Funny how every time an event happens where people would probably love to sell BTC and cash out these oh-so-great crypto marketplaces always have some issues why customers can't cash out on mass. It's so predictable at this point it's crazy how it's not criminally investigated yet.
Feel like a large portion of your responsibility as a financial institution should be reliability and uptime. This is just cartoonishly bad.
I got quite the fright thinking someone had cleared out my account.
I wondered why this story rapidly disappeared from the front page then I remembered Coinbase is a ycombinator company.
I never understood Coinbase but then I am also a dummy when it comes to crypto in general and never understood it. But coinbase, isn't it a centralized service that sort of defeats the purpose of crypto/bitcoin which is supposed to be decentralized ?
> getting all of the engineers and leadership online to figure out what is going on
We've seen nothing suggesting they've figured out what is going on.
I have no idea why people use Coinbase. They charge exorbitant fees and will lock your account at the drop of hat if you try to cash out.
Perhaps people should get off these me-too-coin casinos and just self-custody their bitcoin if they are serious about saving.
Not your keys...
Not the first time this has happened. 2022 during super bowl.
Seems like they have scaling issues....
Bitcoin is ripping upwards, this is just how Coinbase works.
yes. happening to me too!! they updated their website with the incident.
Crypto exchanges love having technical difficulties during sell-offs.
Bitcoin liquidated 8% in an hour. Likely someone closed a very large position. But the conspiracy theorist in me thinks that they shorted at the high stopped their users from selling. Now many users would panic sell their long positions after being down 5-8%. And coinbase closes its short position.
looks like they are back now.
the issue has been fixed
"Your assets are safe," generally the last thing you hear from these grifters before your assets disappear completely.
Coinbase has suspicious crypto hedging. As a market maker, during huge crypto moves, generally to the upside, they have "outages". Its not that much different than robinhood shutting off GME trading. Behind the scenes Robin Hood likely got caught levered on the wrong side
Bitcoin's price jumped past $60K today.
I'd imagine traffic to Coinbase's servers looks like this: