Coinbase Users Had Difficulties While Withdrawing Funds

by in Cryptocurrency News

Coinbase crypto

Users of the crypto exchange Coinbase were reporting difficulties while withdrawing holdings amid the significant fall in crypto prices.

Related: Coinbase Suspends Payment Services in India

On May 12, Coinbase Support tweeted that the team is aware that some customers are having issues trading and using accounts on Coinbase and Coinbase Pro. The exchange said that users' funds are safe and the team is working on the problem. Later, Coinbase said that the underlying issue that caused problems were resolved. Now, the full service has been restored. The team added that it remains alert to make sure that services remain top-notch.

On May 10, Coinbase released a first-quarter shareholder letter reporting a loss of $430 M and a decline of 2.2 million or 19% in monthly users.

At the end of Q1, assets on Coinbase were $256 bln, down from $278 bln at the end of Q4. The total crypto market cap went up by around 7.35% and now stands at around $1.31 trillion. Bitcoin stands at $30,400 and Ether at $2,080.