Crypto exchange Coinbase experienced a major outage on Sunday, October 2nd. A problem with their clearing house network used for making electronic transfers was the issue. Coinbase’s web page did notify its users that there was an issue and labeled it a major outage. Coinbase also indicated on its Twitter account that it was a technical issue and they were working on identifying and resolving it. It was resolved before 1 PM.
During this time, users were able to still buy crypto using their debit cards or even via PayPal. They couldn’t withdraw funds to their bank accounts based in the US. Once the issue was resolved, the company issued an apology on its website and was sorry for the inconvenience caused to customers. It went on to reassure customers that their funds were safe during this period (not accounting for the volatile conditions of the crypto market).
Coinbase wasn’t the only crypto exchange facing problems. Per reports issued at the time of the outage, all coins supported by the platform were still tradable except for Solana. This coin was experiencing a performance issue due to an outage on Friday.
According to listings, Coinbase is the biggest exchange in the US. It is 7th in worldwide rankings based on trading volume. At the time of publishing this report, Coinbase had experienced trades to the tune of $572 million over 24 hours. Over 50% of the volume was in ETH and BTC trading. Solana trading was logged at 4% or close to $23 million. Besides publishing information on its site, Coinbase also tweeted its progress in resolving the outage issue.