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https://www.theverge.com/2022/5/12/23068996/coinbase-outage-withdrawal-cryptocurrency-bitcoin-price-crash
Coinbase experiencing major outage as crypto prices plummet
‘Your funds are safe, and we are actively working on the issue,’ the company said
By Russell Brandom
May 12, 2022, 2:18pm EDT
In communities on Reddit, users have reported rolling delays in withdrawals, leaving thousands of dollars hanging in the balance. More recently, another user reported that they were unable to access the app or website at all.
“Has the bear market crashed their servers?” the post reads. “Pretty frightening if someone wants to make a fast trade.”
The downtime comes amid a widespread crash in cryptocurrency prices, adding particular urgency to trades and withdrawals. Bitcoin has fallen to under $30,000, losing more than 25 percent of its value over the course of a month. As in any financial crash, the price drop has pushed many coin-holders to sell their assets and tested the underlying financial infrastructure of many institutions.
As a leading cryptocurrency exchange and wallet service, Coinbase has been hit particularly hard by the crash. The company reported a steep drop in revenue earlier this week, and its stock has shed more than half its value over the course of a week. Users were particularly shaken by a financial filing that suggested Coinbase account holders might be viewed as unsecured creditors in bankruptcy proceedings, seeming to suggest that they might lose money from their accounts if the company becomes insolvent. Coinbase CEO Brian Armstrong contested the claims, saying user funds were not in danger.
Coinbase experiencing major outage as crypto prices plummet
‘Your funds are safe, and we are actively working on the issue,’ the company said
By Russell Brandom
May 12, 2022, 2:18pm EDT
In communities on Reddit, users have reported rolling delays in withdrawals, leaving thousands of dollars hanging in the balance. More recently, another user reported that they were unable to access the app or website at all.
“Has the bear market crashed their servers?” the post reads. “Pretty frightening if someone wants to make a fast trade.”
The downtime comes amid a widespread crash in cryptocurrency prices, adding particular urgency to trades and withdrawals. Bitcoin has fallen to under $30,000, losing more than 25 percent of its value over the course of a month. As in any financial crash, the price drop has pushed many coin-holders to sell their assets and tested the underlying financial infrastructure of many institutions.
As a leading cryptocurrency exchange and wallet service, Coinbase has been hit particularly hard by the crash. The company reported a steep drop in revenue earlier this week, and its stock has shed more than half its value over the course of a week. Users were particularly shaken by a financial filing that suggested Coinbase account holders might be viewed as unsecured creditors in bankruptcy proceedings, seeming to suggest that they might lose money from their accounts if the company becomes insolvent. Coinbase CEO Brian Armstrong contested the claims, saying user funds were not in danger.
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