Current:Home > ScamsCoinbase scrambles to restore digital wallets after some customers saw $0 in their accounts -FundGuru
Coinbase scrambles to restore digital wallets after some customers saw $0 in their accounts
View
Date:2025-04-15 03:05:08
Coinbase apps are "recovering" after some customers opened their digital accounts to find them showing zero balances, CEO Brian Armstrong said Wednesday afternoon.
The cryptocurrency exchange acknowledged the issue earlier Wednesday after users reported difficulties making trades and that their accounts were empty.
"Apps are now recovering," Armstrong said on X (formerly known as Twitter). "We had modeled a ~10x surge in traffic and load tested it. This exceeded that number."
He added that it's "expensive" to keep the company's services "over-provisioned," meaning overloading an app to test its capacity and make sure it can handle surges in traffic.
The company had posted about the issue earlier in the day.
"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," the company said on X.
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 Support (@CoinbaseSupport) February 28, 2024
You can track this incident at https://t.co/a3pl4WiDhZ
Coinbase included a link to its website where customers can track the status of the incident.
"We're beginning to see improvement in customer trading," the company said in an update on its site. "Due to increased traffic, some customers may still see errors in login, sends, receives and with some payment methods. Rest assured your funds are safe."
On social media, some cryptocurrency traders who use Coinbase said the glitch has eroded their trust in the platform. One user pointed out that the errors were occurring at "a key time in the market," given that bitcoin prices have surged in recent days and topped $60,000 on Thursday.
- In:
- Bitcoin
- Coinbase
Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News Streaming to discuss her reporting.
veryGood! (688)
Related
- Have Dry, Sensitive Skin? You Need To Add These Gentle Skincare Products to Your Routine
- A power outage at a JFK Airport terminal disrupts flights
- As Oil Demand Rebounds, Nations Will Need to Make Big Changes to Meet Paris Goals, Report Says
- World Meteorological Organization Sharpens Warnings About Both Too Much and Too Little Water
- Apple iOS 18.2: What to know about top features, including Genmoji, AI updates
- 7.2-magnitude earthquake recorded in Alaska, triggering brief tsunami warning
- The Voice Announces 2 New Coaches for Season 25 in Surprise Twist
- Warming Trends: At COP26, a Rock Star Named Greta, and Threats to the Scottish Coast. Plus Carbon-Footprint Menus and Climate Art Galore
- In ‘Nickel Boys,’ striving for a new way to see
- Titanic Sub Search: Details About Missing Hamish Harding’s Past Exploration Experience Revealed
Ranking
- Questlove charts 50 years of SNL musical hits (and misses)
- Is Project Texas enough to save TikTok?
- Kate Spade 24-Hour Flash Deal: Get This $280 Crossbody Bag for Just $71
- Is Project Texas enough to save TikTok?
- Intellectuals vs. The Internet
- This week on Sunday Morning (July 16)
- A Single Chemical Plant in Louisville Emits a Super-Pollutant That Does More Climate Damage Than Every Car in the City
- Senators are calling on the Justice Department to look into Ticketmaster's practices
Recommendation
Bodycam footage shows high
California woman released by captors nearly 8 months after being kidnapped in Mexico
Renting a home may be more financially prudent than buying one, experts say
Sarah Jessica Parker and Matthew Broderick’s Son James Wilkie Has a Red Carpet Glow Up
Which apps offer encrypted messaging? How to switch and what to know after feds’ warning
The Voice Announces 2 New Coaches for Season 25 in Surprise Twist
7.2-magnitude earthquake recorded in Alaska, triggering brief tsunami warning
Kelly Clarkson Shares Insight Into Life With Her Little Entertainers River and Remy