Coinbase Resolves Glitch That Blocked Trades From U.S. Bank Accounts
Table of contents
"We've fully resolved this issue, and ACH transfers are now processing. We apologize for the inconvenience," Coinbase Support said in a Tweet late Sunday night.
Coinbase Technical Glitches
The Automated Clearing House Network, or ACH, is a system that electronically moves money between bank accounts in the United States. According to a previous Tweet from Coinbase, "technical challenges creating ACH transfers" were to blame for the disruptions experienced by owners of U.S. bank accounts. As stated by the business, all users could still make direct purchases using a debit card or PayPal account, and that user's funds were secure. Following a significant outage on the Solana network on Friday, the publicly traded company also announced that trading in Solana tokens on its platform has resumed as of Sunday night.
Hit With Lawsuit Over Poor Security
Coinbase was the subject of a class action lawsuit in August for failing to adequately secure its clients' accounts, making them open to unlawful conduct. The case, submitted to the U.S. District Court for the Northern District of Georgia, claims that customers suffered financial damage due to being locked out of their accounts permanently or for a prolonged period.
The case, which represents a group of over 100 individuals, also accuses the company of breaking U.S. federal law by including securities on its trading platform. Furthermore, according to one allegation in the lawsuit from 2019, Coinbase took more than six months to provide customer access to their account, which the complaint argues points to a larger pattern of behavior.