Coinbase app glitches prompt bitcoin drop as users report zero balances amid surge

Users of the popular cryptocurrency platform Coinbase encountered unexpected setbacks on Wednesday as glitches within the app caused numerous accounts to display a zero balance upon logging in.

A noticeable decline in the value of Bitcoin, which had just risen to its highest level since Nov. 2021, occurred at the same time as this service interruption. Soon after noon Eastern Time, there were allegations of an app failure, and Bitcoin quickly dropped, losing over $2,800, or more than 9% of its value. X was among the many social media channels where concerns about the outage swiftly circulated.

With prompt action, Coinbase acknowledged the problem and sent a statement to the media. "We are aware that some users may see a zero balance across their Coinbase accounts and may experience errors in buying or selling," the message said.

This event highlighted the underlying volatility and technical issues inside the emerging cryptocurrency industry, as Coinbase customers awaited more details and remedies.

Source: Newsroom