Coinbase Goes Down Again – Lee Leaves for Litecoin

FinTech, Investing, News | June 13, 2017 By:

 The Coinbase exchange experienced a site outage on Monday, marking the second time in two weeks that customers were unable to access the trading platform.

Coinbase blamed the outage on heavy traffic and trading volume. The same problem was cited in the earlier outage. Bitcoin had roughly a ten percent drop in its pricing in the last two days, while ethereum experienced a price surge.

Customers expressed outrage via Twitter and other social media, saying they wanted to buy on the dip but were not able to access their accounts. Coinbase operates in 32 countries and is one of the world’s largest digital currency companies, maintaining a trading platform for retail investors and one for institutions.

Coinbase told Reuters it was working to keep up with the volume. A statement has not been issued to customers on the outage as of early today.

In another Coinbase development, Charlie Lee has left his position as chief engineer at the company. Lee said he would focus his efforts on developing Litecoin, a cryptocurrency he created. He officially announced his resignation on June 9.

Litecoin’s recent activation of Segregated Witness and tests of the two-layer Lightning solution has pumped up interest in the cryptocurrency.