Coinbase customers find zero balances in accounts, CEO says apps ‘recovering’ - Hindustan Times
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Coinbase customers find zero balances in accounts, CEO says apps ‘recovering’

BySumanti Sen
Feb 29, 2024 09:40 AM IST

Coinbase customers were in for a shock when they recently opened their accounts to find they had zero balances, as confirmed by CEO Brian Armstrong

Coinbase customers were in for a shock when they recently opened their accounts to find they had zero balances, as confirmed by CEO Brian Armstrong on Wednesday, February 28. The apps are now reportedly "recovering.”

In this photo illustration, the Coinbase and Bitcoin logos are displayed on a phone screen on February 15, 2024 in San Anselmo, California (Photo by JUSTIN SULLIVAN / GETTY IMAGES NORTH AMERICA / Getty Images via AFP)(Getty Images via AFP)
In this photo illustration, the Coinbase and Bitcoin logos are displayed on a phone screen on February 15, 2024 in San Anselmo, California (Photo by JUSTIN SULLIVAN / GETTY IMAGES NORTH AMERICA / Getty Images via AFP)(Getty Images via AFP)

‘Apps are now recovering’

The company acknowledged the issue in a post on X, saying, “We are aware that some users may see a zero balance across their Coinbase accounts & may experience errors in buying or selling. Our team is investigating this & will provide an update shortly. Your assets are safe. You can track this incident at http://status.coinbase.com”.

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Armstrong also took to X, saying, “Apps are now recovering. We had modeled a ~10x surge in traffic and load tested it. This exceeded that number. It's expensive to keep services over-provisioned, but we'll need to keep working on auto-scaling solutions, and killing any remaining bottlenecks. Thank you for bearing with us.”

A previous update on the website the company shared a link to on X said, “We continue to see improvement in customer trading on platform. Customer login has recovered and we’re seeing intermittent improvements in sends. Due to continued heightened traffic some customers may still see errors in receives and with some payment methods. Rest assured your funds are safe.”

The most recent update reads, “All services on Coinbase.com have been restored. Very few customers may still see an inaccurate balance on their account. Our team is working on resolving this display issue for these users.

Several social media users, including cryptocurrency traders who use Coinbase, said the recent glitch destroyed their trust in and sense of dependency on the platform. One user noted that the problem occurred at "a key time in the market.” In recent daysbitcoin prices have significantly surged.

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