Kraken and Coinbase Suffer ‘Connectivity Issues’ Amid Stock Market Crash



Amid Tuesday’s crypto crash, major US exchanges Kraken and Coinbase again reported connectivity issues at 1:03 p.m. EST and 1:53 p.m. EST, respectively. Both exchanges said the issues affected their website and mobile services.

For Coinbase, the issue has manifested across its various platforms, including, Pro, and Prime. Coinbase assured its more than 108 million customers that the company was “everyone on deck” to fix the problem, which the exchange managed to do an hour later.

“We are investigating reports of customers having difficulty logging into the site as well as via mobile apps,” Kraken support reported, but did not provide details. About two hours later, the exchange noted on its status page that “The issue has been identified and a fix is ​​being implemented.”

“At this time, we don’t have any information that we can share about the cause of the issue,” Kraken support said. Decrypt, direct customers to Kraken’s status page for updates.

On Kraken’s status page, the company said its more than six million customers may still be experiencing intermittent connectivity issues when accessing certain parts of the website.

“The trade is fully operational. We appreciate your patience and apologize for any inconvenience,” Kraken support wrote.

On its status page, Coinbase said the latest outage affected its web and mobile services, preventing users from logging into their accounts and causing latency issues for those who could log in.

“We are currently experiencing network connection issues,” Coinbase tweeted. “This could cause login difficulties. If you are already logged in, you may experience slow loading on the web and mobile app.”

“While we see why this would be of public interest, we are unable to elaborate on the specific nature of this incident for security purposes,” a Coinbase support representative said. Decrypt by direct message on Twitter.

Market volatility continues to be an issue plaguing cryptocurrency exchanges. Last month, Coinbase suffered a “major outage” after seeing a 24-hour spike of $569 million in trading volume on its exchange, according to CoinGecko.

In 2021, Coinbase experienced two outages due to high exchange and market volatility. In January, the crypto exchange fell during Bitcoin’s surge to $40,000 and the subsequent decline. At the time, the 24/7 nature of the crypto market was cited as the culprit, making it difficult for exchanges to prepare for trading spikes.

In May 2021, several crypto exchanges including Coinbase, Kraken, and Binance experienced multiple outages due to high trading volume.

“Traditional exchanges allow trading for 6-8 hours a day, 5 days a week. It provides a window of 16 hours each day to perform any technical infrastructure maintenance and a full 24 hours on weekends,” Dmytro Volkov, CTO of the CEX cryptocurrency exchange. IO, says Decrypt at the time. “Crypto exchanges typically operate 24/7, and maintaining such a system is much more difficult.”

Editor’s Note: This article has been updated to note that Coinbase and Kraken have reported that they have fully restored service.

Stay up to date with crypto news, get daily updates in your inbox.

Source link


Comments are closed.