Coinbase assured users that funds are safe as its team investigates a system wide outage.

Crypto exchange Coinbase’s website and exchange platform are currently unavailable to users on both desktop and mobile interfaces. 

The firm reported it was facing a “system wide outage” in an X post on Monday, saying the team was investigating the issue and noting that funds are safe.

Coinbase is experiencing a system wide outage. We are investigating this issue and working on a solution. Please see https://t.co/a3pl4WiDhZ for updates. Your funds are safe.

— Coinbase Support (@CoinbaseSupport) May 14, 2024

The outage appears to have started at 4:15 am UTC on May 14, according to the exchange’s status page, which also details that some users had started experiencing failures when sending crypto or withdrawing fiat through the platform around an hour before that. 

Coinbase’s website displays a “503 Service Temporarily Unavailable” message at the time of writing. 

It is unclear what the cause of the outage is, with some users reporting that they had received a “planned maintenance in progress” message when attempting to access the platform. Others also reported being unable to access the Coinbase wallet platform. 

According to a Mozilla developer guide, the 503 Service Unavailable message is typically indicative of a server being down for maintenance or being overloaded by activity. 

Earlier this year, some Coinbase users reported seeing zero balances in their accounts during a period of heightened bitcoin trading activity. A week prior to that issue, Coinbase encountered a similar issue with account balances, which CEO Brian Armstrong attributed to a large surge in traffic. 

Crypto exchanges saw heightened trading activity on Monday after Gamestop trader Keith Gill, otherwise known as “Roaring Kitty,” made a return to X after a near three-year hiatus. His return sparked a trading frenzy in Solana-based memecoin GME because of his affiliation to the Gamestock stock on the subreddit r/wallstreetbet’s that drove much of 2021’s meme stock rally.