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By Stan Greene
Observer Staff Writer 

Coinbase Malfunctions as Crypto Currencies are in a Bull Run

"Your funds are safe, and we're currently working on a fix," one user received. "Check our coinbase status page for updates."

 

November 23, 2020

Coinbase Malfunctions as Crypto Currencies are in a Bull Run

According to several posts on Twitter, and this author's own experience with $500 of Orchid disappearing; the world's largest system for trading cryptocurrencies went down Monday night, 11/23/20, around 9:40 pm PST.

"Your funds are safe, and we're currently working on a fix," one user received. "Check our coinbase status page for updates."

"An error has occurred. Please visit status.coinbase.com for assistance," received another user.

Coinbase Malfunctions as Crypto Currencies are in a Bull Run

One tweet from Omar on Twitter, said that Ethereum had flash crashed from $617 per ETH, down to $437. Then back up again, more or less.

My own experience was that I paid $1000 for Orchid, even though I asked the system to charge me $500 for it. I got $500 worth of Orchid, and my other $500 just disappeared. The $500 did reappear hours later, after I complained about it via the website.

Others among almost 10,000 tweets on Twitter reported the same experience. One theory is that this illiquidity forced XRP up by 100% or so.

Coinbase is a digital currency exchange headquartered in San Francisco. They broker exchanges of Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Tezos, and many others, with fiat currencies in approximately 32 countries, and bitcoin transactions and storage in 190 countries worldwide.

 

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