Coinbase, a prominent U.S.-based cryptocurrency exchange, faced technical issues that led to some customers seeing their account balances drop to $0. This glitch occurred hours after Bitcoin experienced a notable rally, briefly surpassing the $60,000 mark for the first time since Nov. 2021. The cryptocurrency went on to approach $64,000 before it quickly retreated back to around $60,000. This incident unfolded just as Bitcoin’s all-time high of over $69,000 seemed within reach once more.
Immediate response from Coinbase
Coinbase acknowledged the problem, stating on its website that it was aware some users might see a zero balance in their accounts and could encounter errors while attempting to buy or sell. The exchange assured its users that it was investigating the issue and would provide an update soon. Importantly, Coinbase emphasized that despite the display error, users’ assets were safe.
The timing of the outage was notable due to its coincidence with a significant uptick in Bitcoin’s price. Coinbase’s prompt acknowledgment of the issue aimed to quell any immediate concerns about asset security among its user base.
Coinbase, listed on NASDAQ under the ticker COIN, has a substantial user base that relies on its platform for cryptocurrency transactions.
