Coinbase Suffers Huge Outage For Customers With US Bank Accounts

It seems that the major crypto exchange Coinbase ran into some issues last week when customers with US bank accounts were unable to complete transactions on Sunday.

The issue prevented the exchange from taking any payments or doing any withdrawals if a US bank account was used by the account.

The company immediately provided a status update on the issue and shared that they were already working on getting it fixed as soon as possible.

With that being said, the incident had caused some concerns for a good amount of customers, especially for the ones that hold a significant amount of crypto on their Coinbase accounts.

We're currently experiencing technical issues creating ACH transfers. Rest assured, your funds are safe. Our team will provide an update here and on our Status Page when full functionality resumes: https://t.co/a3pl4WiDhZ

— Coinbase Support (@CoinbaseSupport) October 2, 2022

DeCrypto.co reports:

The company said it’s readying a fix, and identified the issue as a problem with “ACH withdrawals, deposits, and buys failures.” ACH, or the Automated Clearing House Network, is a system used for transferring funds electronically in the U.S. between bank accounts.

Affected users on the platform are still able to make direct purchases using a debit card or PayPal account, the company clarified.

Coinbase’s support page classified the issue with U.S. bank accounts as a “Major Outage.”

Every coin supported on the platform was still fully tradable except for Solana, which was experiencing “Degraded Performance” due to its own outage Friday night.

The status updates were already shared on Twitter to allow customers to understand what was going on last Sunday.

Essentially, Coinbase assured the customers that their accounts and their assets were still safe as that was the most pressing concern.

Following that statement, the company provided some estimation on when they thought the issue would be resolved.

It seems that the incident has not really affected the exchange trading volume as Coinbase has recorded around $569 million worth of trading volume in the past 24 hours.

Most of the volume comes from major digital assets such as Bitcoin and ETH and the exchange is one of the primary ones for the US.

Engadget:"Coinbase users were unable to withdraw funds to US bank accounts for six hours"

Coinbase users were unable to carry out US bank account transactions for around six hours on Sunday. An issue with the Automated Clearing House Network, which is u… https://t.co/t6y7AD8w7z

— kristoferkawas (@kristoferkawas) October 2, 2022

CoinDesk concludes:

Coinbase released two subsequent updates that the issue was being investigated an hour after the first notice. At 8:23 a.m. ET, the exchange said the issue with transactions “has been identified and a fix is being implemented.”

Customers can still use debit cards or PayPal to buy crypto during the downtime, according to the statement.

Coinbase did not respond to CoinDesk’s request for comment by press time.
The issue was not the only problem in the broader crypto ecosystem this weekend.

Solana suffered what it called a “major outage,” one that lasted more than six hours, according to its website.

U.S. bank account holders who have Coinbase accounts were unable to make transactions on Sunday morning. #cryptohttps://t.co/cr2c5gWvdD

— Felipe Rodríguez (@RodriguezCrypto) October 2, 2022

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.