Coinbase, the famous crypto exchange, recently witnessed a significant disruption, leading to a “Cancel Only” market mode. Soon after detecting a severe downtime regarding the Amazon Web Services (AWS) US-EAST-1 zone, Coinbase enabled the “Cancel Only” mode. As per Coinbase’s official social media announcement, all of the present resting orders were made cancelable throughout the incident. Additionally, both limit and market orders were provisionally disabled by the crypto exchange. However, as per the latest update, all services have resumed again now after almost 4 hours.
AWS Outage Pushes Coinbase to Trigger ‘Cancel Only’ Mode
The incident of the Amazon Web Services (AWS) disruption has pushed Coinbase to enable the “Cancel Only” mode. Specifically, the US-EAST-1 region of AWS got impacted by the incident. So, Coinbase halted its usual trading activities as a preemptive measure. Additionally, the Coinbase Support team later disclosed its continuous work on a gradual reopening of trading services in the near term.
Because of the service outage, Coinbase consumers have suffered the inability to transfer capital on the platform. Additionally, some other users faced notably slow services following the overheating issues dealing with the AWS infrastructure, which resulted in the disruption. However, the company has assured the consumers of their funds’ safety. The firm also confirmed a thorough examination of the issue while also promising to provide additional updates regarding the matter.
$394M Quarterly Dip and 14% Workforce Downsizing Add to Market Concerns
According to the market reports, the outage took place following Coinbase’s announcement of the decision to downsize the workforce. Specifically, Brian Armstrong asserted the company’s plan to decrease workers by 14%, while referring to the increasing AI adoption and market volatility. Apart from that, the crypto exchange has recorded a total loss of almost $394M over the first quarter this year. Now, in the wake of the latest AWS disruption, the market participants are keenly monitoring Coinbase’s next course of action amid trading restrictions.
