Introduction
Coinbase, one of the most popular cryptocurrency exchanges, experienced a major outage on its Coinbase Base Network platform, which serves as the backbone of its trading infrastructure. The outage, which began on Thursday, June 17, 2021, caused significant disruptions for Coinbase users and traders.
The Cause of the Outage
Coinbase has not disclosed the exact cause of the outage, but it has acknowledged that it was caused by an internal error. According to the exchange, the issue was related to the Coinbase Base Network platform and affected Coinbase Pro, Prime, and Institutional customers.
Impact on Users
The outage had a significant impact on Coinbase users, causing disruptions in trading and preventing users from accessing their accounts. Many users took to social media to express their frustration, with some reporting that they were unable to access their funds or execute trades.
Coinbase’s Response
Coinbase has been working to address the issue and restore service to its users. As of June 18, 2021, the exchange reported that it had made progress in resolving the issue and that it was working to restore full functionality to its platform.
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Conclusion
The Coinbase Base Network outage highlights the importance of robust infrastructure for cryptocurrency exchanges. As the crypto market continues to grow and gain mainstream adoption, exchanges must be prepared to handle increased demand and ensure that their platforms remain operational. While Coinbase has been working to address the issue and restore service to its users, the outage serves as a reminder of the potential risks associated with cryptocurrency trading and the importance of choosing a reliable exchange.
