Coinbase cut 700 jobs on Monday, lost $394 million on Thursday, and went dark on Friday because a data centre overheated
TL;DR
Coinbase went offline for seven hours on Friday after an AWS data centre overheated in Virginia, capping a week in which the exchange cut 700 jobs and reported a 394 million dollar quarterly loss.
Coinbase cut 700 jobs on Monday. It reported a 394 million dollar quarterly loss on Thursday. On Friday, a data centre overheated in Virginia and the exchange went dark for seven hours. The company that told its remaining engineers that AI could do weeks of work in days spent the end of the week unable to process a single trade because a building got too hot.
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The outage, which Coinbase attributed to a thermal failure at an Amazon Web Services facility in Northern Virginia, suspended all trading, transfers, and core exchange functions from approximately 9 a.m. Singapore time on Friday until around 4 p.m. The company’s retail-facing app also experienced degraded...
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