Coinbase, one of the largest cryptocurrency exchanges globally, has acknowledged a significant glitch within its system.
Users have reported seeing their account balances drop to zero, sparking widespread concern and confusion across the platform.
The issue, first identified earlier this Wednesday, has affected transactions across the board, including buying, selling, and transferring funds.
Coinbase has quickly responded to the problem, assuring its users that their assets are safe and that the team is actively investigating the issue to provide a timely resolution.
The glitch appears to be part of a broader issue affecting the site’s performance, particularly transactions involving Ethereum and ERC-20 tokens, which are experiencing significant delays.
According to Coinbase CEO Brian Armstrong, the issues have been caused by a huge surge in traffic amid the ongoing cryptocurrency rally.
We are dealing with a LARGE surge of traffic – apologies for any issues you encounter. The team is working to remediate.
— Brian Armstrong 🛡️ (@brian_armstrong) February 28, 2024
The cryptocurrency community has responded with a mix of alarm and patience. Influencers and seasoned investors on the X social media platform have been quick to calm the nerves of the less experienced.
COINBASE IS SHOWING 0 ASSETS.
TAKE A DEEP BREATH, YOU DIDNT LOSE ALL YOUR ASSETS. THIS HAS HAPPENED BEFORE. JUST BE PATIENT pic.twitter.com/IsUaN3GmSS— Tom Crown (@TomCrownCrypto) February 28, 2024
Nevertheless, the incident has raised questions about the robustness of the cryptocurrency platform.