The US-listed cryptocurrency exchange Coinbase experienced a system outage this morning amid a sharp drop in Bitcoin prices after touching $64,000. Some users were unable to access their accounts, and there were even reports of accounts being emptied.
Bitcoin plummeted, dropping 8% to below $59,000, resulting in over $700 million in liquidated positions for 180,000 people within the past 24 hours.
Under such volatile conditions, it appears that Coinbase was unable to handle the surge in trading volume, leading to a system outage. Users in the community reported being unable to access the platform, and some even experienced their account balances being reduced to zero.
Coinbase confirmed the outage earlier around 2:00 AM, stating that they were working to resolve the issue as quickly as possible. CEO Brian Armstrong later announced at around 4:00 AM that the apps had been restored.
Coinbase issued another update around 8:00 AM, stating that all services had been restored. However, they acknowledged that a few customers still had inaccurate balances on their accounts and that they were working to resolve the issue.
The system outage and the occurrence of account balances being reduced to zero during such a significant fluctuation in Bitcoin prices have sparked dissatisfaction among investors, with some expressing their intention to leave Coinbase on social media.
As for the number of affected users, potential asset losses, and whether Coinbase will compensate users for their losses, the company has yet to provide further responses.
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