Coinbase has “network issues” , Kraken Sees ‘Connectivity Issues’

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Coinbase Experiences 'Network Connection Issues' Amid Market Turbulence, Kraken Sees 'Connectivity Issues'

Major exchange According to Coinbase, the increased number of sign-ups and transfers on Tuesday night (UTC time) was the root cause of the network connectivity difficulties that occurred at that time. Kraken, for its part, reported seeing fleeting and sporadic instances of connection difficulties.

Coinbase.com, Coinbase Pro, and Coinbase Prime may have been affected by “network connection issues” yesterday, which resulted in the company’s announcement that it was having problems. This may have made it impossible to sign in. The exchange warned users who were already logged in that they would encounter slower loading times on both the website and the mobile application.

Coinbase Support tweeted to the users shortly after the event that the problem had been caused by “the high level of new user sign-ups and transfers” to the exchange, but that a remedy had been made since then. It said that “Latency has improved dramatically,” and it went on to say that,

“Although there was a possibility that some customers encountered latency delays when trading, all services continued to function normally and were not limited in any way. We regret for any trouble this may have caused, and we will continue to monitor our repair.”

Since Tuesday, there have been rumors that the cryptocurrency exchange Kraken has been “down” and maybe facing technical difficulties.

Kraken disclosed this information .

“Because of certain intermittent connection difficulties, some customers were unable to access some sections of the website. This was due to the fact that the issues occurred randomly. During the whole of the event, trading continued normally. The problem was quickly recognized, and a solution was quickly put into place.”

It is stated on the status page that the team was looking into a problem with Parachains on November 8, and that customers may have seen the error message “No Data Found” while trying to get to the Parachains part of the Earn page inside their Kraken account. This issue has been resolved.

It began its regularly planned maintenance on the Plaid application programming interface (API) today, at which time financing via Plaid will not be accessible.

There is no relation to FTX.

Another unexpected development occurred within the realm of cryptocurrencies when the cryptocurrency exchange FTX ran into financial troubles just as its rival, Binance, moved in to buy it.

It is difficult each time there is possibility for client loss, as the CEO of Coinbase, Brian Armstrong, said in a tweet that there is “a lot of sympathy for everyone involved in the current situation with FTX.”

Coinbase is not financially exposed to FTX, its token FTT, or its parent firm Alameda Research, he reassured the users of the platform.

It is not surprising that many investors would be worried about any potential problem faced by exchanges and protocols given the number of companies that have faced massive issues since the beginning of the market downturn and since the fall of the Terra / LUNA ecosystem. Given these factors, it is not surprising that many investors would be worried about any potential problem faced by exchanges and protocols.

Some people also reiterated an argument that has been floating about for a long time, which is that exchanges have a propensity to struggle if there is a dump or a pump in the market, which prevents consumers from acting quickly.

Compiled by Coinbold

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