Coinbase Bug Causes User Balances to Vanish

Coinbase Inc. experienced malfunctions leading to account balance display issues amidst a surge in Bitcoin’s price, causing panic.

Coinbase Inc.’s clients have reported that the platform is malfunctioning, which comes at a time when the price of Bitcoin (BTC) has been experiencing an extraordinary surge.

According to reports, on February 29, a problem caused customers’ account balances to read that they had reached an all-time low, which prompted many of them to become frightened.

According to reports, the interruption was responsible for a startling $100 billion drop in the market worth of Bitcoin, this loss occurred within only 15 minutes. Someone noticed the price of Bitcoin crossing the $64,000 threshold around the same time.

Nevertheless, the downtime affected the price of Bitcoin on the site, which resulted in the price falling to $59,000. Since then, the leading digital asset has made a strong recovery and it is currently trading at $66,484.33, representing a 5.84% increase in value over the previous 24 hours.

There has been a repeat of the zero balance on consumers’ accounts, which is the second time this has occurred in less than one week.

Coinbase Confirms Bug Issue

A spokesperson for Coinbase has suggested that the fault may be a display issue this time. Coinbase has acknowledged that there has been an increase in latency, in addition to the intermittent zero balance that has occurred.

To ease consumers’ concerns, the cryptocurrency exchange has provided assurances that the disruptive event has not put any of the customers’ assets at risk.

Coinbase continues to conduct investigations and facilitate trading on the site. Some entities claim that similar technical issues have occurred in the Coinbase ecosystem in the past, but it is unclear what caused the problem or if it is related to the recent increase in the price of Bitcoin.

These malfunctions are sometimes linked to sudden movements in Bitcoin. Coinbase’s BTC/USD trading volume dominance just reached a new yearly high of 53%, which occurred simultaneously.

Ki Young Ju, who is also the co-founder of CryptoQuant, a platform that provides cryptographic analytics, provided this information. CoinMarketCap also confirmed that the total volume on Coinbase has reached 72,570 BTC, equivalent to $4,791,725,299 over the previous twenty-four hours.

It is possible that a significant growth like this could have also triggered the activation of the bug that is currently causing users’ account balances to read zero.

Even though these allegations are merely conjectures, market participants closely monitor Coinbase.