Coinbase has been accused a lot of deliberately stopping the platform when Bitcoin goes up or drops in price.
A lot of analysts have blamed the crypto exchange for making these moves on purpose, and they used to say that Coinbase blacking out is more of a feature than a mistake/outage.
Coinbase addresses the latest outage dating June 1st
The digital currency exchange released a post mortem on June 1st outage that affected all the mobile apps and trading platforms just as Bitcoin hit $10k.
The US-based crypto exchange says in a new blog post that a 5x traffic surge in a span of four minutes that was triggered by Bitcoin’s sudden rise in value, created an autoscaling issue that led to the saturation of web servers.
“The traffic spike affected a number of our internal services increasing latency between services,” the exchange notes.
They continued and explained, “This led to process saturation of the web servers responsible for our API, where the number of incoming requests was greater than the number of listening processes, causing the requests to either be queued and timeout, or fail immediately.”
Coinbase also said that “Our request error rate spiked to 50%, causing customers to experience errors when interacting with coinbase.com and our mobile apps.”
Coinbase also notes that the team is working hard to prevent such issues from happening again and they’re doing this via pre-scaling and caching.
We recommend that you check out the complete post in order to learn everything that the exchange’s reps had to say.
Coinbase made a massive move for the crypto space
Other than this, back in April Coinbase made a big move that boosts crypto adoption.
They decided to hire Barclays exec Brett Tejpaul to head its institutional coverage group. Institutional money is vital for the crypto space.
As we reported a while ago, Coinbase is targeting about $10 billion in big money that’s currently sitting on the sidelines.
