Coinbase’s network goes down. Tells that technical difficulty has occurred due to Bitcoin’s price increase.
On 16th December (Wednesday) Coinbase informed its users that its network had gone down. It told that they could not connect the network with its global users. It informed that the problem was caused due to customers’ overcrowding on the system. Because recently the price for Bitcoin had gone past US$ 20,000 therefore too many customers started to connect at once.
However, it was later publicly announced on its website that Coinbase got rid of the problem. It told that due to over traffic the system went down however a fix had been carried out successfully.
In two months it had been for the second time that the network of Coinbase has crashed. The customers reported that they had difficulties establishing a connection with the network.
While the issue was resolved efficiently but the customers of Coinbase were rather frustrated. They complained that this is not a reason that due to the price high of Bitcoin the system got crashed. They suggested that they do not expect such an irresponsible reply from a crypto trading firm like Coinbase. Bitcoin’s price is continuing to go up quickly so would it mean that every time the system will crash, they asked.
Technical difficulties are rampant these days. Sometimes they are not just technical difficulties but much more than that.
In the past few months, Google got crashed as it had to face technical issues. Similarly, Twitter too had indicated that it system went down due to technical difficulties this year as well. But later it was found out that a major hack attack has occurred on Twitter. Resultantly, the social media website had lost its admin control.
Thereafter, the Twitter accounts of a few high-profile personalities of the world got hacked. For instance, accounts of the US’s ex-President Barrack Obama and current President Joe Biden as well as Bill Gates were overtaken by hackers. It was later found out that it wasn’t a technical difficulty but a pre-planned Bitcoin fraud attack.
The dilemma these days is if your service provider indicated technical difficulty, then the high probability is that a hack has occurred.