The largest cryptocurrency exchange based in the US, Coinbase has “high error rates on some backend systems due to an AWS service failure”., according to an official post on Nov. 25, shortly after 7:00 p.m. PST.
In an ad published nine hours earlier, According to Coinbase, trading was not affected at this point. The following update removed this statement and stated the following:
“There may be intermittent delays or errors in transactions and when accessing other parts of our applications. Customer inquiries are also delayed.”
The AWS problem has a significant impact on the tech industry in general: platforms like Adobe spark, Flickr and Newspapers Online were affected in the past 24 hours. Headlines have said that the outage has left “some of the Internet idle” and “constrained businesses.”
In the more specific context of Coinbase’s performance, this latest disruption isn’t entirely new. As reported Between March and November of this year alone, nine different problems were registered on the platform, leading to different types of outages or connectivity problems of varying severity. The widespread dissatisfaction led Coinbase CEO Brian Armstrong to respond publicly.
We’re working hard to add additional capacity (both for servers and customer support) to handle the increased traffic. Thank you for your patience during this time. And thanks to the team at Coinbase for working hard to serve our customers! Bull runs can be exciting and stressful.
– Brian Armstrong (@brian_armstrong) 18th November 2020
We’re working hard to add additional capacity (both in servers and customer support) to cope with the increased traffic. Thank you for your patience during this time. And thanks to the Coinbase team for working hard to serve our customers! Bull trends can be exciting and stressful.
At the end of this issue, Armstrong didn’t tweet about the latest incident with AWS and its impact on the services. Just two days ago it was reported that the exchange was struggling with the high volatility of the XRP price, despite the fact that the official status page stated that trading was smooth.