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Coinbase and Solana suffer ‘outages’

Coinbase and Solana have experienced “outages” recently.
| Cryptopress
Updated: October 3, 2022


Sunday morning, Coinbase users with U.S. bank accounts couldn’t transact.

The company’s status webpage says it can’t accept US bank payments or withdrawals. Our staff is aware of the problem and working to fix it.

The business is preparing a patch for “ACH withdrawals, deposits, and purchase failures.” ACH transfers payments electronically between bank accounts in the U.S.

Affected individuals may still use a debit card or PayPal, the company said.

Coinbase’s help website called the U.S. bank problem a “Major Outage.” Every currency on the platform was completely marketable except Solana, which had “Degraded Performance” Friday night.

Coinbase’s Twitter support page subsequently assured account users that their “funds are secure” and that it would share further details when functioning restores. 

Solana Outage

A faulty node led the Solana network to cease processing transactions and fall down on Friday, the fourth significant outage since January, when it endured a succession of minor failures.

Last September’s outage lasted almost 18 hours. SOL, the ninth-largest cryptocurrency by market valuation, fell 81% in 2022.

At 7:01 pm EST on Friday, the Solana Status site announced that the network was “experiencing decreased performance” and that engineers were identifying the problem. Solana later said the network is “down and not processing transactions.”

Why was power out?

Stakewiz.com’s Solana validator tweeted that a misconfigured node produced an unrecoverable network split.

“A validator was running a duplicate validator instance,” they told Decrypt. When it was their time to make a block, they produced one from each instance for the same slot, so validators couldn’t agree which one was right.

Stakewiz claimed the Solana codebase should have handled the problem, but it triggered an unrecoverable division or fork. “Probably a failed node failover arrangement,” they say. Developers resumed Solana mainnet at 153139220. Solana had been down for 2 hours 45 minutes when this was published.

Photo: Kelly Sikkema on Unsplash.

© 2022 Cryptopress. For informational purposes only, not offered as advice of any kind.


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