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A weekend of outages as Coinbase and Solana suffer downtime

A weekend of outages as Coinbase and Solana suffer downtime

A weekend of outages as Coinbase and Solana suffer downtime
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By CNBCTV18.com Oct 3, 2022 7:08:28 PM IST (Published)

Solana went down on September 30 and only resumed services 6 hours later on October 1. On the other hand, Coinbase customers with US bank accounts could not conduct any transactions on Sunday.

It was a hectic start to the month for Coinbase and Solana, as the two platforms suffered significant outages over the weekend. Solana went down on September 30 and only resumed services 6 hours later on October 1. On the other hand, Coinbase customers with US bank accounts could not conduct any transactions on Sunday.

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Solana adds to its long history of outages
Solana's latest outage was triggered by a misconfigured node which caused the network to stop processing transactions and go offline. As a result, the price of SOL dropped 6 percent, falling from $35.08 late on Friday night to $32.79 on Saturday morning.
According to an article by Analytics Insight, this is the 12th outage for Solana since January 2022. Prior incidents include a 17-hour outage in September last year. Then, in May, the network went dark for 7 hours after bots trying to mint nonfungible tokens flooded the network. Later in June, the network suffered another outage, causing SOL to drop 12 percent.
This long history of outages has caused the price of SOL to slip considerably and also stains the network's image as an 'Ethereum Killer'. The network also drew a lot of flak from users and the cryptosphere. Even Charles Hoskinson, the creator of Cardano, took a jab at the faltering network, sharing a meme as a reply to Solana's update on the outage.
Coinbase users unable to transact
Unlike Solana, outages are a relatively rare occurrence for Coinbase. Nevertheless, the recent downtime caused investors significant trouble as they could not transact for the entirety of Sunday morning. According to the company website, the outage was caused due to "ACH withdrawals, deposits, and buys failures."
ACH is short for Automated Clearing House Network. It is a network used for the electronic transfer of funds between bank accounts in the US Therefore, an ACH issue effectively halts all transactions.
Coinbase classified the incident as a 'major outage'. But ironically, all coins on the network remained tradable, except for SOL, which suffered from its own outage. The crypto exchange also took to Twitter, reassuring customers that their funds were safe, and the team was working on getting things up and running again.
"We're currently experiencing technical issues creating ACH transfers. Rest assured, your funds are safe. Our team will provide an update here and on our Status Page when full functionality resumes," said Coinbase in its tweet. The issues was eventually resolved yesterday at around 9pm IST.
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