Cryptocurrencies

Coinbase, the world’s second-largest exchange by trading volume, suffered a major outage

Coinbase, the world’s second-largest exchange by trading volume, suffered a major outage on May 14.

Coinbase announced a three-hour system-wide outage at 4:19 AM UTC. The exchange was eventually able to fully recover by 7:34 a.m. UTC, according to its status page.

The exchange in X said attack:

source: Coinbase

While the exact reason behind the outage remains unknown, Coinbase said it will continue to investigate the issue.

Coinbase is the world’s second-largest exchange, with $2.4 billion in 24-hour trading volume, compared to market leader Binance’s trading volume of more than $18.7 billion, according to CoinMarketCap data.

Coinbase, The World'S Second-Largest Exchange By Trading Volume, Suffered A Major Outage
source: CoinMarketCap

Related: WBTC thief returns $71 million worth of stolen funds

Withdrawals and transfers are still offline for some users

Although Coinbase’s systems have been announced to be fully functional, some users are still experiencing technical difficulties.

In response to Coinbase’s announcement, User Comment:

“This tweet is false because millions of people are still unable to withdraw or transfer their assets.”

Many other users have also reported that cryptocurrency transfers and cash withdrawals are still offline, with some users asking for X’s community feedback to verify the validity of Coinbase’s post about “fully recovering its systems.”

Coinbase’s status page also noted that it experienced “degraded transactions” on May 14, but said the incident had been resolved as of 4:19 a.m. UTC, along with the system-wide outage.

Centralized cryptocurrency exchanges like Coinbase and Binance are usually the first point of contact for regular users purchasing their first digital assets, as they offer a simpler user experience compared to decentralized exchanges (DEXs).

Hence, system outages and withdrawal issues on centralized exchanges can be particularly detrimental to mainstream confidence in the cryptocurrency industry.

DEX trading volumes are much lower compared to centralized exchanges. On Monday, DEX exchanges collected more than $585 million in global trading volume, only a small fraction of the $4.6 billion in trading volume raised by centralized exchanges, according to Kaiko Research.

Coinbase, The World'S Second-Largest Exchange By Trading Volume, Suffered A Major Outage
Source: Kaico Research

Related: Has the price of Bitcoin reached $56,000? BTC price chart indicates a breakout within days

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