Coinbase crashes! Bitcoin plummets and cannot be traded, CEO apologizes: traffic exceeds expectations

After Bitcoin once touched US$64,000 at around 01:15 today (29th), it suddenly braked and plummeted, falling back to a minimum of US$58,770 within half an hour. As a result, the cryptocurrency price dropped in the past 24 hours. The amount of liquidated positions on the entire network exceeded 730 million US dollars, and the number of people liquidated reached a terrifying 180,000.

Amid severe market volatility, Coinbase appeared unable to handle the surge in trading volume, causing its platform to collapse. Amid the protests from community users, problems such as being unable to log in and even having their account balances cleared were reported.

Earlier, close to 2 o'clock, Coinbase officials also confirmed the crash and said that repairs were being accelerated.

Coinbase CEO: Platform traffic exceeds ten times previous forecast

Coinbase CEO Brian Armstrong issued a statement around 4 a.m. stating that the application has been repaired. After an outage that lasted about two hours, they successfully restored service. Armstrong pointed out that although they had previously modeled and load tested traffic surges of 10 times, this one exceeded expectations. To ensure service stability, they had to continue to improve their autoscaling solution to eliminate any possible bottlenecks. Armstrong highlighted the high cost of maintaining over-provisioned services, while thanking users for their patience and support. They remain committed to providing high quality service and ensuring that similar incidents do not happen again.

Community complaints continued

After about 8 o'clock, the official issued another statement announcing that all services had been restored. However, a small number of customers still have inaccurate balances on their accounts and they are working hard to fix the issue.

With such large fluctuations in the Bitcoin market, users are unable to conduct transactions and even their account balances are reduced to zero. This has also caused dissatisfied investors to complain on the community and threaten to leave Coinbase... You are unprepared for the expected volatility...this is unacceptable! I think we should break up unless you can completely convince me that you are not cheating. How do you plan to deal with the upcoming bull market when you can’t even handle the pre-halving pre-halving volume? Your platform is a joke.

As for how many people were affected, whether there was any loss of assets, and whether Coinbase will compensate users for their losses, there is currently no further official response.

The above is the detailed content of Coinbase crashes! Bitcoin plummets and cannot be traded, CEO apologizes: traffic exceeds expectations. For more information, please follow other related articles on the PHP Chinese website!