Coinbase users’ wallets wiped to $0 after crash as Bitcoin soared

Coinbase users panicked Wednesday after discovering their digital wallets were suddenly erased. I then learned that my funds were safe and the crypto exchange platform had crashed.

Coinbase CEO Brian Armstrong says users are flocking to social media due to a “huge spike in traffic” as Bitcoin soars above $60,000 for the first time in two years , I tried to calm my anxiety.

“I had $3.6 million on Coinbase, but now it’s showing as $0,” says a popular crypto trading personality. Ash Crypto wrote a letter to X A screenshot of the total balance on the platform displayed “$0.00.”

“What the hell is going on?”

After Bitcoin soared to $64,000, driving an influx of traffic to the cryptocurrency exchange platform, Coinbase crashed on Wednesday, leaving users’ digital wallets with $0. Reuters

Coinbase confirmed the crash in a post by X, stating: “We are aware that some users may be seeing zero balances across their Coinbase accounts and may experience errors when buying or selling. Our team is investigating this and will update you soon. We plan to provide it.”

The platform assured users that “your assets are safe” and posted an incident report on its website where traders can track the status of the outage.

Armstrong said bitcoin magazine The exchange’s infrastructure was overwhelmed by a “massive spike in traffic” as users tried to buy, sell, and trade Bitcoin on Wednesday (the price of Bitcoin soared to $64,000 at one point).

After about two hours, Coinbase said it had “started to see an improvement in customer transactions,” but as traffic levels on the platform continued to increase, “some customers are still having trouble logging in, sending, and receiving.” , there may be errors in some payments.” method. ”

“Rest assured, your funds are safe,” Coinbase reiterated in its latest update on the incident.

After the outage, Bitcoin plummeted from a peak of $64,000 (the first time the cryptocurrency topped $60,000 in November 2021) to around $59,500, paring the gains Bitcoin experienced on Wednesday. Almost $100 billion was wiped from its market cap.

At the time of writing, Bitcoin’s resilient price rose slightly to $61,174.20.

When The Post reached out to Coinbase for comment, a company spokesperson pointed to updates on the crash that trading is gradually improving.

Founded in 2012, Coinbase is the largest cryptocurrency exchange platform in the United States by trading volume.

The Securities and Exchange Commission last month approved the first U.S. exchange-traded fund to track Bitcoin, the world's largest cryptocurrency.
The SEC last month approved the first U.S. exchange-traded fund to track Bitcoin, the world’s largest cryptocurrency. Getty Images

In addition to Bitcoin, which is by far the most popular and valuable currency of its kind, Coinbase also provides traders with access to other digital currencies on decentralized blockchains such as Ethereum, Korana, and Dogecoin. To do.

Just last month, the Securities and Exchange Commission approved the first-ever U.S. exchange-traded fund to track Bitcoin. Bitcoin is a game-changer in the broader cryptocurrency industry, offering institutional and individual investors exposure to Bitcoin without directly owning it.

Securities regulators have approved applications from BlackRock, Ark Investments, 21Shares, Fidelity, Invesco, VanEck and others, according to a notice on its website.

Wednesday’s selloff didn’t seem to affect Coinbase’s stock price, which was up nearly 2% by the close.



Sign up to stay informed to breaking news