In a concerning turn of events, Coinbase (COIN), one of the world’s largest cryptocurrency exchanges, experienced a crash in its application, causing the firm’s stock to rapidly plummet to the $200 level.
Coinbase Outage Leaves Users With Zero Balances
The Coinbase application crash resulted in users seeing zero balances on their accounts. Reports from users of the exchange on social media platforms such as X (formerly Twitter) highlighted this issue, with customers voicing their frustration at their inability to reach customer support.
Coinbase’s official support account on X acknowledged the problem, stating that they were aware of users seeing zero balances and experiencing errors when buying or selling. The exchange assured users that their assets were safe and that their team was actively investigating the issue, promising to provide an update soon. The statement reads:
We are aware that some users may see a zero balance across their Coinbase accounts and may experience errors in buying or selling. Our team is investigating this issue and will provide an update shortly. Your assets are safe.
Impact On Bitcoin’s Price?
The crash of Coinbase’s app occurred during a significant milestone for Bitcoin, as it surpassed the $60,000 mark and reached a multi-year high of $63,800. The application outage had a noticeable impact on Bitcoin’s price and market volatility. Within minutes of the situation unfolding, the largest cryptocurrency experienced a drop below $60,000.
Coinbase’s CEO Brian Armstrong acknowledged the situation on social media platform X, stating that they were facing a large surge in traffic and apologizing for any issues users encountered.
As of now, it remains to be seen what measures the firm will take to address this development and how they will respond to users who experienced zero balances in their accounts.
Featured image from Shutterstock, chart from TradingView.com