On Wednesday afternoon, Coinbase users were met with alarming zero balance across their accounts, sparking concern amid a significant Bitcoin price surge.
The cryptocurrency giant acknowledged the glitch on its status page by 12:40 p.m. ET, reassuring that despite the display error, customer assets remained secure.
Coinbase down?
The issue first came to light when Coinbase reported “transaction delays” at 11:24 a.m. ET. Brian Armstrong, CEO of Coinbase, attributed the platform’s difficulties to an unprecedented surge in traffic, detailing efforts on social media platform X to address the situation. Despite the widespread outage, as indicated by over 9,000 Downdetector reports and a significant spike in reported issues around noon, Coinbase has been adamant that users’ assets are safe and secure.
The outage coincides with a remarkable rise in Bitcoin’s value, surpassing $60,000 for the first time since 2021. This resurgence in Bitcoin’s popularity, paralleling its near all-time high, may have contributed to the platform’s operational stress. Yet, Coinbase has not confirmed if the increased interest directly caused Wednesday’s disruptions.
In response to the outage, Coinbase’s help page advised of extended wait times for customer support, while a spokesperson for the company communicated to Gizmodo their ongoing efforts to resolve the issue. Meanwhile, affected users have taken to social media to voice their concerns, with many unable to access support channels or receive immediate assistance.
As the situation unfolds, Coinbase’s primary message to its users is one of reassurance, emphasizing the security of their assets amidst operational challenges. The company’s rapid response and transparency about the issue reflect its commitment to user trust and service reliability, even as it navigates the complexities of the cryptocurrency market’s dynamic landscape.
What Is Coinbase?
Coinbase stands as the largest cryptocurrency exchange in the United States, boasting over $255 billion in assets on its platform. It provides a vital service for buying, selling, and storing a wide range of cryptocurrencies, including Bitcoin, Ethereum, and many others. As a key player in the digital currency space, Coinbase is instrumental in facilitating access to the cryptocurrency market for millions of users worldwide.
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