Some users of cryptocurrency exchange Coinbase are reporting seeing a zeroed-out balance for their crypto holdings, based on social media reports Wednesday.

The exchange updated its status page to note that the issue is being addressed and that customers' funds are secure.

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

Coinbase CEO Brian Armstrong tweeted that the exchange is facing an influx of traffic amid Bitcoin's latest bull run, which saw the price of the leading cryptocurrency near $64,000 on Wednesday morning before plunging to nearly $60,000 in a matter of minutes.

"We are dealing with a LARGE surge of traffic—apologies for any issues you encounter," Armstrong tweeted. "The team is working to remediate."

This isn't the first time that Coinbase has encountered this type of issue. In August 2023, some customers reported the same problem, which Coinbase similarly said was due to a technical hitch.

Coinbase has a history of struggling with demand amid Bitcoin pumps, however. The exchange has gone down in the past, particularly in 2020 and 2021, particularly when Bitcoin is on the rise.

Editor's note: This breaking story was updated with additional details after publication.

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