Zero Balance? Coinbase Crashes Again as Bitcoin Surges

Coinbase crashed again on Monday as the cryptocurrency market continued its frenetic Monday—marking the second time the U.S.-based exchange buckled under a surge of traffic in as many weeks.

At 12:36 pm EST, Coinbase reported degraded performance on the exchange’s status page. As with last week’s crash, Coinbase users reported zero balances in their wallets.

“A small subset of users may see intermittent zero balance across their Coinbase accounts and latency across pages,” Coinbase’s status page said, adding that trading was not impacted.

“Our team is investigating this issue and will provide an update shortly. Your assets are safe,’ Coinbase said.

By 1:21 pm EST, Coinbase reported a fix had been implemented and that the situation is being monitored.

“We appreciate your patience,” Coinbase said on Twitter. “We're beginning to see improvements in latencies and completed transfers. Rest assured your funds are safe.”

Coinbase declined Decrypt’s request to comment further, instead pointing to Coinbase’s Twitter updates.

Cryptocurrency exchanges often experience outages during Bitcoin rallies, which bring massive surges in user traffic and trading activity.

Coinbase’s history of technical difficulties during market upswings is a positive market indicator for some.

But, the exchange has also had technical difficulties during market slumps. In May 2021, Coinbase and Binance experienced outages as the cryptocurrency market crashed.

Edited by Ryan Ozawa.