After Coinbase outage, users withdraw record amount of BTC

Coinbase experienced its highest single-day net BTC withdrawal in the wake of the 1 June outage incident, with one of its most famous users, Nassim Taleb, author of “Black Swan”, quitting the exchange.

The outage happened during the surge of traffic as Bitcoin was trying to push through the $10,000 resistance level. Similarly, to the BitMex’ blackout a few months ago, this caused much frustration amongst its user base.

On 7 June, Coinbase users withdrew 22,000 more Bitcoins than they deposited—worth $214 million. Only once in history did Coinbase see a greater net withdrawal—28 July 2017, when the outflow was 22,500 BTC.

Coinbase still holds close to a million Bitcoin, more than any other exchange. Thus, this latest incident may have an insignificant impact on its bottom line.

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