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Coinbase, a popular cryptocurrency trading platform, experienced a technical glitch on Wednesday that caused some users to see zero balances in their accounts. The company quickly addressed the issue, assuring users that their assets were safe.
Bitcoin sees sharpest jump since 2020
The incident occurred as Bitcoin prices surged, breaking the $60,000 mark for the first time since November 2021.This surge in activity overwhelmed Coinbase’s systems, leading to the display error. Many users took to social media, sharing screenshots of their seemingly empty accounts. Coinbase acknowledged the issue and swiftly issued a statement, emphasizing that the user funds were secure.
What Coinbase CEO said
CEO Brian Armstrong confirmed that the issue stemmed from an unexpected surge in traffic exceeding their modeled capacity. He explained that while over-provisioning resources is costly, improving auto-scaling solutions and eliminating bottlenecks are ongoing priorities.
The glitch impacted Coinbase’s share price, which initially rose but eventually closed slightly higher than the previous day. Despite the temporary disruption, Coinbase assured users that services had been restored and activity was returning to normal.
While most users regained accurate balance displays, a small number may still experience discrepancies. The company issued status updates in a series of tweets on X, formerly Twitter.
The incident highlights the challenges faced by cryptocurrency platforms as adoption and trading activity increase. Coinbase remains committed to improving their systems and handling future traffic surges efficiently.
Bitcoin sees sharpest jump since 2020
The incident occurred as Bitcoin prices surged, breaking the $60,000 mark for the first time since November 2021.This surge in activity overwhelmed Coinbase’s systems, leading to the display error. Many users took to social media, sharing screenshots of their seemingly empty accounts. Coinbase acknowledged the issue and swiftly issued a statement, emphasizing that the user funds were secure.
What Coinbase CEO said
CEO Brian Armstrong confirmed that the issue stemmed from an unexpected surge in traffic exceeding their modeled capacity. He explained that while over-provisioning resources is costly, improving auto-scaling solutions and eliminating bottlenecks are ongoing priorities.
The glitch impacted Coinbase’s share price, which initially rose but eventually closed slightly higher than the previous day. Despite the temporary disruption, Coinbase assured users that services had been restored and activity was returning to normal.
While most users regained accurate balance displays, a small number may still experience discrepancies. The company issued status updates in a series of tweets on X, formerly Twitter.
The incident highlights the challenges faced by cryptocurrency platforms as adoption and trading activity increase. Coinbase remains committed to improving their systems and handling future traffic surges efficiently.
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