Coinbase Outage Sparks User Concerns

America's biggest crypto exchange, Coinbase, was knocked off by what they referred to as a "system-wide outage" on May 14 that saw the platform go down from mobile phones and desktops for hours.

On Tuesday, at approximately 4:15 AM UTC, the Coinbase exchange went out of order. The team promptly reported that it was already working to identify and correct the issue. At that time, the website of the exchange was showing the following error when accessed: "503 Service Temporarily Unavailable".

As the investigation was ongoing, the users considered what had become of their funds. Even more interesting, the exchange warned users of possible transaction failures after it had said the issue was resolved.

Coinbase 'Resolves 'System Outage

Hours after the glitch, Coinbase reported that the "system-wide" outage had been resolved.

"Coinbase is now fully recovered. We appreciate your patience and apologize for the inconvenience," the exchange wrote on X. Yet for the alert to be relief to some confused users who had not been issued a detailed explanation on what had happened as of press time, it failed to inspire confidence among some of the X users.

In particular, a user by the name "rocket" tweeted in response to the Coinbase alert, calling the tweet "false".

"Can we get community notes here? This tweet is false; millions of people still cannot withdraw or transfer their assets," remarked the user. There were dozens more who reported that they could not send or withdraw their funds, so another alert was issued by Coinbase.

Were the Funds Secure During the Outage?

Although the many alerts sent by Coinbase since the start of the outage and after the alleged recovery insisted that user funds are safe, the exchange accepted that users may experience difficulties sending crypto or withdrawing fiat from its platform. "Some users may still be experiencing problems while sending crypto or withdrawing fiat.

We are investigating this issue, and we will update shortly. Rest assured, your funds are safe," said Coinbase. As per the last check, the exchange has issued another alert that it has ascertained what the issue is and is installing a fix. It seems by now that the users will be comforted to know that their funds are safe if regular transfers can be made without a hitch.