Users are stuck amid Bitcoin price movements. The website shows a “503 error”; The company is working to solve it. Previous outages raise questions about Coinbase’s reliability.
One оf the major players іn the cryptocurrency exchange market, Coinbase, іs currently offline due tо a major system outage. Specifically, the interruption іn the service would have begun at 4:15 am UTC today, May 14, making access tо users through the app and web not possible.
This eventuality has blocked the accounts of many users, at a time when Bitcoin is experiencing notable price movements, intensifying user concerns.
The Crypto Community Reacts
Public response to the latest disruption has been mixed. While some users speculated on social media that the outage could have been planned maintenance, others asked Coinbase for clarity on the nature of the incident.
In this regard, Sunny Po asked via X, “Is it planned or is it an unexpected outage? Why would you investigate something that’s planned?”
On the other hand, some cryptocurrency enthusiasts see such outages as positive indicators of growing interest and activity in the crypto space. Cryptocurrency trader Castillo Trading considered this to be a bullish scenario, indicating that such incidents could indicate strong market participation. “Coinbase has fallen. “We are back,” he wrote in X.
Meanwhile, Coinbase is in the middle of a legal dispute with the US Securities and Exchange Commission. The SEC has accused Coinbase of operating as an unregistered stock exchange, broker, and clearing agency since at least 2019.
Coinbase Website and Mobile App Suffer Significant Outage
Currently, the Coinbase website displays a “503 Service Temporarily Unavailable” error, indicating serious service disruptions. The company has acknowledged the problem, announcing on its X account that it is “investigating this issue and working on a solution.”
Apparently, the company’s computer scientists have managed to get to work and have provided a message of calm for users. In it you can read that the servers are overloaded and work is being done to return normality to the platform. They especially emphasize that “your funds are safe”, as they well know that this is the main concern of the user who cannot access their account.
As a general rule, the “503” error arises when the server is undergoing maintenance or if the server is overloaded, but also if there are malware or spam attacks. Historically, Coinbase has faced similar issues, which justifies users’ frustration.
“Coinbase is a $50-billion-dollar company but their website goes down once a month,” crypto influencer Borovik wrote in X.
In March, as Bitcoin approached all-time highs, some Coinbase users saw their account balances incorrectly appear at zero due to a display glitch. Although it only affected a small group, this incident caused great alarm among affected users.
A Coinbase spokesperson later claimed that the issue was limited to display errors, confirming that all assets were secure and that the issue had been resolved quickly.
Another disruption had already occurred in February, when Bitcoin surpassed the $60,000 barrier. This incident, caused by a surge in traffic, left many users with errors when attempting to execute transactions.
Reports of zero balances added to the turmoil. The Coinbase team quickly responded to these concerns, reassuring users about the safety of their assets and promising quick action.
These repeated outages highlight concerns about Coinbase’s ability to handle surges in demand. These interruptions make trading activities difficult and also affect traders’ confidence in the reliability of the platform.
By Leonardo Perez
