Coinbase Global Inc. said trading services resumed after a nearly seven-hour
outage on Friday left customers unable to transact, following overheating at an
Amazon Web Services data center in Northern Virginia that disrupted systems used
by the exchange. The outage temporarily suspended transactions and degraded
performance across its retail app before operations were restored later in the
day.
The disruption came after a difficult week for Coinbase, which recently
announced 14% workforce cuts and reported first-quarter revenue of $1.41
billion, down 31% and below estimates, alongside a $394 million net loss. CEO
Brian Armstrong said the restructuring aims to shift focus toward AI-related
capabilities and automation across workflows.
