Coinbase Global, Inc. has successfully resolved an issue that led to several users witnessing a zero balance in their accounts on Wednesday. The cryptocurrency exchange announced early Thursday that “All customer account balance display issues have been restored on Coinbase.com.” This resolution comes after Coinbase experienced a significant surge in traffic, coinciding with Bitcoin’s price breaking above $60K, marking its highest point in over two years.
Temporary Service Disruption
The glitch, which affected users’ ability to view accurate account balances, was part of a broader service disruption that also impacted buying and selling capabilities on the platform. Coinbase restored all services approximately five hours prior to resolving the account balance display issue, although a few customers continued to see incorrect balances for a brief period.
Coinbase’s Response to the Surge
Coinbase CEO Brian Armstrong attributed the disruptions to an unusually large amount of traffic to the platform, driven by the bullish activity in the cryptocurrency market. Despite the temporary inconvenience, Coinbase acted swiftly to rectify the situation, ensuring the integrity of user accounts and the reliability of its services.
Following the incident, Coinbase’s stock experienced a slight downturn, falling 1.4% in midday trading on Thursday. This reflects the market’s sensitive reaction to operational challenges faced by major cryptocurrency exchanges. However, Coinbase’s prompt resolution of the issue demonstrates the exchange’s commitment to user security and service stability.
