Coinbase outage: Coinbase suffers major outage, Binance halts Terra Luna crypto trading

Synopsis

“We are aware that some customers are having issues trading and accessing accounts on Coinbase and Coinbase Pro. Your funds are safe, and we are actively working on the issue. We’ll provide an update here soon,” said Coinbase.

New Delhi: Leading crypto exchange Coinbase suffered a major outage amid crypto mayhem especially with the cryptocurrency Terra Luna, heightening fears among the investors.

The company said it was actively working on the issue.

“We are aware that some customers are having issues trading and accessing accounts on Coinbase and Coinbase Pro. Your funds are safe, and we are actively working on the issue. We’ll provide an update here soon,” said Coinbase.
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The company on Friday said the situation was being resolved.

“We’re seeing recovery after implementing a fix, but our teams are continuing to monitor the situation,” it added.

The investors reported rolling delays in withdrawals on community discussion forum Reddit.

“Has the bear market crashed their servers?. Pretty frightening if someone wants to make a fast trade,” posted on Reddit.

Meanwhile, Terraform Labs increased the circulating supply of Luna tokens to over 6.5 trillion, up from 386 million three days ago.

Later, Terraform Labs said it has halted the Terra blockchain and is working to “come up with a plan to reconstitute it”.

The Coinbase outage came as Binance, the world’s largest cryptocurrency exchange, suspended trading of Terraform Labs’ Terra (Luna) and TerraUSD (UST) tokens, which crashed 98 per cent, wiping out the life savings of its investors.

On Thursday, over $275 billion were wiped off from global crypto market cap within 24 hours and Bitcoin dropped to nearly $27,000, a level it saw in December 2020.

The world’s second largest cryptocurrency Ethereum has joined the cryptocurrency crash, plummeting in value by 20 per cent, as the digital currency downturn hammers investors who bought during the Covid years.
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Updated: 05/13/2022 — 22:00

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