Key Points
- Coinbase suffered a glitch on Wednesday resulting in many users seeing a zero balance in their accounts.
- Bitcoin experienced a sudden drop of about $2,800 as reports of the outage emerged.
- Coinbase acknowledged the issue and assured users that their assets are safe while investigating the matter.
Coinbase’s app suffered from glitches on Wednesday that led many users to see a balance of zero when opening their accounts.
Bitcoin, which had just spiked to its highest level since November 2021, lost about $2,800, or over 4%, in a matter of minutes shortly after noon eastern time as reports of the outage 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 in buying or selling,” Coinbase said in a statement to CNBC. “Our team is investigating this issue and will provide an update shortly. Your assets are safe.”
Coinbase advised users to check on the system outage at its status page: https://status.coinbase.com/incidents/qlpwww1zsm2y
One user sent a screengrab to CNBC showing a balance of $0.00 in his account. He soon received a notice titled “Site Degraded Performance,” informing him that the company was investigating the matter.
Bitcoin has been surging of late, topping $64,000 on Wednesday for the first time since 2021, reaching a collective market cap of nearly $1.2 trillion.
For more information on related topics, consider exploring:
APRNEWS/STOCKS, APRNEWS/SPORTS, APRNEWS/POLITICS, APRNEWS/BUSINESS, APRNEWS/TECH.
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