Users of Coinbase are having difficulties withdrawing payments, raising concerns amid a general drop in cryptocurrency values.
‘Your funds are safe, and we are actively working on the issue,’ the company said
In a tweet on Thursday, the corporation verified the problems. “We are aware that some customers are having issues trading and accessing accounts on Coinbase and Coinbase Pro,” the company said. “Your funds are safe, and we are actively working on the issue. We’ll provide an update here soon.”
“We’re seeing recovery after implementing a fix, but our teams are continuing to monitor the situation,” the business said shortly after.
Users on Reddit have reported rolling withdrawal delays, leaving thousands of dollars hanging in the balance. Another customer recently complained that they were unable to use the app or website at all.
“Has the bear market crashed their servers?” According to the post. “Pretty frightening if someone wants to make a fast trade.”
The outage coincides with a global drop in cryptocurrency prices, making trades and withdrawals even more urgent. Bitcoin has dropped below $30,000, dropping more than 25% of its value in less than a month. As with any financial catastrophe, the price decline has prompted many coin holders to sell their holdings and put many institutions’ core financial infrastructure to the test.
Coinbase, a large cryptocurrency exchange and wallet service, has been particularly severely hit by the meltdown. The company announced a significant reduction in revenue earlier this week, and its stock has lost more than half its value in a week. Users were particularly alarmed by a financial filing that showed Coinbase account holders could be considered unsecured creditors in bankruptcy proceedings, implying that they could lose money from their accounts if the firm went bankrupt. Coinbase CEO Brian Armstrong denied the allegations, claiming that customer assets were not at jeopardy.
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