Coinbase announced it had resumed operations following a system-wide outage affecting its website, mobile app, and API for over three hours. However, many users reported ongoing difficulties with withdrawing their funds, contradicting the exchange’s claim of resolution. One user, Nigel Dias, highlighted that attempts to send crypto were still met with prompts indicating temporary disablement of transactions.

The outage began around 4:19 am UTC and was supposedly resolved by 7:42 am UTC, according to Coinbase’s status page. During this period, users experienced failures in sending crypto or withdrawing fiat, with the service marked as degraded. Coinbase acknowledged that some customers might still face connectivity issues and assured them that the situation was being monitored closely.

Despite this assurance, Coinbase has not provided any details regarding the cause of the outage or any compensation plan for affected users. This incident adds to a series of disruptions the platform has experienced in recent months, with 14 incidents recorded in May alone, following 29 in April and 36 in March, as per their status page.

The outage coincided with a drop in Bitcoin’s price from $62,660 to as low as $61,400, before a slight recovery to $61,780 at press time. Coinglass data revealed that this price drop led to liquidations amounting to approximately $50 million over the past four hours, primarily impacting long traders. This continued the bearish trend in the market, with Bitcoin’s price declining by about 3% over the past week.