Coinbase, a cryptocurrency exchange, claimed a massive outage amid a crypto price crash. Users of the exchange complained about having trouble withdrawing their monies, causing a panic among investors. Coinbase stated that they were working on the problem and that all of its customers’ monies were safe. “We’re witnessing recovery after implementing a patch,” it wrote in a tweet, “but our staff are continuing to monitor the situation.” Reddit and other social media channels were swamped with questions about Coinbase’s outage. Coinbase Witnesses Major Outage Amidst Continued Crypto Bloodbath https://t.co/8wngnfPRLc — Asia Cryptos (@asia_cryptos) May 14, 2022 The primary source of concern was withdrawals, as large sums of money had been stuck in Coinbase consumers’ accounts for an extended period. However, other users have reported being unable to use the app or website. Amid a gloomy market, Coinbase users expressed concerns about the difficulties of making a “quick deal.” With Bitcoin’s value plummeting by nearly 25% and broader market volatility continuing, the necessity for rapid trades and withdrawals has never been greater. Coinbase Has Had Its Ups and Downs Lately Coinbase recently disclosed a $430 million net loss in the first quarter, owing to a drop in sales and active users. The decrease in income is directly related to a 19 percent drop in monthly users and a drop in trading volumes in the fourth quarter. Following th...
