A service outage on cryptocurrency exchange Coinbase that thwarted many crypto investors’ attempts to buy during a dip has angered users and caused the platform’s stock price to fall.
Coinbase shares fell as much as 6 percent on September 7 after what it described as a “degradation in our services” due to increased network traffic and market activity – likely as a result of a dip in the value of Bitcoin and Ethereum.
The outage led to transactions on the platform being delayed or cancelled, along with other errors, which prompted many users to vent on social media:
One Reddit user complained: “Sure would’ve been nice to get ANY of my orders filled this morning during the crash, but no, CoinBase system fails again.”
Another compared trying to purchase via Coinbase to a lottery:
Multiple posts claimed that Coinbase users had been charged for transactions but hadn’t received the crypto, or had their accounts frozen.
Outage Adds to Coinbase Woes
A number of crypto exchanges have experienced technical problems, though Coinbase has had more issues than most of late.
Just last week, Coinbase announced it would compensate users affected by erroneous two-factor authorisation notifications. The platform is also facing a class-action lawsuit in relation to claims it failed to disclose relevant information before its listing on NASDAQ in April.
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