Coinbase, the cryptocurrency exchange based in the United States, has experienced a complete system failure, making its services inaccessible for users on both desktop and mobile devices.
Coinbase officially informed its users about the outage through its status page, stating that a major disruption occurred at 4:15 am UTC on May 14.
Currently, when attempting to visit the Coinbase website, users are greeted with a “503 Service Temporarily Unavailable” error message.
According to a developer guide on Mozilla, this error message commonly occurs when servers are undergoing maintenance or are overwhelmed with traffic.
The official Coinbase Support account on X, a social media platform, acknowledged the outage in a post on May 14. They assured users that they were actively investigating the issue and working towards a resolution, emphasizing that users’ funds remained secure.
This isn’t the first time Coinbase has experienced temporary outages. On February 28, along with several other exchanges, Coinbase faced disruptions due to a sudden increase in trading activity during a Bitcoin flash crash. The price of Bitcoin plummeted nearly 10% before quickly recovering.
Although these outages can be frustrating for users, members of the crypto community on X often view them as a positive sign. They believe that the high traffic causing extended downtime reflects the growing popularity and potential of cryptocurrencies.
In response to the Coinbase outage, crypto trader Castillo Trading jokingly celebrated the situation on X, where he has a following of 73,000 users. He wrote a post on May 14 stating, “Coinbase down. We are so back.”
As the crypto market continues to evolve, the rise of meme coins has become a topic of debate within the industry. Some argue that these coins betray the original ideals of cryptocurrencies, while others see them as fulfilling their true purpose.