Coinbase AWS Outage: Users Experiencing Altcoin Balance Issues

On the first day of the week, access issues faced on many popular platforms such as the major cryptocurrency exchange Coinbase were caused by an Amazon Web Services (AWS) outage. Users experienced difficulties accessing services like Reddit, Hulu, EA, Max, Xbox, and Coinbase. According to Downdetector data, users of these platforms faced severe challenges in reaching the systems.

Coinbase confirmed that the issue was due to AWS and stated that users' funds were safe. In a statement shared through Coinbase's social media account, it was noted, “Some of our users are currently unable to access Coinbase due to the AWS outage. Our teams are working to resolve the issue and we will share updates here. All funds are safe.”

Some users affected by the outage reported seeing a “zero” balance displayed in their portfolios on Coinbase’s new Base App. Coinbase clarified that this situation does not signify a loss of funds, stating, “This issue is caused by the zero value displayed for untraded coins in the portfolio. In previous periods, such assets were listed with a false value despite not being traded.”

Coinbase emphasized that the Base App is still in beta testing and such changes should be regarded as a natural part of the app's testing process. This app aims to be a ‘super app’ that combines chat, payment, and trading features for users.

Amazon confirmed that the AWS outage has been fully resolved, while cryptocurrency users expect access issues to return to normal throughout the day. For investors, such outages highlight how fragile the market can be and stand out as a consideration that needs to be taken into account.