Coinbase Global (COIN) has reported a major outage on its cryptocurrency exchange.
Management at Coinbase blamed the trading disruption on a problem at Amazon Web Services (AWS).
The incident had the misfortune to occur just as Coinbase reported disappointing financial results for this year’s first quarter, sending its stock lower.
In a written statement, Coinbase said that users of its trading platform were unable to transact after a failure at a single Availability Zone in the US-EAST-1 Region in the U.S.
Coinbase Global is the largest cryptocurrency exchange in America.
However, the company said on social media late on May 7 that the issue is fully resolved and trading is once again available on its trading platform.
This is not the first time that Coinbase has suffered outages during periods of high market volatility and stress.
In 2020, the company experienced a brief outage as the price of Bitcoin (BTC) crashed 10% in 30 minutes. Coinbase experienced a similar outage when Bitcoin quickly rallied 15%.
The latest outage occurred as management at Coinbase reported weaker-than-expected first-quarter results as decreasing crypto prices impacted trading activity on its platform.
The company posted a loss of -$1.49 U.S. a share, compared with analyst expectations for a loss of -$0.27 U.S.
On May 5, Coinbase announced plans to reduce its workforce by 14% or 660 employees. COIN stock has declined about 20% this year to trade at $192.96 U.S. per share.
Correction: An earlier version of this article incorrectly stated that there was a failure at multiple AWS zones in the U.S. The failure actually occurred at a single availability zone.
