Cryptocurrency exchange users have experienced delays in token withdrawals on Wednesday. Site traffic on major crypto exchanges and websites has surged, seemingly causing outages, intermittent access, and slower loading times.
It has been reported that on Wednesday, users of Coinbase and Binance experienced delays in Ether (ETH) and ERC-20 token withdrawals “due to congestion on the Ethereum network,” according to the status pages of both major cryptocurrency exchanges. Purportedly for the same reason, Coinbase users still have only intermittent access to the website and mobile app while crypto analytics site CoinMarketCap and crypto exchange Kraken both briefly went down, leaving crypto users unable to check market activity and trade during a critical time.
Exchanges went down when people needed them most? What else is new, honestly. https://t.co/YKc83BtNj0 — Cointelegraph (@Cointelegraph) May 19, 2021
However, Gemini reported at 2:27 pm UTC on the same day that it would be taking emergency maintenance actions to correct ongoing issues.
The exchange said:
“All customer accounts and funds remain completely secure.”
The report said that Coinbase has gone offline several times during major Bitcoin price moves, leaving many users unable to access their portfolios. Though the exchange reported that users’ funds were safe, outages on any exchange during huge downturns or price surges can hurt traders wanting to buy or sell.
Thus, losses can mount when users are not able to access their accounts to sell their cryptocurrency, and potential profits can simply disappear when they can’t buy anything.