US-listed cryptocurrency exchange Coinbase experienced a system outage this morning amidst the drastic drop in Bitcoin prices after it reached $64,000. Some users were unable to access the platform, and there were even reports of accounts being reset to zero.
(Bitcoin plummets! Drops below $59,000, a sharp 8% decline, causing over $700 million in liquidations from 180,000 people.)
(Bitcoin surpasses $64,000, but be cautious! Matrixport founder warns of vulnerability in March, potential 15% pullback after Bitcoin halving.)
Around 01:15 today, Bitcoin briefly reached $64,000 before suddenly dropping, falling to a low of $58,770 within half an hour. As a result, the total amount of liquidations in the cryptocurrency market exceeded $730 million in the past 24 hours, with a staggering 180,000 people being affected.
Under such extreme volatility, Coinbase seems to have been unable to handle the surge in trading volume, leading to a platform outage. Users in the community reported issues of being unable to access their accounts, and some even experienced their balances being reset to zero.
Earlier, around 2:00, Coinbase officially confirmed the system outage and stated that they were working on accelerating the repairs.
Coinbase CEO: Platform traffic exceeded previous predictions by tenfold.
After approximately two hours of downtime, Coinbase CEO Brian Armstrong tweeted around 4:00 in the morning, stating that the apps had been restored.
Constant complaints from the community.
Shortly after 8:00, the official announcement stated that all services had been restored. However, they acknowledged that a small number of customers still had inaccurate balances in their accounts and that they were working to resolve the issue.
With users unable to trade or experiencing their account balances being reset to zero amidst such significant fluctuations in Bitcoin prices, disgruntled investors took to the community to voice their complaints and threatened to leave Coinbase…
As for the number of affected individuals, potential asset losses, and whether Coinbase will compensate for user losses, the official response has yet to be announced.
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