On Wednesday, Coinbase users were logging into their accounts to see the balance of Zero because of a series of glitches on the app.
This was rattling too many Coinbase users as the issue became a trend on X (formally known as Twitter), with many users screenshotting their accounts and asking the cryptocurrency exchange, Coinbase, for an explanation.
Looking at the bigger picture, the damage had already been done. A few moments earlier, bitcoin had just risen to $64,000, the highest point since November 2021.
This was short-lived as the cryptocurrency fell over 4% in minutes as the Coinbase account issues were trending on multiple social media platforms.
It turns out that the issue not only affects the availability of funds in the account but also users’ ability to send, receive, and trade crypto.
Coinbase confirms that it is aware of the glitch crisis affecting Coinbase user accounts and is currently investigating the cause of the issue while processing an update.
“Our team is investigating the issue and will provide an update shortly. Your assets are safe.”–Coinbase.
A few moments later, Coinbase made a post on X stating to their users that improvements in account accessibility and trading capabilities are developing although because of unstable traffic, some customers may still experience errors in operations until the total fix.