There was an issue with the Automated Clearing House Network on Sunday, causing Coinbase to be unusable for about six hours. The said network is a channel for electronic transfers between bank accounts in the country, according to Engadget.
The major outage caused US Bank account holders to not be able to make transactions with their Coinbase accounts. Coinbase announced from their official Twitter support page that account holders could rest, assured that their funds were safe, based on an article from thedailyencrypt.com.
Major Outage Timeline
At 3:57 PDT on October 2nd, Coinbase started investigating the issue wherein payments and withdrawals involving the US Bank accounts could not be processed. It includes their statement saying that users can still make payments using their debit card or PayPal account to make direct buys.
By 5:23 PDT, They had identified what had been causing the issue and claimed that a fix was already being implemented.
The issue with Solana (SOL) was resolved at 8:32 PDT concerning their send and receives.
At 9:24 PDT, the fix was implemented, but Coinbase was still monitoring whether or not the fix would work. It took less than 20 minutes before they announced on their official website that the issue had been resolved on their official website at 9:41 PDT.
Read Also: US Largest Cryptocurrency Exchange Coinbase Records $1.1B Loss in Q2
Your Assets Are Safe
This might have given users of cryptocurrency a scare since there have been cases of crashes and malware used to steal digital assets, and even though Coinbase said that your money is safe, there are still other instances when they are not, so it's best to know a couple of things about keeping your digital assets off of someone else's wallet.
It's important to always look into the transactions you make in the crypto world. There are several cryptocurrency scams that involve scams like investment opportunities and fake digital assets to exchange. Don't share private key phrases and sensitive data with strangers on the internet.
You should also try and make your password hard to crack as you can. That will be your first defense against cybercriminals. Use a combination of letters, numbers, and symbols to protect your crypto wallet from cyberattacks.
Split your cryptocurrency assets by diversifying them. Holding more than one wallet can prevent you from losing everything in one sweep. Having several wallets is like putting all your eggs in different baskets; even if one is stolen, then it will only be a part of your overall asset.
Always keep your key phrases to yourself. Since this is the only way to access your account and make purchases of cryptocurrency online, you must store it safely and not tell anyone about it since it might subject you to theft or fraudulent transactions.
Don't use public WiFi with cryptocurrency transactions. It doesn't have the necessary security measures to protect your account from being hacked. Public WiFi may be the door wherein cyber thieves can use spyware and other forms of malware to steal sensitive data from you.
Installing a VPN can also be helpful as it covers your digital tracks by masking your IP address. It's a way of navigating through the Internet in incognito mode so they cannot install viruses into your devices.
Also, according to Norton, enabling two-factor authentication can be a foolproof security measure since it requires biometric data during the login process.
Related Article: Cryptocurrency Trading Guidelines
