Coinbase Outage Rattles Crypto Market

On May 13, 2024, Coinbase experienced a significant system-wide outage that lasted several hours, impacting various services including Cardano (ADA) transactions, Ethereum and ERC20 token transactions, and general transaction delays. The outage led to a 3% drop in Coinbase's stock price. Despite the issues, Coinbase assured users that their funds were safe. The company has since reported a full recovery from the outage, although some users continue to report problems with withdrawals. This incident has raised concerns about the robustness of digital exchange infrastructures and the need for improved system stability.