Coinbase Says Funds Are Safe After 6-hour Bank Outage

A glitch with the Automated Clearing House blocked Coinbase users from withdrawals and payments via US bank accounts for several hours; Solana was also down

article-image

Blockworks exclusive art by axel rangel

share

key takeaways

  • Coinbase experienced issues with the electronic system that facilitates online US bank transfers
  • Prominent blockchain Solana also suffered hours-long downtime over the weekend

Coinbase has reassured users that all funds are safe after the exchange was unable to process US bank transactions for nearly six hours over the weekend.

Account holders with US bank accounts found they couldn’t make withdrawals or payments on Coinbase from 6:57 am ET to 12:41 pm ET on Sunday.

The company identified the issue as a snag with the Automated Clearing House (ACH) system, the electronic network that facilitates online transfers between US banks. 

Users in the US were not completely blocked from buying crypto, as they could still use a debit card or PayPal account. But cash withdrawals were fully frozen during the outage.

Coinbase says more than 103 million people around the world use its platform, but it isn’t clear how many hold US bank accounts. A spokesperson didn’t return Blockworks’ request for comment by press time.

Loading Tweet..
Coinbase tweeted to confirm that its ACH functionality is now back to normal.

The top US exchange is among the largest in the world, with trading volumes of around $966 million in the last 24 hours, CoinGecko data shows. 

ACH snags may still be the least of Coinbase’s troubles. Its share price fell more than 9% on Thursday after Wells Fargo issued a profitability warning about the company.

Rising competition from Binance and FTX will pressure the firm and eat into its market share, equity analysts Jeff Cantrell, Amid Patel and Griffin MacMaster wrote in a note seen by Blockworks. 

Given recent discussion from the SEC regarding “cryptos as securities” (such as for staked assets), regulation will be a particular challenge for the company, they added.

Coinbase is trading 2.3% lower in Monday’s pre-market session at $63 per share, down 75% in the year to date, according to TradingView data.

Coinbase bank difficulties in tandem with Solana downtime

Coinbase’s trouble with the US banking system wasn’t the only outage event this weekend. 

Prominent blockchain Solana stopped processing transactions due to a glitch that caused about six hours of interrupted service on Saturday morning.

The downtime affected DeFi apps across the Solana ecosystem, as many rely on constant connection with protocols throughout the crypto landscape, particularly price oracles.

Chain watchers noted that decentralized trading protocol Mango Markets was unable to handle liquidations or receive margin deposits until the issue was resolved — affecting at least one sizable long contract worth almost $2.5 million.

Loading Tweet..

Solana validators eventually coordinated to restart the network, which has suffered at least 12 significant outages so far in 2022, according to its incident history

The price of Solana’s native token, SOL, was mostly unaffected by the incident, having lost around 3% over the weekend, more-or-less in line with the rest of the digital asset market.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.png

Research

Content Delivery Networks (CDNs) represent low-hanging fruit in a massive market ripe for Web3-driven disruption. The global CDN market was valued at ~$28B in 2024, and is projected to surpass $140B by 2034, (18.75% CAGR) underscoring the immense demand for efficient content delivery.

article-image

Framework’s Michael Anderson explains what tokens need in order to be successful

article-image

Conferences are pop-up innovation clusters—and filters for the riff-raff

article-image

Tariff front-running may have caused an artificial bounce in economic data earlier this year

article-image

Waka Flocka Flame-linked BaseDrop is raising some eyebrows

article-image

IPO’ing onchain, Ethereum scaling, and using AI for ZK

article-image

A Brexit-themed celebration of Bitcoin’s catchphrases