Coinbase halts a trading feature after vulnerability warning

Coinbase paused its advanced trading feature following a Twitter tip off that it may have an unforeseen vulnerability. —REUTERS/File Photo

Coinbase Global Inc., the largest US cryptocurrency exchange, said it stopped taking orders on a recently launched advanced trading feature after an unverified Twitter user warned of a possible vulnerability.

A Coinbase spokesperson said the company is in touch with the Twitter user to learn more about the issue. Coinbase Chief Executive Officer Brian Armstrong also replied to the Twitter user, saying that the company will investigate.

Shortly after, Coinbase Support tweeted it’s disabling retail advanced trading for "technical reasons” and new orders can’t be placed.

The issue does not affect simple trading on the company’s main trading platform or Coinbase Pro, it said.

Armstrong later tweeted to the Twitter account, "you’re awesome – a big thank you for working with our team.” And just after 6pm New York time, Coinbase tweeted that retail advanced trading had resumed and customers’ funds "remain safe.”

Last November, Coinbase launched the advanced trading functionality on to a small number of customers. The feature is intended for more experienced traders and enables them to interact directly with the order book, according to the company’s website.

Coinbase shares closed down 5% on to US$194.53 (RM814.98) on Friday, outpacing losses in the S&P 500 index. – Bloomberg

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