Coinbase crashes again

The Coinbase cryptocurrency exchange has again encountered a technical glitch. It caused delays in trading transactions and also caused some clients to erroneously display a zero balance.

We are aware some users may experience increased latency across https://t.co/ohqDivlp6Y and a few users may see intermittent zero balance. Rest assured, your funds are safe. Our team is investigating this issue and will provide an update. Trading is not impacted at this time.

— Coinbase Support (@CoinbaseSupport) March 4, 2024

On March 4, 2024, Coinbase support reported a software outage. Users complained about the long processing time for transactions and other operations. Moreover, for some clients, available funds no longer appear in the “balance” column and instead a zero value appears.

Exchange representatives assured clients that all assets were safe and the problems would be resolved soon. It took specialists several hours to restore work. The developers have released a fix that is designed to stabilize the situation.

We have issued a fix which remediated the display issue impacting customer account balances and latency across https://t.co/ohqDivlp6Y. We appreciate your patience. https://t.co/7gsVeIvYMl

— Coinbase Support (@CoinbaseSupport) March 4, 2024

It is worth noting that on February 28, 2024, users of the cryptocurrency exchange encountered similar problems. Last time, it took the company’s developers 12 hours to fix technical problems.

The Coinbase team said the technical glitch was related to increased traffic, the volume of which has skyrocketed amid Bitcoin's rally. On March 5, 2024, the first cryptocurrency tested the level of $68,500, very close to the historical maximum.