Coinbase paused transactions in US for hours, restored now

by IANS |

San Francisco, Oct 3 (IANS) Leading crypto exchange Coinbase paused transactions for users in the US owing to some technical issues, and resolved it hours later.

In a tweet, the company said they were unable to take payments or make withdrawals involving US bank accounts.

"Our team is aware of this issue and is working on getting everything back to normal as soon as possible. You may use a debit card or PayPal account to make direct buys on your account should you wish," it posted late on Sunday.

Coinbase said that users' funds were "safe".

A user posted: "Also unable to use our Coinbase cards to pay bills! Will this be resolved today?"

Another Coinbase user tweeted: "I have already called and spoke with a support member and have been told the transactions are not even making it to the card! I will wait till the end of day but after that I have no choice but to move on from your platform!"

The company later announced that the ACH withdrawals, deposits, and buys failures were fixed and "this incident has been resolved".

Coinbase users had to deal with delayed transactions with Solana for some days after its network suffered an outage on September 30.

Coinbase reported a massive loss in both revenue and profit in the June quarter -- logging $1.1 billion in net loss as revenue declined from $2.033 billion to $803 million from a year-ago quarter which is a sharp drop of nearly 60 per cent. It also laid off 1,100 employees.

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