SAN FRANCISCO, Tuesday, May 14, 2024– Leading U.S. cryptocurrency exchange Coinbase is experiencing a widespread service outage, impacting users on both desktop and mobile platforms, Coinbase Support according to a post by Coinbase on Platform X.
The outage began at 4:15 UTC (12:15 EDT) on May 14, according to a message posted on Coinbase’s status page. Users attempting to access the website currently encounter a “503 Service Temporarily Unavailable” error message.
Coinbase confirmed the outage and assured users that their funds are safe.
“Coinbase experiencing a system-wide outage. We are investigating this issue and working on a solution. Your funds are safe,” the status page message reads.1
The cause of the outage remains unclear. According to a developer guide from Mozilla, a “503” error code typically indicates server maintenance or overload.
Coinbase Support acknowledged the issue on social media, reiterating that user funds are secure and promising a resolution. “Coinbase is experiencing a system-wide outage. We are investigating this issue and working on a solution.
Please see the Coinbase Update Page for updates.
“Your funds are safe,” a tweet from Coinbase Support reads.
This is not the first time Coinbase has encountered service disruptions. In February 2024, the exchange, along with others, experienced outages due to a surge in cryptocurrency trading activity.
While outages can be frustrating for users, some in the cryptocurrency community view them as a sign of a bullish market, suggesting that the increased activity leading to downtime ultimately benefits prices.
- status.coinbase.com: https://status.coinbase.com/[↩]
