Major outage on Coinbase, transfers and withdrawals blocked for six hours?

Major outage on Coinbase, transfers and withdrawals were blocked

The US platform Coinbase announced that it was facing a “major outage” of its internal systems. It suffered an incident that resulted in a freeze of all transfers and withdrawals. Users were unable to make transactions on US bank accounts for approximately six hours on Sunday.

Coinbase is a secure online platform that specializes in buying, selling, transferring and storing cryptocurrencies. The mission of this company is to create a financial system open to the whole world and to be the first global brand to help people convert their local currency (Euro, Dollar…) into digital currency (Bitcoin, Ether…) and vice versa.

We’ve fully resolved this issue and ACH transfers are now processing. We apologize for the inconvenience,” Coinbase wrote on Twitter.

We’ve fully resolved this issue and ACH transfers are now processing. We apologize for the inconvenience. https://t.co/dezVgcaagm
— Coinbase Support (@CoinbaseSupport) October 2, 2022

The outage affected its ACH architecture. The ACH, or Automated Clearing House Network, is a U.S. system that allows inter-bank financial interactions and flows. Coinbase said on its status page that it had identified the problem at 8:23 a.m. and resolved it at 12:41 p.m. Sunday.

However, other means of financial interactions with Coinbase (Paypal, debit card) were not impacted.

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Article written by: Laeti Marison (SatoshiBelle)

Laeti Marison, also known as SatoshiBelle, is a multifaceted professional with a passion for community management, content creation, and digital marketing. With a diverse background in various roles, Laeti has consistently demonstrated her expertise and dedication in the field. Recognizing her potential, Laeti then took on the responsibilities of a Project and Community Manager at Magna Numeris and Cartam from November 2018 to March 2021. In this role, she showcased her ability to successfully lead projects and foster strong relationships within the community. Currently, Laeti serves as an SEO content writer, Digital Marketing Manager, and co-founder at Trendingcrypto.news magazine, starting from February 2022 till now. Through her expertise in digital marketing and her passion for the crypto industry, she has contributed to the success of the magazine, ensuring its content remains relevant, engaging, and informative.