- Coinbase said users were having issues “logging in, seeing their balances, and trading” Wednesday.
- The company said it was working to “resolve this as soon as possible” and that funds are safe.
- The issues came as the price of Bitcoin plummeted to the lowest point in months.
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Coinbase said some of its users were experiencing issues logging in and trading on Wednesday as the price of Bitcoin and other cryptocurrencies plummeted.
“We know that customers are experiencing some issues with logging in, seeing their balances, and trading,” the company said on Twitter. “Our teams are working to resolve this as soon as possible and funds in Coinbase accounts are safe. We’ll circle back as soon as we have an update.”
Bitcoin’s price plunged on Wednesday after the People’s of China Bank warned against using cryptocurrencies as forms of payment. The price of one bitcoin fell to under $36,000, its lowest price in months.
The prices of other major cryptocurrencies, including Binance Coin, dogecoin, and Etherum, also plummeted. The selloff comes after Tesla reversed its plans to accept bitcoin as payment, with CEO Elon Musk decrying the environmental toll of its usage.
Binance, another major crypto exchange, said it was pausing withdrawals. In a tweet Wednesday morning, the company said that “$ETH and ERC20 withdrawals are temporarily disabled due to network congestion. Thank you for your patience and apologies for any inconvenience caused.”
On social media, some users expressed frustration at Coinbase. Some said they were not able to cash in on the price dip to buy more.
In its stock prospectus filed in February, Coinbase hightlighted outages as a potential risk and said it had experienced dozens in the past year.
“For example, in 2020, we experienced approximately 30 outages, with an average outage duration of 64.6 minutes,” Coinbase wrote. “These outages lead to increased customer service expense, can cause customer loss & reputational damage, and can lead to other damages for which we may be responsible.”
Shares of Coinbase fell more than 8% in trading Wednesday.
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