Coinbase suffers outages as cryptos plummet in massive sell-off

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Crypto trading platform Coinbase said Wednesday that it’s experiencing outages for some users as Bitcoin and other digital coins tanked in a massive sell-off. 

“We’re seeing some issues on Coinbase and Coinbase Pro and we’re aware some features may not be functioning completely normal,” the company said in a statement. “We’re investigating what’s going on right now, and as soon as we know more we’ll let you know.”

The company added that some users are unable to log in, see their balances, and trade. Data from DownDetector shows that the issues started around 8:45 a.m.

Shares of Coinbase dropped almost 8 percent. 

And Binance, another popular crypto trading platform, also announced it was experiencing issues due to a surge in traffic and said it was pausing some crypto withdrawals. 

″$ETH and ERC20 withdrawals are temporarily disabled due to network congestion. Thank you for your patience and apologies for any inconvenience caused,” the company said in a tweet.

Those issues were resolved around 10:30 a.m., Binance said in a follow-up statement.

The outages came at a brutal time for those who had crypto holdings on either platform. Wednesday morning saw a massive sell-off across cryptos that wiped almost $400 billion off of the entire market. 

Bitcoin was down almost 20 percent as of 10:50 a.m. while ether, the native currency of the Ethereum blockchain, and Dogecoin were both down over 24 percent. 

Investors took to social media to express their frustration. Some lamented that the outages has cost them money while others implied foul play.

Others threatened to pull their money from the platforms when they can.

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