Explorer

Coinbase Suffers Major Outage, Binance Halts Terra Luna Crypto Trading

Terraform Labs said it has halted the Terra blockchain and is working to "come up with a plan to reconstitute it."

New Delhi: Leading crypto exchange Coinbase suffered a major outage amid crypto mayhem especially with the cryptocurrency Terra Luna, heightening fears among the investors.

The company said it was actively working on the issue.

"We are aware that some customers are having issues trading and accessing accounts on Coinbase and Coinbase Pro. Your funds are safe, and we are actively working on the issue. We'll provide an update here soon," said Coinbase.

The company on Friday said the situation was being resolved.

"We're seeing recovery after implementing a fix, but our teams are continuing to monitor the situation," it added.

The investors reported rolling delays in withdrawals on community discussion forum Reddit.

ALSO ON ABP LIVE: Crypto Crash: CoinSwitch Kuber CEO Ashish Singhal Explains Why He Still Remains Bullish

"Has the bear market crashed their servers? Pretty frightening if someone wants to make a fast trade," posted on Reddit.

Meanwhile, Terraform Labs increased the circulating supply of Luna tokens to over 6.5 trillion, up from 386 million three days ago.

Later, Terraform Labs said it has halted the Terra blockchain and is working to "come up with a plan to reconstitute it."

The Coinbase outage came as Binance, the world's largest cryptocurrency exchange, suspended trading of Terraform Labs' Terra (LUNA) and TerraUSD (UST) tokens, which crashed 98 percent, wiping out the life savings of its investors.

ALSO ON ABP LIVE: EXPLAINED | Terra Luna Crypto Crash: Why Is LUNA Price Falling?

On Thursday, over $275 billion were wiped off from global crypto market cap within 24 hours and Bitcoin dropped to nearly $27,000, a level it saw in December 2020.

The world's second-largest cryptocurrency Ethereum has joined the cryptocurrency crash, plummeting in value by 20 percent, as the digital currency downturn hammers investors who bought during the COVID years.

(This report has been published as part of the auto-generated syndicate wire feed. No editing has been done in the headline or the body by ABP Live.)

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headlines

'You Will Be Chief Minister Someday': Fadnavis Tells His Deputy Ajit Pawar, Shares 24-Hour Work Plan
'You Will Be Chief Minister Someday': Fadnavis Tells His Deputy Ajit Pawar, Shares 24-Hour Work Plan
'Motion' To Remove Jagdeep Dhankhar As Rajya Sabha Chairman Dismissed On Technicality. Here's What Happened
'Motion' To Remove Dhankhar As RS Chairman Dismissed On Technicality
Rahul Gandhi Sports Blue T-Shirt To Protest Ambedkar's 'Insult'. Know Why Blue Is Linked With Dalit Resistance
RaGa Sports Blue T-Shirt To Protest Ambedkar's 'Insult'. Know Why Blue Is Linked With Dalit Resistance
'I Never Thought...': Ravichandran Ashwin Responds To Father's Controversial Remarks
'I Never Thought...': Ravichandran Ashwin Responds To Father's Controversial Remarks
Advertisement
ABP Premium

Videos

Rahul Gandhi Linked to Incident That Led to BJP MP Mukesh Rajput’s HospitalizationBJP MP Mukesh Rajput Hospitalized in ICU After Alleged Push by Rahul GandhiHeated Exchange in Parliament as Opposition Targets Amit Shah Over Ambedkar RemarksLucknow Protest Turns Tragic: Congress Worker Dies, Police Investigation Underway

Photo Gallery

Embed widget