While trading is restored, all Coinbase marketplaces have been placed in “cancel only” mode, allowing users to cancel existing trades.
Some Coinbase users were unable to transact on the platform, while others experienced slower services after AWS overheating disrupted its services.
While Coinbase has assured customers that their funds are safe, many are still dealing with access failures and transaction delays at the time of writing.
Here’s what happened
According to Coinbase’s status page, the issue was the former I noticed At approximately 18:06 PST on May 7, the exchange stated that it was aware that some of its clients could not transact on the exchange. She also confirmed that the team was investigating the issue and would provide further updates as they become available.
A few minutes later, Coinbase reported that it had determined the cause of the performance deterioration was due to an AWS outage, reassuring users that their funds were safe.
It then indicated that it had begun the process of “re-enabling trading” on its markets, but until trading was restored, all markets would be in “cancel-only” mode. The cryptocurrency company previously noticed issues affecting Solana’s sending and receiving operations, as well as delays in ALEO transactions, before anyone else was affected.
Some context behind the outage
As some users noted on social media, the outage occurred immediately after Coinbase Announce It has reduced its global workforce by 14%, citing cryptocurrency market volatility and the growing role of artificial intelligence in its operations.
According to CEO Brian Armstrong, AI allows small teams to accomplish what would have required far more people in the past.
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Coinbase’s reliance on third-party cloud infrastructure like AWS is not unusual for cryptocurrency exchanges of this size, but outages of this duration often draw attention to the risks that come with the dependency.
