Coinbase Crypto Exchange Users Report Zero Balances in Accounts

Users of the popular crypto exchange Coinbase were shocked to find their account balances showing zero, causing widespread panic. Many customers took to social media platforms like X to express their concerns over the sudden disappearance of their funds.

The CEO of Coinbase, Brian Armstrong, reassured users that the issue was a result of a significant surge in traffic that overwhelmed the platform, leading to a technical glitch. He emphasized that users’ assets were safe despite the display error in account balances.

Coinbase responded to the situation on social media, acknowledging the problem and ensuring customers that their funds were secure. The exchange is actively investigating the issue to provide a swift resolution to the affected users.

Coinbase, founded by Brian Armstrong and Fred Ehrsam in 2012, is the largest cryptocurrency exchange in the United States. It offers services for trading various digital assets, including well-known cryptocurrencies like Bitcoin and Ethereum.

Meanwhile, the cryptocurrency market experienced a surge, with Bitcoin reaching over $60,000 in value, approaching its all-time high. This bullish trend was attributed to factors such as the recent approval of Bitcoin exchange-traded funds (ETFs) by the SEC.

Bloomberg analyst Philippe Bekhazi predicted that the continued inflows into Bitcoin ETFs would contribute to the currency’s upward momentum. Additionally, the upcoming halving event in April, which will reduce Bitcoin’s supply, is expected to further boost its price.