In its S-1 filing, Coinbase particularly noted that “abrupt modifications in volatility or market movement can lead to severe pressures on our platform and facilities that can result in inadvertent suspension of services across parts of the platform or the whole platform.”
The blackout came in the midst of an enormous cryptocurrency plunge over the past week– and especially the past 24 hours– that has seen the cost of a few of the most popular cryptocurrencies like Bitcoin, Etherium, and Dogecoin drop precipitously. Since publication time, Bitcoin has dropped almost 30 percent to $31,000, Ethereum is down 40 percent to $2,424, and meme coin Dogecoin dropped nearly 45 percent.
Cryptocurrency exchange Coinbase experienced a “partial” failure this early morning for its whole site and application. Additionally, both Coinbase and Binance are reporting concerns particularly focused around withdrawals of Ethereum and ERC-20 tokens this morning due to “network blockage.”
$ ETH and ERC20 withdrawals are momentarily handicapped due to network congestion.
Thank you for your persistence and apologies for any hassle triggered. pic.twitter.com/BbECDgDUay— Binance (@binance) May 19, 2021
The failure, which lasted about a half and an hour, appears to have actually been fixed now, with Coinbases status page keeping in mind that “A fix has actually been executed and we are monitoring the outcomes.”
Update May 19th, 10:45 am: Updated to note that Coinbase appears to have resolved the failure.
” Were seeing some problems on Coinbase and Coinbase Pro and were mindful some features may not be operating completely regular. Were currently investigating these issues and will provide updates as soon as possible,” Coinbase commented in a statement.