Coinbase Experiences 'Network Connection Issues' Amid Market Turbulence, Kraken Sees 'Connectivity Issues'
Source: AdobeStock / Tada Images
Major exchange Coinbase experienced network connection issues Tuesday night (UTC) time, which it says were caused by a higher level of sign-ups and transfers. Kraken, meanwhile, said it saw brief and intermittent connectivity issues.
Coinbase announced yesterday that it was experiencing "network connection issues" for Coinbase.com, Coinbase Pro, and Coinbase Prime, which could have led to difficulty in signing in. "If you’re already signed in you may experience slow loading across web and the mobile app," the exchange said.
Shortly afterward, Coinbase Support tweeted to the users that the issue had been the result of "the high level of new user sign-ups and transfers" to the exchange, but that a fix had been implemented. "Latency has improved dramatically," it said, and added that,
There was also a report that Kraken
Kraken told Cryptonews.com that,
The status page says that the team was investigating an issue with Parachains on November 8, and that clients might have seen the error 'No Data Found' upon navigating to the Parachains section of the Earn page in their Kraken account. This has been fixed.
Today, it started its scheduled Plaid application programming interface (API) maintenance, during which funding via Plaid is not available.
No connection to FTX
Yet another surprise came for the cryptoverse as crypto exchange FTX faced financial difficulties, while its competitor Binance
Coinbase CEO Brian Armstrong tweeted that he has "a lot of sympathy for everyone involved in the current situation with FTX," saying that it is "stressful any time there is potential for customer loss."
However, he assured users that Coinbase is not materially exposed to FTX, its coin FTT, or its parent company Alameda Research.
Given the number of companies that have faced massive issues since the market downturn began, and since the fall of the Terra / LUNA ecosystem, it's not surprising that many investors would be worried about any potential problem faced by exchanges and protocols.
Some also repeated a long-standing accusation that exchanges tend to experience issues when there is a dump or a pump in the market, standing in the way of users taking swift action.
____
Learn more:
- Breaking News: Crypto Prices Spike then Crash as Binance Moves to Acquire FTX
- FTX Token Price Prediction - Will FTX Go to $0 Like Luna? Traders Buying These Coins Instead
- Earnings Report: Coinbase Loses $545 Million in Third Quarter – Stock Plummets
- Jesse Powell Exits Kraken CEO Position, COO Ripley Will Take the Reins
