The largest U.S. crypto exchange, Coinbase, suspended trading for nearly five hours following a failure in the Amazon Web Services (AWS) cloud infrastructure.
The issues began around 4:15 AM. The root cause was identified as overheating in one of the AWS data centers. During recovery, Coinbase transitioned the market through "Cancel Only" and auction modes. Full trading resumed at 10:45 AM.
Earlier, Coinbase CEO Brian Armstrong announced a 14% staff reduction. The company aims to become "lean and AI-focused," increasingly integrating AI into development and operations.