Both desktop and mobile customers are unable to access Coinbase’s services due to a massive system-wide outage. Users attempting to access their accounts or complete transactions have expressed great dissatisfaction as a result of the disruption, which started on May 14 at 4:15 am UTC.
Currently, users who visit the Coinbase website are presented with the error message “503 Service Temporarily Unavailable.” As to a Mozilla developer handbook, this particular issue usually indicates that the servers are either experiencing maintenance or are experiencing significant traffic congestion. The magnitude and consequences of this disruption underscore the crucial reliance of customers on the operational stability of the exchange.
Coinbase’s Quick Reaction and User Comfort
Following the downtime, Coinbase Support contacted its customer base as soon as possible via the official X account. Coinbase posted on May 14 to let people know that they were aware of the outage and were actively attempting to identify and fix the problem. Even though consumers could not access the platform at the moment, the firm assured them that their cash were secure.
Coinbase is experiencing a system wide outage. We are investigating this issue and working on a solution. Please see https://t.co/a3pl4WiDhZ for updates. Your funds are safe.
— Coinbase Support (@CoinbaseSupport) May 14, 2024
This guarantee, which emphasised that the security of user assets was unaffected by the technological issues, was intended to allay fears and preserve confidence. During such disruptions, Coinbase’s prompt admission and openness about the situation are essential for controlling user expectations and preserving platform trust.
User annoyance reached a pinnacle in the meantime when news of large financial losses as a result of the outage surfaced. Approximately 50 market sell orders were executed over the course of four hours, with transactions ranging from 25 to 180 Bitcoins, according to an examination of the 1-second chart. One individual apparently lost over $1,500,000 as a result of slippage. The serious financial effects that technical malfunctions can have on active traders are highlighted by this incident, which makes it even more urgent for Coinbase to find a quick solution.
