Coinbase and Bitcoin logos are displayed on a phone screen in San Anselmo, California, in February 2019. 15, 2024.
Justin Sullivan Getty Images
The Coinbase app was plagued with glitches on Wednesday that led many users to see a zero balance when opening their accounts.
Bitcoin, which had just risen to its highest level since November 2021, lost about $2,800, or more than 4%, in a matter of minutes shortly after noon ET as reports of outages spread on social media platform X and elsewhere.
“We are aware that some users may see a zero balance across their Coinbase accounts and may experience errors buying or selling,” Coinbase said in a statement to CNBC. “Our team is investigating this issue and will provide an update soon. Your assets are safe.”
Coinbase advised users to check for a system outage on its status page: https://status.coinbase.com/incidents/qlpwww1zsm2y
One user sent a screenshot to CNBC showing a $0.00 balance in his account. He soon received a notice titled “Deteriorating Site Performance,” informing him that the company was investigating the matter.
Bitcoin has soared recently, surpassing $60,000 on Wednesday for the first time since 2021, reaching a collective market value of about $1.2 trillion.
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