Coinbase users experienced a sudden glitch that left their accounts displaying a zero balance.
This issue coincided with the uptick in Bitcoin's value, reaching over $60,000, sparking widespread concern among the crypto community.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is ENS? Ethereum Name Service Explained (ANIMATED)
Reports began flooding social media from concerned Coinbase users around 5:00 p.m. UTC on February 28, as Bitcoin's price soared, indicating that a technical hiccup had caused their balances to drop to zero.
Despite the alarming display, Coinbase quickly reassured its users, stating:
We are aware that some users may see a zero balance across their Coinbase accounts & may experience errors in buying or selling. Our team is investigating this & will provide an update shortly. Your assets are safe.
By 12:13 a.m. UTC, all Coinbase's services were reported to be restored, with a minimal number of users possibly still encountering incorrect balance displays in their accounts.
A few hours later, the incident was marked as resolved.
This isn't the first time Coinbase users have faced such challenges, prompting discussions around the need for improved system stability.
Nonetheless, Coinbase's prompt response and assurance of asset safety have provided some relief to its users. The incident serves as a reminder of the technical vulnerabilities that can impact digital currency exchanges in times of market excitement.
In other Coinbase-related news, the crypto exchange has discontinued direct Bitcoin and other UTXO-based crypto payments through its merchant service, Coinbase Commerce.
