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.

System overload. Image: Shutterstock

Here's Why Coinbase Keeps Going Down During Bitcoin Rallies

Over the past week alone, the price of Bitcoin reached a new all-time high of over $40,000 before suffering its biggest daily drop in history, pushing crypto trading into overdrive. During this tumultuous time, major exchange Coinbase—and others—experienced another series of outages. Larry Cermak, director of research at The Block, pointed out that Coinbase has been seeing record trading volumes over the last few days—which is unsurprising, considering the rollercoaster of ups and downs the cryp...

NewsTechnology
4 min read
Liam Frost

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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