Crypto Exchange Coinbase Suffers Another Glitch, Customer Balances Show $0

Twitter icon  •  Published vor 1 Monat  •  Hassan Maishera

Cryptocurrency exchange Coinbase reported that its trading platform suffered another major glitch, its second one in less than a week, resulting in some customer balances showing $0.

TL;DR

  • Coinbase revealed on Monday that its trading platform was facing some challenges again.

  • Some customers had $0 balances as a result of the glitch.

Coinbase Suffers Second Major Glitch in a Week

Coinbase, one of the leading cryptocurrency exchanges in the world, announced on Monday that its trading platform experienced problems amid heavy trading in crypto.

The glitch resulted in some customers seeing $0 in their account balance. In a post on X, Coinbase said,

"We are aware some users may experience increased latency ... 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."

Monday’s event was the second one in the last seven days. Last week, the US-based crypto exchange reported that a heavy load of traffic caused a similar glitch. Coinbase CEO Brian Armstrong explained that, 

"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."

The glitch came as Bitcoin’s price continued to soar towards a new all-time high. Bitcoin’s rally has caused a spike in trading volume in the market. BTC is currently trading above $68k and could set a new all-time high price soon.

The cryptocurrency exchange offered an update later on Monday, revealing that there is an improvement in the situation. 

Coinbase is the most popular cryptocurrency exchange in the United States and one of the largest in the world. The exchange serves as the institutional custodian for most of the spot bitcoin ETFs currently trading, including the product offered by BlackRock.

 

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.