Coinbase, through its official channels, acknowledged the system failure. On the morning of May 14, when entering the exchange website, users were greeted with a notification about the unavailability of Internet services and a warning “503 Service Temporarily Unavailable.”
As a rule, such a notification appears on websites when servers are overloaded or maintenance is being carried out. However, the site did not report any maintenance, which caused dissatisfaction among active traders due to the inability to access their accounts and financial losses.
For example, active market orders placed to sell digital assets prior to an outage and executed during an exchange service outage could potentially result in missed opportunities for traders and unfavorable trading prices due to slippage.
Coinbase Team reportedthat the operation of the cryptocurrency exchange has now been restored to normal, and the funds of its clients are completely safe. However, some of Coinbase's clients reportthat they cannot yet log into their accounts.
It is noteworthy that the problems of the largest American crypto exchange immediately affected the price of Bitcoin – it immediately fell by more than $1,000.
Source: Bits
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