Coinbase Comes Under Fire As Users Encounter Terrifying Glitch
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March 5, 2024 3:46 pm
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No one wants to see the balance in their wallet suddenly drop to zero—nobody.
Yet this is what Coinbase users have been reporting—widespread issues due to a glitch that displays their balance as exactly zero. That horrible moment, no matter how short, when one questions whether or not a hacker has stolen the contents of their wallet is always terrifying.
Sources say the glitch is due to the dramatic rise in Bitcoin’s price, which currently stands at $62,727 at the time of this writing.
However, this is not the first time users have experienced the glitch, so it continues to be unresolved.
Late last month, Coinbase Support announced: “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. You can track this incident at http://status.coinbase.com.”
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.
You can track this incident at https://t.co/a3pl4WiDhZ— Coinbase Support (@CoinbaseSupport) February 28, 2024
"Your Assets Are Safe" – Bitcoin Puke Sparks $0 Balance Coinbase Glitch https://t.co/zU9W1YZSFF
— zerohedge (@zerohedge) February 28, 2024
The Block presented this explanation from Coinbase CEO Brian Armstrong:
“We had modeled a ~10x surge in traffic and load tested it. This exceeded that number. It’s expensive to keep services over-provisioned, but we’ll need to keep working on auto-scaling solutions, and killing any remaining bottlenecks.”
On Monday, Coinbase support followed up: “We are aware some users may experience increased latency across http://Coinbase.com and a few users may see intermittent zero balance. Rest assured, your funds are safe. Our team is investigating this issue and will provide an update. Trading is not impacted at this time.”
We are aware some users may experience increased latency across https://t.co/ohqDivlp6Y and a few users may see intermittent zero balance. Rest assured, your funds are safe. Our team is investigating this issue and will provide an update. Trading is not impacted at this time.
— Coinbase Support (@CoinbaseSupport) March 4, 2024
I just logged into my Coinbase account and my bitcoin balance is zero!!!!!
Oh, wait, never mind. That's because I would never keep any bitcoin on Coinbase (or any exchange for that matter).
Somehow, I have $10.46 worth of something called 'USDC'. I don't know where that ever… pic.twitter.com/YD7fJA4uOt
— John W. Ratcliff (@jratcliff) March 4, 2024
Daily Coin noted:
Following the recent incident, several crypto community members took to Twitter to criticize the leading exchange for the frequent glitches. “This should be embarrassing at this point.” X user “Game Reaper 187. XRP” commented.
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