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Coinbase

Coinbase Crash: App Outage Sparks Panic As Customers Face $0 Balances In Accounts

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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.

Related Reading: Ethereum Insider Promises ‘Results Soon’ For Lawsuit Against ETH Founders

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. 

Related Reading: Tron Founder Denies Claims Of Limited HTX Usage Amidst Criticism

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. 

Coinbase
COIN stock turns negative on the daily chart. Source: COIN on TradingView.com

Featured image from Shutterstock, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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