Following Wednesday’s Crypto Debacle, Coinbase Exec Offers Mea Culpa

Bitcoins placed beside Coinbase App on iPhone, illustrating one of the largest Bitcoin providers, photographed in Cologne, Germany, 14th of April 2021.
Movus / Getty Images

Following several crypto exchanges technical debacles Wednesday, Coinbase’s Chief Product Officer Surojit Chatterjee, offered a mea culpa on Thursday, saying in a tweet that the company “experienced unprecedented surge in trading volumes.”

See: Cryptocurrency Glossary: Defining the Terms of the Hot Topic
Find: 10 Best Cryptocurrencies To Invest in for 2021

Because of a massive Bitcoin selloff due to the price of the crypto crashing, several  crypto exchanges including Coinbase, Binance, Gemini and Kraken had technical issues.

“Yesterday was a crazy day! We experienced unprecedented surge in trading volumes. My sincere personal apologies to every customer who faced challenges due to unreliability of our site/apps. We’re doing everything we can to make our system robust and be ready for the next time,” Chatterjee tweeted.

Coinbase, the largest crypto exchange in the U.S. who had a blockbuster IPO in April, had issues most of the day Wednesday, showing an error message on its home page. Its app was also unavailable for trading, according to MarketWatch.

Building Wealth

Binance’s CEO Brian Brooks — a former Coinbase exec who took the helm of the rival company in April —  told Bloomberg that it was looking to fix its issues in the coming months.

See: How Does Cryptocurrency Work – and Is It Safe?
Find: How To Invest In Cryptocurrency: What You Should Know Before Investing

“We have way too many customer support issues on backlog,” Brooks told Bloomberg.

“I know it’s a big deal, I’ve gotten that feedback,” he added. “We’re all over this and you’re going to see a different customer experience very shortly.”

In a surprising twist, rival Robinhood who has suffered several crashes in the past months was up and running all day yesterday, according to The Street.

Bitcoin started Wednesday at $43,000 and dipped to $34,000 at its lowest for the day, according to CoinMarketCap. The crypto has been having a rough couple of weeks, that some investors partly blame on Tesla CEO Elon Musk who suggested, in a series of tweets, that the electric car company would be dumping the cryptocurrency. Even after clarifying early this morning that the company had not sold the crypto, the damage was done.

As of this writing, Bitcoin was at $41,000.

Building Wealth

More From GOBankingRates 

About the Author

Yaël Bizouati-Kennedy is a former full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.

Untitled design (1)
Close popup The GBR Closer icon

Sending you timely financial stories that you can bank on.

Sign up for our daily newsletter for the latest financial news and trending topics.

Loading...
Please enter an email.
Please enter a valid email address.
There was an unknown error. Please try again later.

For our full Privacy Policy, click here.