhZ for updates. Your funds are safe.
— Coinbase Support (@CoinbaseSupport) May 14, 2024
Coinbase is experiencing a System-Wide Outage
According to the status page of the exchange, the outage seems to have begun at 4:15 am UTC on May 14. It further says that about an hour prior, some customers had begun to have issues withdrawing money or sending cryptocurrency over the platform.
The Coinbase website currently shows a warning saying “503 Service Temporarily Unavailable.” Those who depend on the site for their cryptocurrency transactions are quite concerned about this.
Unknown Reason of the Outage
The reason for the outage is not obvious. A few users claimed that upon trying to visit the site, they got a notice saying “planned maintenance is in progress”. Some said they couldn’t go on the Coinbase wallet site either.
Ahhhh, the app is saying this is "planned maintenance." pic.twitter.com/U6bd0NtH2c
— Metaman (@FacebookZucks) May 14, 2024
A Mozilla developer guide states that a server that is 503 Service Unavailable usually means that it is overburdened with activity or is down for maintenance. This implies that there could be an unanticipated spike in activity that the servers could not manage or planned maintenance as the cause of the problem.
Fresh Announcement from Coinbase
Coinbase most recently reported that certain services had recovered. The exchange thanks consumers for their patience as they try to fix connectivity problems and admits that some clients may still have them. They have an eye on things quite closely.
We're seeing some services recover. We know customers may still be encountering connectivity problems and we appreciate your patience while we work to correct this. We're still monitoring this closely. https://t.co/AAzEMPaJGL
— Coinbase Support (@CoinbaseSupport) May 14, 2024
On the other hand, as previously reported by ETHNews, the Chief Legal Officer of Coinbase had previously sued SEC Chairman Gensler, claiming that he had misled investors about the legitimacy of cryptocurrencies.