Coinbase is facing issues with Cardano transactions. The major crypto exchange platform has disabled customers from sending and receiving ADA since the 7th of January and is actively working on solving the problem.
The investigation of the problem took two days, and Coinbase developers have been looking for the cause as of January 9 at 8 pm PST.
Cardano has recently updated the trezor-connect dependency. This might have caused problems in the Coinbase system. Cardano announced the following updates:
“The team […] worked on receiver address validation to prevent users from sending ada to rewards addresses, performed a cardano-node and wallet backend version update, and upgraded packages.”
At this moment, Cardano looks bearish at $1.16, yet experts predict “a swift recovery will lead to a 20% gain, propelling ADA to $1.42.”
On The Flipside
- All funds are kept secure on Coinbase, even when transactions are disabled.
- Due to the technical issues on Coinbase, customers are turning away from the platform and seeking other cryptocurrency exchange platforms.