Coinbase users their accounts showing a “zero balance” on Wednesday afternoon. Coinbase confirmed the problem on its status page at 12:40 p.m. ET but claims customer cryptocurrency funds are safe. The cryptocurrency exchange blames the outage on increased traffic, as Bitcoin’s price surged past $60,000.
Coinbase say customer trading is slowly coming back online as of 2:29 p.m. ET. The company says some users may still experience errors when logging in, sending and receiving funds, and with some payment methods.
“We are aware that some users may see a zero balance across their Coinbase accounts and may experience errors in buying or selling,” said Coinbase’s status page. “Our team is investigating this issue and will provide an update shortly. Your assets are safe.”
Coinbase first reported that it was aware of “transaction delays” at 11:24 a.m. ET on Wednesday. CEO Brian Armstrong says the platform is experiencing a major surge in traffic in a post on X, and the company is working to remediate. Coinbase emphasizes that users’ assets are secured.
Downdetector showed a spike in Coinbase outages starting around noon ET on Wednesday. Over 9,000 customers reported outages, according to Downdetector, but most seem to be resolved as of 3:00 p.m. ET. Coinbase is the largest cryptocurrency exchange in the United States and holds over $255 billion in assets on its platform.
Coinbase’s help page is displaying a message that wait times are longer than usual. A company spokesperson told Gizmodo it’s actively working to resolve the issue. Users took to social media to express their concern about the cryptocurrency exchange’s outage on Wednesday.
“Anyone else’s Coinbase account at zero?” wrote one user on X.
“Mine just went to zero, the help center won’t even load,” wrote another.
As Coinbase goes down on Wednesday, the price of Bitcoin passed $60,000 for the first time since 2021. It marks a major resurgence for the cryptocurrency staple. The increased interest in Bitcoin seems to be the reason for the outage.
Trending Products
