After the price of Bitcoin soared most of yesterday, reaching almost $14,000 per Bitcoin, the price began to drop around 4:25 p.m. EST. As the price began dropping, many owners of Bitcoin logged into their accounts on Coinbase.com to sell. Had they been able to sell, they would have reaped huge profits.
Alas, that did not happen. Because almost immediately Bitcoin prices began to fall, Coinbase.com purportedly crashed, preventing its users from selling for almost 51 minutes. A lifetime in cryptocurrency trading. By the time Coinbase.com was back online, Bitcoin was trading $1,400 below the price at which it was trading before the crash.
What happened? According to Coinbase, the “problem was identified” and fixed. What does that mean? What was the problem? Why did it happen? Did any stakeholders in Coinbase sell Bitcoin during the problem?
As with most things in the unregulated crypto world – nobody seems to know. Shouldn’t a company that takes your money, so you can trade cryptocurrency explain why at an opportune time to sell, the website crashed, costing you thousands of dollars?
If you were impacted by the Coinbase.com crash, contact Klaproth Law for a free, confidential consultation to discuss your legal options.
