Exchange News

Coinbase experiencing “connectivity issues”

TL;DR Breakdown

  • Coinbase suffers from connectivity issue
  • The firm also has an impending lawsuit against it

Coinbase earlier today experienced some “connectivity issue” on both its official website and mobile phone application. The connectivity issue first appeared on the website of the exchange around 15:32 UTC.

However, as of press time, the site had said it had been able to restore the core functionalities of the website by 16:58 UTC. The cause of the connectivity issue could also not be ascertained.

The last time the exchange giant had a similar connectivity issue was when the price of Bitcoin plummeted massively in one day. Then, users had complained massively about their inability to trade Bitcoin.

But, the firm was able to solve the issue and went on to identify the problem to be “increased latencies impacting order entry and settlement.”

Coinbase impending litigation

Remember that we reported of a lawsuit that was filed by Thomas Sandoval against Coinbase where he alleges that the crypto exchange deliberately sold XRP to him and other customers knowing fully well that the token was a securities.

According to this lawsuit, Sandoval believes that the firm was trying to gain an undue advantage over other crypto exchanges by trading in unregistered securities. 

In what would appear to be a new piece of information, Dr. Craig Wright, wrote an article titled “About Coinbase” where he says that the team at nChain has actually had a discussion about the nature of XRP but the crypto firm were negligent of the issue.

According to Wright, Coinbase and others in the system were not paying attention to the philosophy of Bitcoin. He said that they were instead operating an online casino-like situation where only the casino wins.

He also mentioned that he would be willing to testify against Coinbase. He said he would be there to provide evidence against the firm on how they deliberately decided to overlook the issue surrounding XRP.

This post was last modified on January 8, 2021 3:13 am

Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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