Coinbase users were unable to carry out US bank account transactions for around six hours on Sunday. An issue with the Automated Clearing House Network, which is used for electronic transfers between bank accounts in the country, emerged just before 7AM ET. The company said on its status page that it identified the problem, described as a "major outage," by 8:23AM and resolved it by 12:41PM.
We’ve fully resolved this issue and ACH transfers are now processing. We apologize for the inconvenience. https://t.co/dezVgcaagm— Coinbase Support (@CoinbaseSupport) October 2, 2022
“We’ve fully resolved this issue and ACH transfers are now processing. We apologize for the inconvenience,” Coinbase wrote on Twitter. The company said users' funds were safe during the outage (at least if you don't factor in the volatility of the crypto market).
As Web3 is Going Great points out, Coinbase is the largest cryptocurrency exchange in the US. It's in seventh place worldwide in terms of trading volume, per CoinCecko. At the time of writing, Coinbase users had traded $572 million over the previous 24 hours.