Users of Coinbase are having trouble getting their money out, which is worrying at a time when the value of most cryptocurrencies is going down.
The company said, “Your money is safe, and we are working hard to fix the problem.”
The company confirmed the problems in a tweet on Thursday. “We know that some customers are having trouble trading on Coinbase and Coinbase Pro and getting into their accounts,” the company said. “Your money is safe, and we are working hard to fix the problem. We’ll provide an update here soon. “
Soon after, the business said, “We’re seeing improvement after putting in a fix, but our teams are still keeping an eye on the situation.”
Users on Reddit have said that their withdrawals keep getting delayed, leaving thousands of dollars in limbo. Another customer just recently said that they couldn’t use the website or app at all.
“Has the bear market stopped their servers from working?” From what the post says. “Pretty scary for someone who wants to make a quick deal.”
The outage happened at the same time that cryptocurrency prices around the world went down. This made trades and withdrawals even more important. Bitcoin is now worth less than $30,000. It has lost more than 25% of its value in less than a month. As with any financial disaster, the price drop has caused many people who own coins to sell them. This has tested the core financial infrastructure of many institutions.
Coinbase, a large exchange and wallet service for cryptocurrencies, has been hit hard by the meltdown. This week, the company reported a big drop in sales, and its stock has lost more than half of its value in a week. Users were especially worried about a financial filing that said Coinbase account holders could be considered unsecured creditors in bankruptcy proceedings. This means that they could lose money from their accounts if the company went bankrupt. The CEO of Coinbase, Brian Armstrong, denied the claims and said that customers’ assets were not in danger.
