This Sunday, Coinbase experienced a major outage. Users were unable to withdraw funds from a US bank account.
IT services have become an integral part of our lives today. Whether it’s a single locally installed application or a website with millions of visits every day, each has a different level of criticality. Financial applications, banking, for example, “have no right”to be disconnected. The consequences could be catastrophic. This is what unfortunately happened to Coinbase yesterday.
This Sunday, Coinbase experienced a major outage
Coinbase users were unable to withdraw funds from U.S. bank accounts for about six hours on Sunday. The problem with the network of automated clearing houses, which is used for electronic transfers between bank accounts across the country, arose just after 13:00 (French time). The company then explained on its status page that it identified the issue, described it as a “serious breakdown”at 2:23 pm, and fixed it at 6:41 pm.
As Decrypt explained, at the time of the outage, users were still able to purchase cryptocurrency with a debit card or PayPal account. However, they could not withdraw money from a US bank account.
Users were unable to withdraw funds from a US bank account
“We have completely resolved the issue and ACH transfers are now working. We apologize for any inconvenience caused,” Coinbase wrote on Twitter. The company also clarified that user funds remained completely safe during this shutdown (at least if you do not take into account the volatility of the crypto market).
As noted by Web3 is Going Great, Coinbase is the largest crypto exchange in the US. According to CoinCecko, it is ranked seventh in the world in terms of trading volume. At the time of this writing, Coinbase users have sold at least $572 million in the last 24 hours.
We have fully resolved this issue and ACH transfers are now being processed. We apologize for the inconvenience caused. https://t.co/dezVgcaagm
— Coinbase Support (@CoinbaseSupport) October 2, 2022