- Coinbase users experienced a technical outage showing zero balances in accounts despite funds remaining secure
- Coinbase CEO said the issues were due to a surge in traffic as Bitcoin’s price neared $64k before rapidly falling
- Coinbase has faced similar technical issues during past rallies unable to handle increased demand and traffic
Cryptocurrency exchange Coinbase is experiencing technical issues that are causing some users to see zero balances in their accounts. The company says that customers’ funds remain secure despite the displayed outage.
Reports of Missing Funds
Some Coinbase users took to social media on Wednesday to report seeing zero balances for their cryptocurrency holdings on the platform. The abrupt disappearance of funds from their accounts alarmed many users.
Coinbase Investigates Outage
Coinbase acknowledged the issues on its status page. “We are aware that some users may see a zero balance across their Coinbase accounts and may experience errors in buying or selling,” the exchange wrote. “Our team is investigating this issue and will provide an update shortly. Your assets are safe.”
CEO Cites Traffic Surge
Coinbase CEO Brian Armstrong tweeted that the exchange is facing a large influx of traffic due to Bitcoin‘s latest price surge. Bitcoin neared $64,000 on Wednesday morning before rapidly falling to around $60,000. “We are dealing with a LARGE surge of traffic—apologies for any issues you encounter,” Armstrong stated. “The team is working to remediate.”
Previous Technical Issues
This is not the first time Coinbase has struggled with demand on its platform. Last August, users faced a similar problem with zero balances that the exchange blamed on a technical glitch. More broadly, Coinbase has faced outages and downtime during past rallies for Bitcoin and other cryptocurrencies.
Funds Remain Secure
Despite the displayed zero balances, Coinbase maintains that its customers’ digital currency holdings remain secure. The outage appears to be related to an influx of traffic on the exchange, rather than any breach or loss of funds. Still, the situation underscores issues with Coinbase’s technical infrastructure.
