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While bitcoin reached a 2024 high on Monday, rising above the $67,000 per unit range, Coinbase suffered an issue again where customers were seeing zero balances. The news follows the issues Coinbase suffered on Feb. 28, 2024, when customers saw zero balances that day as well.
Coinbase’s trading service is once again grappling with technical disruptions amid a flurry of cryptocurrency transactions, leading to issues like showing a zero balance for certain customer accounts. The news took place after bitcoin (BTC) rose above the $67,000 per unit range. At the time of writing, BTC is only 3.4% away from surpassing its 2021 all-time high of $69,044 per coin.
The San Francisco firm confirmed the problem on X, indicating that some users may see delayed responses and sporadic zero balances in their accounts while reassuring that customers’ assets remain safe. The Coinbase Status page also disclosed the problem as it states:
A small subset of users may see intermittent zero balance across their Coinbase accounts and latency across pages. Trading is not impacted at this time. Our team is investigating this issue and will provide an update shortly. Your assets are safe.
This setback occurred just days after the U.S.-based exchange faced similar difficulties, caused by an influx of traffic far surpassing their predictions of a tenfold increase. Kraken and Robinhood users also experienced difficulties on Feb. 28.
Coinbase CEO, Brian Armstrong, addressed these concerns on X, acknowledging the hurdles in scaling service capacity to meet such surges in activity. He underscored the company’s dedication to improving auto-scaling capabilities and resolving any existing bottlenecks to avert such issues in the future. “Thank you for bearing with us,” Armstrong said at the time.
