Coinbase is investigating reports that some users are seeing zero balances in their exchange accounts, a development that comes as the price of bitcoin nears all-time highs.
Amid a price rally above $64,000, users took to X to raise concerns about his accounts showing no funds.
The crypto exchange said, despite the service errors, “assets are safe.”
“We are aware that some users may see a zero balance in their Coinbase accounts and experience errors when buying or selling. Our team is investigating this issue and will provide an update shortly. Your assets are safe,” Coinbase said in a statement.
The cause of the problem is not immediately clear, as users can still access some features of the exchange.
Coinbase CEO Brian Armstrong said the exchange was experiencing a “LARGE increase in traffic — apologies for any issues you are experiencing.”
The problems came in the form of Bitcoin (BTC) reached highs not seen since November 2021, surpassing $64,000 before plunging to $59,000. Ether (ETH) jumped to nearly $3,500 before settling around $3,300.
Learn more: Bitcoin exceeds $60,000 for the first time in 27 months
Bitcoin ETFs also had a good trading day, with volumes of over $2.6 billionaccording to Eric Balchunas, senior ETF analyst at Bloomberg.
Coinbase did not immediately return a request for comment to expand on the issue and when it might be resolved.
The exchange has already suffered from service problems during strong market rallies, sparking a new wave of criticism and mockery of the US foreign exchange giant.
James Seyffart, analyst at Bloomberg added that the error of balance is “THE sign of the bull”.
Around 2:30 p.m. ET, Coinbase support said they “began to notice an improvement in interactions with customers”.
Armstrong, about forty minutes later, said the applications were recovering.
“We had modeled about a 10x increase in traffic and load tested it. It exceeded that figure,” he added. explain.
Updated February 28, 2024 at 3:35 p.m.: Added notes from Coinbase Support and Brian Armstrong on app recovery.
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