Coinbase Global Inc. has confirmed that the issue which stopped the company from processing transactions with the US accounts for more than five hours. Users were in quite a fix as they were unable to process withdrawals or deposits on Coinbase. In response to the issue, the company temporarily stopped all transactions for users in the US for over two hours. Coinbase had also informed that although the issue had tampered with the payments from US banks, users could still use debit cards or PayPal accounts in case they wanted to purchase crypto. Read along to know more.
After almost five hours in the dark, the issue has been finally sorted and the company has assured the users that they have resolved the issue and everything is back to normal. At the time of the outage, the company made it a point to assure the users that their funds are “safe.” Three hours later, the problem was resolved.
“We have fully resolved the issue and ACH transfers are now processing. We apologize for the inconvenience,” Coinbase’s Twitter post said.
Coinbase users encountered similar problems in the past couple of days as their transaction with Solana was delayed due to a network outage. This hasn’t exactly been a favorable year for Coinbase and crypto in general. The value of crypto hit rock bottom and it is still recovering from the fall. In June, Coibase had to lay off over 1,000 employees and the reports state that the exchange is facing an investigation from the Securities and Exchange Commission.
Let us flip through a couple of reactions and responses on Twitter to gauge the situation.
JUST IN: #Coinbase has implemented a fix to solve US bank account withdrawals and payment issues.
— Watcher.Guru (@WatcherGuru) October 2, 2022
JUST IN: 🇺🇸 Coinbase unable to process transactions with US bank accounts.#Bitcoin 😉
— Bitcoin Magazine (@BitcoinMagazine) October 2, 2022
When an exchange starts limiting withdrawals — for any reason — it's a sign of trouble. What's up, Coinbase? https://t.co/zsZhI2Eqqm
— JacobSilverman.shill (@SilvermanJacob) October 2, 2022
— skiiii (@skionhard) October 2, 2022
GM to everyone but Coinbase https://t.co/Pvokty7z5O
— WendyO.eth✨ (@CryptoWendyO) October 2, 2022
if you’re shocked by coinbase fiat withdrawals being unavailable for a few hours on a sunday, wow, are you gonna be stunned to hear about bank hours
— Mike Dudas (🏌️♂️, ⛳️) (@mdudas) October 2, 2022