Coinbase suffers major outage as cryptocurrency prices drop

Coinbase users have reported difficulty withdrawing funds, adding to concerns amid a widespread crash in cryptocurrency prices.

The company confirmed the issues in a tweet Thursday. “We are aware that some customers are experiencing issues trading and accessing accounts on Coinbase and Coinbase Pro,” the company said. “Your money is safe, and we are actively working on this issue. We will provide an update here soon.”

Shortly thereafter, the company indicated that the situation may be under resolution: “We are seeing a recovery following the implementation of the fix, but our teams continue to monitor the situation.”

In communities on Reddit, users have reported Rolling delays in withdrawals, leaving thousands of dollars hanging in the balance. Recently, another user reported that they could not access the app or website at all.

Did the bear market crash their servers? read another. “Very scary if someone wants to make a quick trade.”

The pause comes amid a widespread crash in cryptocurrency prices, adding to the urgency of trades and withdrawals. Bitcoin dropped below $30,000 and lost more than 25 percent of its value over the course of the month. As in any financial meltdown, the price drop has prompted many currency holders to sell their assets and test the basic financial infrastructure of many institutions.

As a leading cryptocurrency exchange and wallet service company, Coinbase has been hit hard by the crash. company You mentioned a sharp drop in revenue Earlier this week, its stock lost more than half its value over the course of a week. Users are especially shaken Through a financial deposit That Coinbase account holders may be seen as unsecured creditors in bankruptcy proceedings, seemingly implying that they could lose money from their accounts if the company becomes insolvent. Coinbase CEO Brian Armstrong Dispute claimssaying that users’ money was not at risk.

Coinbase did not immediately respond to a request for comment.