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Largest Cryptocurrency Exchange Site Crashes After Massive Surge

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The cryptocurrency exchange Coinbase faced technical issues causing zero balances and errors for users, sparking fear in the crypto community.

Despite initial disruptions, operations gradually returned to normal.

“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,” Coinbase wrote on X.

The incident coincided with a surge in Bitcoin’s value to $64,000, later dropping to $59,000 post-glitch before climbing back above $60,000.

“We continue to see improvement in customer trading. Customer login has recovered & we’re seeing intermittent improvements in sends. Due to continued heightened traffic customers may still see errors in receives & with some payment methods. Rest assured your funds are safe,” Coinbase wrote.

The problem was attributed to heavy trading and increased traffic overwhelming Coinbase’s servers.

CEO Brian Armstrong cited a significant traffic surge as the root cause of the problem.

“The sudden influx of users attempting to buy, sell, or trade Bitcoin overwhelmed Coinbase’s servers, leading to connectivity issues for many customers,” Bitcoin magazine wrote.

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