Both San Francisco-based cryptocurrency exchange Coinbase and its Global Digital Asset Exchange (GDAX), have been experiencing a major service outage amid a trading frenzy triggering by Bitcoin’s new all-time high above $11,300. At press time, the cryptocurrency’s price corrected to $9,824.23 but is seemingly climbing back up again. It’s trading volume in the last 24 hours was of over $10 billion.
The trading frenzy seemingly took down the U.S.-based exchange as its platforms have been greeting visitors with an error stating that the service is currently unavailable. Coinbase is one of the world’s largest cryptocurrency exchanges, with operations in over 30 countries, making it notable that its traders were unable to issue orders during Bitcoin’s all-time high and subsequent price correction.
A look at Coinbase’s real-time status page reveals that the cause of the issue is currently being investigated and has already been partly solved, as the company’s service is currently “continuing to experience degraded performance.” The status of Coinbase’s mobile application seems to be operationall, according to the website.
However, a number of disgruntled traders already made it clear, on social media, that even the company’s mobile applications have been having trouble. On Twitter, Coinbase revealed that it’s experiencing an unprecedented amount of traffic, and that its engineering team is actively working on the issue, adding that it “should be fully resolved in a few hours.”
Vast majority of traffic is being served but with slower performance. Our engineering team is actively working on this and should be fully resolved in a few hours
— Coinbase (@coinbase) November 29, 2017
This isn’t the first time the exchange’s services become unavailable during a trading frenzy. Back in May, Coinbase pointed to “unprecedented traffic” as the cause of multiple outages when the number one cryptocurrency hit a then all-time high of nearly $2,800. In June, the same thing happened, reportedly because of the same motive.
The service’s outage may be causing unexpected flaws in the company’s systems. According to the unverified claims of a Twitter user, Coinbase’s mobile app logged him out and blocked him from reentering his account. Once he pressed cancel on the two-factor authentication (2FA) screen, he claims to have been shown someone else’s account, with $24,000 worth of Litecoin in it.
So the coinbase app just:
– logged me out
– refused to let me log in
– logged me into someone elses account after tapping on cancel on 2FA screen
-showed me someone elses account with 24.000$ in LTC for 3 seconds
-went back to my account overview
— Julius (@juliusgehrig) November 29, 2017
Another user claims to have been able to use the company’s service once he set his VPN to make it look like he was in New York. Recently, Coinbase revealed it would add new cryptocurrencies, following the release of a new inclusion framework.