On May 14, Coinbase experienced a system-wide outage, disrupting access to its services on desktop and mobile platforms.
There has been a “system-wide outage” at the cryptocurrency exchange Coinbase, which has rendered its services inaccessible to users who are attempting to access the cryptocurrency exchange on their mobile devices or desktop computers.
Coinbase Faces System Outage
A “major outage” started at 4:15 am UTC on May 14, according to the information that was shared on Coinbase’s official status page, which was used to notify customers of the failure.
Any attempt to access the website currently displays an error notice that reads “503 Service Temporarily Unavailable”. A developer guide on Mozilla suggests that the servers are either undergoing maintenance or experiencing an overload as the most common cause.
On May 14, the exchange Support official X informed X of the outage and stated that they were investigating the problem and working on a solution.
It reaffirmed that the funds owned by users are secure. The exchange along with a number of other exchanges, had intermittent outages on February 28.
A sudden increase in cryptocurrency trading activity during a Bitcoin flash crash caused these failures. This collapse caused the asset’s price to drop by approximately 10% before rising again.
Pundits on Crypto Twitter frequently utilizes outages as a way of spinning up a positive narrative, stating that the surges of traffic that create extended periods of downtime are ultimately beneficial for cryptocurrency.
This is despite the fact that outages are annoying for cryptocurrency exchange users. Castillo Trading, a cryptocurrency trader made the joke before his 73,000 followers on X, claiming that an outage at Coinbase was the reason for the joke.
“Coinbase is currently down. On May 14, he posted a message to X, stating, “We are back.”