Coinbase customers are reporting difficulty withdrawing funds, heightening concerns about the cryptocurrency market recovery from a market crash.
Coinbase confirmed the issues in a tweet on Thursday. We are aware that some clients are having trouble trading and accessing their accounts on Coinbase and Coinbase Pro, the company said. Your funds are secure, and we are working to resolve the issue. We ll provide an update here soon.
With a remedy implemented, the times of suffering for our company appear to be diminishing. We have teams whose whole focus is monitoring the situation.
We’re seeing recovery after implementing a fix, but our teams are continuing to monitor the situation. Rest assured, we have all hands on deck and will continue our work to ensure our services are healthy. https://t.co/N1t0FqMA5z— Coinbase Support (@CoinbaseSupport) May 12, 2022
Users on Reddit in affected communities have lamented delays in Brady bill payments, leaving thousands of dollars in lingering balances. Recently, a further user revealed that they attempted to access the app or website but were forced to shut down midway.
Has the bear market crashed into their servers? Has the post scared off a fast transaction?
Cryptocurrencies undergo periodic crashes that lengthen downtime and make transactions and withdrawals urgent. Bitcoin has fallen to under $30,000 now, having lost more than 25 percent of its value in less than a month. Even as in any financial scandal, the price drop has drove a large amount of coinholders to sell their assets and called into doubt the integrity of the financial system.
As the largest cryptocurrency exchange and coin wallet service, Coinbase has been especially hit hard by the market sell-off. Coinbase advised that its revenue suffered a steep drop earlier this week, and its stock price dipped by more than half over the course of a few days. Users were disturbed by a Coinbase indie funding filing that seemed to threaten the safety of Coinbase funds, suggesting that users may fail to get their balance back through bankruptcy proceedings. Coinbase CEO Brian Armstrong refuted the report, insisting that Coinbase account users are not at risk of losing their funds.