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Coinbase Accounts Sink to Zero in Outage as Bitcoin Price Soars

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Coinbase users are reporting that their accounts are showing a “zero balance” on Wednesday afternoon. Coinbase confirmed the problem on its status page at 12:40 p.m. ET but claims customer cryptocurrency funds are safe. This comes as Bitcoin’s price surged nearing its all-time high.

“We are aware that some users may see a zero balance across their Coinbase accounts and may experience errors in buying or selling,” said Coinbase’s status page. “Our team is investigating this issue and will provide an update shortly. Your assets are safe.”

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Coinbase first reported that it was aware of “transaction delays” at 11:24 a.m. ET on Wednesday. CEO Brian Armstrong says the platform is experiencing a major surge in traffic in a post on X, and the company is working to remediate. Coinbase emphasizes that users’ assets are secured.

It’s unclear at this time what the cause of the outage is, but it appears to be widespread. Downdetector showed a spike in Coinbase outages starting around noon ET on Wednesday. At least 9,000 customers are reporting outages, according to Downdetector. Coinbase is the largest cryptocurrency exchange in the United States and holds over $255 billion in assets on its platform.

Coinbase’s help page is displaying a message that wait times are longer than usual. A company spokesperson told Gizmodo it’s actively working to resolve the issue. Users took to social media to express their concern about the cryptocurrency exchange’s outage on Wednesday.

“Anyone else’s Coinbase account at zero?” wrote one user on X.

“Mine just went to zero, the help center won’t even load,” wrote another.

As Coinbase goes down on Wednesday, the price of Bitcoin passed $60,000 for the first time since 2021. It marks a major resurgence for the cryptocurrency staple. The increased interest in Bitcoin could be a reason for the outage, but the company has not offered an explanation at this time.



Source: Gizmodo

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