Coinbase Account Issues: 2nd Instance Of Zero Balance In A Week

Key Points:

• Coinbase, the largest U.S. cryptocurrency exchange, faced a glitch causing zero balance displays for some users as Bitcoin neared its all-time high.
• The New York State Department of Financial Services is continuously communicating with Coinbase to understand potential risks.

According to Bloomberg, users has reported their Coinbase account issues causing a glitch causing zero balances. Tied to Bitcoin’s high, it was a display issue, now fixed.

Coinbase Global Inc., the largest U.S. cryptocurrency exchange, reported that some investors saw zero balances in their accounts, marking the second such outage in less than a week.

Coinbase account issues: What’s happening with Coinbase?

The issue coincided with Bitcoin nearing its all-time high of nearly $69,000. The company assured that the glitch, which only affected “a small subset of users,” was merely a display problem and that user assets were safe.

A fix was later issued to resolve the display issue impacting account balances and latency. The New York State Department of Financial Services is in continuous contact with Coinbase to understand any interruptions or vulnerabilities posing risks to consumers or the institutions themselves.

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Is Coinbase working properly? Current outage information

Crypto exchanges often experience glitches during sharp Bitcoin fluctuations due to a surge in trader activity. Last week, Coinbase experienced traffic more than 10 times its usual volume.

Other platforms like Crypto.com and Bitstamp have been preparing for increased volatility and have implemented scalable processes to handle traffic surges.

David Schwed, COO of Halborn, a blockchain security firm, suggests that these glitches indicate that the crypto market’s infrastructure is still adapting to increasing demand and volumes.