Coinbase and Kraken experience limited services amid markets turbulence
Both Coinbase and Kraken's platforms were down or experiencing intermittent latency issues on Nov.8, amid market turbulence, according to users' complaints on Twitter. This news followed the disclosure that crypto exchange Binance intends to acquire its rival FTX earlier in the day.
According to Twitter users, services were limited in both exchanges, with issues related to connectivity to the platforms and unconfirmed rumors of halted withdrawals.
BREAKING: Coinbase is DOWN! Several services are down right now.Now y’all seeing real bear market dealings
On its support profile, Coinbase said it was "experiencing network connection issues for Coinbase.com, Coinbase Pro, and Coinbase Prime. This could result in difficulty signing in. If you’re already signed in you may experience slow loading across web and the mobile app", claiming that the issue was related to the high level of new user sign-ups and transfers to the platform today.
We’ve implemented a fix and latency has improved dramatically. Due to the high level of new user sign-ups and transfers to Coinbase today, some customers had trouble signing up / experienced delays signing in. https://t.co/IcA6wtZz1N
Kraken did not comment on the issues on its channels, but highlighted that it uses Proof of Reserves audits, enabling clients to verify balances held on the exchanges and its backed assets as well.
Check if the exchange you’re using undergoes Proof of Reserves audits.ICYMI: Kraken is committed to regular audits - enabling you to verify the balances you hold on our exchange are backed by real assets Don’t trust, verify your balance now ⤵️https://t.co/sI0TkgLTHq
With Proof of Reserves (PoR), an independent audit is conducted by a third party to check a custodian's assets
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