Coinbase Experiences ‘Network Connection Issues’ Amid Market Turbulence, Kraken Sees ‘Connectivity Issues’
Major exchange Coinbase experienced network connection issues Tuesday night (UTC) time, which it says were caused by a higher level of sign-ups and transfers. Kraken, meanwhile, said it saw brief and intermittent connectivity issues.
Coinbase announced yesterday that it was experiencing “network connection issues” for Coinbase.com, Coinbase Pro, and Coinbase Prime, which could have led to difficulty in signing in. “If you’re already signed in, you may experience slow loading across the web and the mobile app,” the exchange said.
Shortly afterward, Coinbase Support tweeted that the issue had been the result of “the high level of new user sign-ups and transfers” to the exchange but that a fix had been implemented. “Latency has improved dramatically,” it said, and added that,
“While some users may have experienced latency delays during trading, all services remained operational and unrestricted. We’ll continue to monitor our fix and apologize for any inconvenience caused.”
There was also a report that Kraken may have been “down” and experiencing potential issues since Tuesday.
Kraken told Cryptonews.com that,
“There were some intermittent connectivity issues that resulted in some clients being unable to access some parts of the website. Trading was fully operational throughout. The issue was promptly identified and a fix implemented.”
The status page says that the team was investigating an issue with Parachains on November 8, and that clients might have seen the error ‘No Data Found’ upon navigating to the Parachains section of the Earn page in their Kraken account. This has been fixed.
Today, it started its scheduled Plaid application programming interface (API) maintenance, during which funding via Plaid is not available.
No connection to FTX
Yet another surprise came for the cryptoverse when it was revealed that crypto exchange FTX was facing liquidity issues. After a while, it became apparent that Binance was looking to acquire the exchange.
Coinbase CEO Brian Armstrong tweeted that he has “a lot of sympathy for everyone involved in the current situation with FTX,” saying that it is “stressful any time there is potential for customer loss.”
However, he assured users that Coinbase is not materially exposed to FTX, its coin FTT, or related company Alameda Research.
3/ I think it's important to reinforce what differentiates Coinbase in a moment like this. This event appears to be the result of risky business practices, including conflicts of interest between deeply intertwined entities, and mis-use of customer funds (lending user assets).— Brian Armstrong 🛡️ (@brian_armstrong) November 8, 2022
Given the number of companies that have faced liquidity issues since the market downturn began and since the fall of the Terra / LUNA ecosystem, it’s not surprising that many investors are now worried about how deep this contagion goes.
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