Coinbase experiencing a system-wide outage since May 14th. Users can’t access accounts. The cause is unknown, but funds are safe. May be due to overload.
Coinbase, a prominent cryptocurrency exchange in the United States, is currently experiencing a “system-wide outage” that has prevented users from accessing its services on desktop or mobile devices.
The exchange issued an official status update on May 14, informing users of a “major outage” that commenced at 4:15 am UTC.
Subsequently, a “503 Service Temporarily Unavailable” error message is presented when an attempt is made to access the Coinbase website.
Coinbase is presently undergoing a system-wide disruption. An investigation is underway into this matter. “Your funds are secure,” reads the message on the status page.
Coinbase Might be Experiencing an Overload
As stated in a Mozilla developer guide, this error message frequently signifies that the servers are in the process of being maintained or are under excessive demand.
Coinbase Support acknowledged the issue and assured users they were actively investigating and developing a solution via social media.
This is not the initial occurrence of temporary disruptions at Coinbase.
Coinbase, like several other exchanges, encountered service interruptions on February 28 due to an upsurge in cryptocurrency trading activity.
Although users unquestionably find these outages frustrating, certain cryptocurrency community members exploit them to promote a bullish narrative, implying that the increased activity that precipitates the downtime will ultimately positively impact the market price.
While Coinbase has not disclosed the precise duration of the outage or the root cause, the organization is anticipated to furnish regular updates regarding its efforts to rectify the situation and reinstate complete functionality to its platform.
KBW Increases Coinbase Price Target to $230
Investment banking firm KBW lauded Coinbase for providing investors with a one-of-a-kind opportunity to capitalize on the crypto economy’s long-term growth potential.
In a research analysis, KBW increased its price target on Coinbase from $160 to $230, maintaining its market performance rating.
Coinbase, meanwhile, has encountered its fair share of regulatory issues.
Judge Katherine Polk Failla of the Southern District of New York US District Court ruled last month that the SEC may proceed with its lawsuit against Coinbase.
Before the judge’s ruling, Coinbase filed a motion to dismiss the SEC case, including allegations that the exchange functions as an unregistered broker, clearing agency, and securities exchange.
In her decision, Judge Failla affirmed that the SEC’s litigation against Coinbase was founded upon “plausible” grounds.
The court document stated, “The Court finds the SEC has adequately pleaded that Coinbase operates as an exchange, broker, and clearing agency in violation of federal securities laws, and engages in the unregistered offer and sale of securities through its Staking Program.”
Kathryn Haun, a former partner at Andreesen-Horowitz and former assistant U.S. attorney, has reportedly resigned from the board of Coinbase.