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Coinbase suffers major outage, Binance halts Terra Luna crypto trading

“We are aware that some customers are having issues trading and accessing accounts on Coinbase and Coinbase Pro. Your funds are safe, and we are actively working on the issue. We’ll provide an update here soon,” said Coinbase.

New Delhi: Leading crypto Coinbase suffered a major outage amid crypto mayhem especially with the cryptocurrency Terra Luna, heightening fears among the .

The it was actively working on the issue.

“We are aware that some customers are having issues trading and accessing accounts on and Coinbase Pro. Your funds are safe, and we are actively working on the issue. We’ll provide an update here soon,” said Coinbase.

The company on Friday said the situation was being resolved.

“We’re seeing after implementing a fix, but our teams are continuing to monitor the situation,” it added.

The investors reported rolling delays in withdrawals on community discussion forum Reddit.

“Has the crashed their servers?. Pretty frightening if someone wants to make a fast trade,” posted on Reddit.

Meanwhile, Terraform Labs increased the circulating supply of Luna tokens to over 6.5 trillion, up from 386 million three days ago.

Later, Terraform Labs said it has halted the and is working to “come up with a plan to reconstitute it”.

The Coinbase outage came as Binance, the world’s largest cryptocurrency exchange, suspended trading of Terraform Labs’ Terra (Luna) and (UST) tokens, which crashed 98 per cent, wiping out the life savings of its investors.

On Thursday, over $275 billion were wiped off from global cap within 24 hours and to nearly $27,000, a level it saw in December 2020.

The world’s second largest cryptocurrency has joined the cryptocurrency crash, plummeting in value by 20 per cent, as the digital currency downturn hammers investors who bought during the Covid years.

Continue reading on Economictimes.Indiatimes.com


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