Suche
Mein Konto
According to Coinbase, funds are safe after a 6-hour bank outage
Coinbase has had problems with the electronic system that facilitates online US bank transfers. Prominent blockchain Solana also suffered hours of downtime over the weekend. Coinbase has reassured users that all funds are safe after the exchange was unable to process US bank transactions for almost six hours over the weekend. Account holders with US bank accounts found that they were unable to make withdrawals or payments on Coinbase from 6:57 a.m. ET to 12:41 p.m. ET on Sunday. The company identified the problem as a snag in the Automated Clearing House (ACH) system, the electronic network that enables online transfers between U.S. banks. Users in the US have not been completely blocked from using crypto...
According to Coinbase, funds are safe after a 6-hour bank outage
- Coinbase hatte Probleme mit dem elektronischen System, das Online-US-Banküberweisungen erleichtert
- Auch die prominente Blockchain Solana erlitt am Wochenende stundenlange Ausfallzeiten
Coinbase has reassured users that all funds are safe after the exchange was unable to process US bank transactions for nearly six hours over the weekend.
Account holders with US bank accounts found that they were unable to make withdrawals or payments on Coinbase from 6:57 a.m. ET to 12:41 p.m. ET on Sunday.
The company identified the problem as a snag in the Automated Clearing House (ACH) system, the electronic network that enables online transfers between U.S. banks.
Users in the US were not completely blocked from purchasing crypto as they could still use a debit card or PayPal account. But cash withdrawals were completely frozen during the outage.
Coinbase says more than 103 million People around the world use its platform, but it is not clear how many have US bank accounts. A spokesperson did not respond to Blockworks' request for comment by press time.
The leading US stock exchange is one of the largest in the world, with a trading volume of around $966 million in the last 24 hours. CoinGecko data shows.
ACH issues may still be the least of Coinbase's problems. Shares fell more than 9% on Thursday after Wells Fargo issued a profitability warning about the company.
Increasing competition from Binance and FTX will pressure the company and eat into its market share, equity analysts Jeff Cantrell, Amid Patel and Griffin MacMaster wrote in a note seen by Blockworks.
Given the Securities and Exchange Commission's recent discussion of "cryptos as securities" (e.g. for staked assets), regulation will be particularly challenging for the company, they added.
Coinbase is trading 2.3% lower at $63 per share in Monday's premarket session, down 75% year to date TradingView data.
Coinbase banking difficulties linked to Solana downtime
Coinbase's problems with the US banking system were not the only outage event this weekend.
Prominent blockchain Solana paused processing transactions on Saturday morning due to a glitch that disrupted service for about six hours.
The downtime affected DeFi apps across the Solana ecosystem, as many rely on constant connection to protocols across the crypto landscape, particularly price oracles.
Chain observers noted that decentralized trading protocol Mango Markets was unable to process liquidations or receive margin deposits until the issue was resolved - affecting at least one sizable long contract worth nearly $2.5 million.
Solana validators ultimately coordinated the restart of the network, which Solana says has suffered at least 12 significant outages so far in 2022 Incident history.
The price of Solana's native token, SOL, was largely unaffected by the incident, having lost around 3% over the weekend, more or less in line with the rest of the digital asset market.
Participate THIS: LONDON and learn how the largest TradFi and crypto institutions see the future of institutional crypto adoption. Register here
The post Coinbase Says Funds Are Safe After 6-Hour Bank Outage is not financial advice.