Coinbase US Bank Transfer Outage, Solana Network Outage, Hacker Returns 70% Of Funds

Written by Crypto University

October 3, 2022

Coinbase US Bank Transfer Outage

Coinbase Global Inc., a cryptocurrency exchange, is working to resolve an issue preventing it from executing transactions using US bank accounts. An hour later, the company said it had identified the problem and was working on fixing the situation.

“We are currently unable to take payments or make withdrawals involving US bank accounts. Our team is aware of this issue and is working on getting everything back to normal as soon as possible.” wrote Coinbase.

American customers can continue buying bitcoin on Coinbase using a debit card or PayPal account to make direct buys on their account should they wish.

Solana Network Outage 

The Solana network, which powers the SOL cryptocurrency, has had its fourth significant outage this year. According to one of Solana’s validators, a misconfigured node triggered a “recoverable division in the network.” 

“The Solana network is experiencing an outage and not processing transactions. Developers across the ecosystem are working on diagnosing the issue and restarting the network,” posted Solana on Twitter.

According to Stakewiz, the developer of the Solana project, Solana was down for 2 hours and 45 minutes. They believe the misconfiguration was unintentional, likely a faulty node failover setup. Validator operators have completed a cluster restart of Mainnet Beta. Network operators and dapps will continue to restore client services over the next several hours.

Hacker Returns 70% Of Funds.

A hacker stole $21 million from decentralized exchange (DEX) Transit Swap, later returning about 70% of it. The multi-chain DEX revealed the hack happened after an attack on a bug in its code. Hacks have been on the rise throughout the year, according to analytics firm Chainalysis.

“With the joint efforts of all parties, the hacker has returned about 70% of the stolen assets to the following two addresses,” posted Transit swap on Twitter.

The $21 million hack is perhaps the most high-profile exploit since crypto market maker Wintermute suffered a hacking event for $160 million on Sept. 20. 

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