According to Coinbase, funds are safe after 6-hour bank failure
According to Coinbase, funds are safe after 6-hour bank failure
- Coinbase had problems with the electronic system that facilitates online US bank transfers
- The prominent Blockchain Solana also suffered hours of downtimes at the weekend
Coinbase has assured users that all funds are safe after the stock exchange was unable to process US bank transactions for almost six hours at the weekend.
Account holder with US bank accounts found that on Sunday from 6:57 a.m. ET until 12:41 p.m. ET, they could not make any withdrawals or payments on Coinbase.
The company identified the problem as a catch in the automated clearing house (oh) system, the electronic network, which enables online transfers between US banks.
Users in the USA were not completely prevented from buying crypto because they were still able to use a debit card or a PayPal account. But cash withdrawals were fully frozen during the failure.
Coinbase says more than 103 million people around the world use their platform, but it is not clear how many US bank accounts have. A spokesman did not answer the request from Blockworks for comment until the editorial deadline.
We have completely solved this problem and oh transfers are now being processed. We apologize for the inconvenience. https://t.co/dezvgcaagm
-Coinbase-Support (@coinbasupport) 2. October 2022
The leading US stock exchange with a trading volume of around $ 966 million has been one of the largest in the world in the last 24 hours. Coingecko data indicates.
oh problems may still be the slightest problem of coinbase. The share price fell by more than 9 %on Thursday after Wells Fargo published a profitability warning through the company.
The increasing competition between Binance and FTX will put the company under pressure and eat its market share, wrote the stock analysts Jeff Cantrell, Amid Patel and Griffin MacMaster in a note that Blockworks saw.
In view of the recent discussion of the Securities and Exchange Commission on "Cryptos as securities" (e.g. for assets set), the regulation will be a special challenge for the company, they added.
Coinbase is traded by 2.3 % lower at $ 63 per share in the pre -exchangeable session on Monday, which corresponds to a decrease of 75 % in the previous course of the year Tradingview data .
Coinbase bank difficulties in conjunction with the downtime of Solana
The problems of Coinbase with the US banking system were not the only failure event this weekend.
The prominent blockchain Solana interrupted the processing of transactions on Saturday morning due to a breakdown that interrupted the service for about six hours.
The downtime concerned defi apps in the entire Solana ecosystem, since many rely on a constant connection with protocols in the entire cryptol landscape, especially with price oracles.
chain observer found that the decentralized trade protocol Mango Markets was unable to handle liquidations or receive margin payments until the problem was solved-which concerned at least a considerable long contract worth almost $ 2.5 million
Solana has been unusual for almost 5 hours, and validators are currently coordinating a new start. There is a long contract with almost 2.5 million on the mango market, which is located in the liquidation area. However, the owner cannot add or liquidate margin. https://t.co/ppvjfaj2pe -Wu-Blockchain (@wublockchain) 1. October 2022
The Solana validists finally coordinated the restart of the network, which, according to Solana, has suffered at least 12 considerable failures in 2022 .
The price of Solanas Native token, Sol, was largely untouched by the incident after he had lost around 3 % at the weekend, more or less in line with the rest of the market for digital assets.
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The article Coinbase Says Funds Are Safe After 6-Hour Bank Outage is not a financial advice.
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