Coinbase Stabilizes After Experiencing Downtime, Glitches Due to Heavy Traffic
"Coinbase has restabilized its platform and is working toward a full solution. Coinbase’s heavy traffic coincided with bitcoin reaching $64,000 and millions of liquidations today."
- "Heavy traffic caused Coinbase’s app to glitch and show customer balances as having $0," reported The Block.
Apps are now recovering.
— Brian Armstrong 🛡️ (@brian_armstrong) February 28, 2024
We had modeled a ~10x surge in traffic and load tested it. This exceeded that number.
It's expensive to keep services over-provisioned, but we'll need to keep working on auto-scaling solutions, and killing any remaining bottlenecks. Thank you for… https://t.co/JXVppV57AF
- "Following the outage, Bitcoin sharply declined in price from ~$64,000 to ~$59,500, wiping out most of the gains Bitcoin had made today. Coinbase has experienced similar outages in the past during periods of intense market volatility, prompting criticism from users and industry observers," reported Bitcoin Magazine.
Coinbase has consistently had problems keeping their systems up and running during times of high price volatility.
— TFTC (@TFTC21) February 28, 2024
This is a prime example of the risk a company takes on when they spread themselves thin in "crypto". There is a lack of focus that leads to unreliable products. pic.twitter.com/K0zsxWtP3j
The Block Article / Archive
Bitcoin Magazine Article / Archive
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