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Bitcoin Surge Triggers Coinbase Glitch, Leaving Users with Empty Accounts

Bitcoin Surge Triggers Coinbase Glitch, Leaving Users with Empty Accounts

Key Takeaways

  • Coinbase users reported zero balances in their accounts amidst the increase in Bitcoin's price, causing alarm across the crypto community.
  • Coinbase reassured users of the safety of their assets and began investigating the glitch, attributing the issue to possible service disruptions caused by the surge in Bitcoin's value.
  • The situation stabilized within hours, with Coinbase restoring normal account balances and continuing to examine the cause of the technical setback.

Coinbase users experienced a sudden glitch that left their accounts displaying a zero balance.

This issue coincided with the uptick in Bitcoin's value, reaching over $60,000, sparking widespread concern among the crypto community.

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Reports began flooding social media from concerned Coinbase users around 5:00 p.m. UTC on February 28, as Bitcoin's price soared, indicating that a technical hiccup had caused their balances to drop to zero.

Despite the alarming display, Coinbase quickly reassured its users, stating:

We are aware that some users may see a zero balance across their Coinbase accounts & may experience errors in buying or selling. Our team is investigating this & will provide an update shortly. Your assets are safe.

By 12:13 a.m. UTC, all Coinbase's services were reported to be restored, with a minimal number of users possibly still encountering incorrect balance displays in their accounts.

A few hours later, the incident was marked as resolved.

This isn't the first time Coinbase users have faced such challenges, prompting discussions around the need for improved system stability.

Nonetheless, Coinbase's prompt response and assurance of asset safety have provided some relief to its users. The incident serves as a reminder of the technical vulnerabilities that can impact digital currency exchanges in times of market excitement.

In other Coinbase-related news, the crypto exchange has discontinued direct Bitcoin and other UTXO-based crypto payments through its merchant service, Coinbase Commerce.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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