Coinbase Resolves Another Platform Glitch

The cryptocurrency exchange Coinbase has resolved an issue that caused delays on the platform and periodically reset user balances to zero.

We have issued a fix which remediated the display issue impacting customer account balances and latency across https://t.co/ohqDivlp6Y. We appreciate your patience. https://t.co/7gsVeIvYMl

— Coinbase Support (@CoinbaseSupport) March 4, 2024

On March 2, in response to numerous client complaints, the exchange team acknowledged delays in deposits, withdrawals, and trading disruptions. Some users reported being unable to access their accounts or experiencing zeroed balances.

I still can not login into my account after my balance went to zero!

— Mike Hubbard (@WhilingOut) March 2, 2024

Coinbase assured users that they were working to fix the error and that customer funds were safe.

In late February, the exchange had already faced a problem with “zero balances.” The company’s CEO, Brian Armstrong, attributed this to an “enormous” influx of users.

After resolving the issue, he stated that the team had simulated a tenfold increase in traffic during testing.

According to Similarweb, platform traffic even slightly decreased during these days, averaging around 2.1 million visits per day.

The previous glitch at Coinbase coincided with a rapid increase in Bitcoin’s price to $64,000. In early March, the digital currency continued its rally, testing the $68,000 mark.

As reported in the fourth quarter of 2023, the exchange posted a net profit of $273 million, bringing the annual figure to $95 million.