Outage Hits Coinbase Exchange, US Bank Accounts Clients Affected

Cryptocurrency exchange Coinbase issued alerts at 7:57 a.m. ET Sunday morning indicated that its platform was experiencing an outage that left Coinbase account holders with U.S. bank accounts unable to conduct transactions.

In a statement, Coinbase said: “We are currently unable to take payments or make withdrawals involving U.S. bank accounts. Our team is aware of this issue and is working on getting everything back to normal as soon as possible.”

At 8:23 a.m. ET, the exchange issued another update stating that its engineers identified the transaction’s issues and that fixing was being implemented. The main cause of the problem was a bug that has restricted U.S. bank accounts from making withdrawals, deposits or purchases on the platform.

Coinbase identified the issue as a problem with “ACH withdrawals, deposits, and buys failures.” ACH (the Automated Clearing House Network) is a system used for transferring funds electronically in the U.S. between bank accounts.

The exchange further clarified that the affected users can still use debit cards or PayPal to make direct crypto purchases during the downtime. The firm described the technical glitch as a ‘major outage.’ While all other tokens supported on the platform were still fully tradable, Solana (SOL) witnessed poor performance because of its outage incident that started Friday night and spilt onto a major part of Saturday.

Coinbase later released an update that assured its account holders that their funds are safe and said it would issue further information when functionality resumes. At 11:30 a.m. EST on Sunday, the issue was still unresolved.

This is not the first incident facing the exchange. In May, Coinbase experienced fund withdrawal difficulties. Users witnessed rolling delays in withdrawals, leaving thousands of dollars hanging in the balance while others could not access the app or website.

The exchange confirmed the problem to avert heightening fears amid a widespread crash in crypto prices, adding urgency to trades and withdrawals. The drop in the prices pushed many users to sell their assets and tested the underlying financial infrastructure of several firms.

In June, a Cloudflare outage knocked down several major popular web services, including crypto exchanges such as FTX, Bitfinex and OKX, raising questions about the security of centralized crypto platforms. Many services affected by the Cloudflare incident were back online within two hours.

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Solana Network Resume Operation after Long Hours Shutdown

The Solana network is back online after long hours of outage.

The restart process was a laborious task that took several hours to stabilise the network proved unworkable. Eventually, a restart patch was released to validators that worked, and as a result, a successful reactivation happened in the early hours of Wednesday, September 15.

However, the return to normal service operations was not immediate, as the Solana Foundation announced: “The Solana validator community successfully completed a restart of Mainnet Beta after an upgrade to 1.6.25. Dapps, block explorers, and supporting systems will recover over the next several hours, at which point full functionality should be restored.”

Solana blockchain crashed on Tuesday, September 14, an incident caused by a surge in activity on the network. The firm stated ”intermittent instability” had disrupted some of its services during that day after Solana’s transaction load peaked at 400,000 transactions per second.

Solana’s team stated that such transactions flooded the transaction processing queue, and the lack of prioritisation of network-critical messaging caused the network to begin forking. The flocking incident happened after transactions flooded in and caused the Solana blockchain network split and the software of different miners or validators to unaligned.

Transactions peaked on Tuesday and caused excessive memory consumption, and prompted network nodes to go offline.

Solana was not the only network that witnessed a shutdown on Tuesday. Ethereum’s L2 scaling solution – Arbitrum, also experienced an outage, but such networks have proven their capabilities as they have garnered positive traction once again.

The recent network shutdown adversely affected the price of SOL, the network’s native token, plunging its value to a low of $145 per coin, down almost 13% on Tuesday. But later, Solana cryptocurrency managed to recover some of its value to trade at around $160.2 at 05:45 ET on Wednesday, according to CoinMarketCap. Last week, SOL climbed to an all-time high of above $200, despite a massive sell-off on the broader cryptocurrency market.

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Filecoin network suffers temporary outage

Decentralized storage protocol Filecoin (FIL) came to a standstill on Dec. 19 as a bug caused instability on the network. According to a project status report issued by the Filecoin team:

“The Filecoin network is halted with most nodes stuck at height 336459 with mismatched state compute error due to indeterminate behavior.”

Based on the timeline given in the status update, it took less than four hours for the Filecoin dev team to fix the problem. As part of the solution, miners had to upgrade to the new Lotus client.

Due to the network outage, exchanges like HBTC and KuCoin served notices to their users, announcing the suspension of FIL deposits and withdrawals. As of press time, both platforms are yet to reverse the decision.

Indeed, the Filecoin team advised exchanges to disable deposits and withdrawals until they are comfortable with the status of the chain. FIL is currently down more than 7% over the last 24-hour trading period.

According to TokenSoft CEO Mason Borda, the network outage did not affect Wrapped Filecoin (wFIL). As previously reported by Cointelegraph, Tokensoft and Anchorage launched wFIL for use on Ethereum back in November.

At the time, Filecoin had just crossed the 1 exbibyte, or EiB, network storage threshold, equivalent to about 1 billion gigabytes. This figure now stands at 1.48 EiB with over 854 active miners according to the data from the Filecoin dashboard.