Coinbase Global announced on Wednesday that it had fully restored all services on its website after experiencing an issue earlier in the day that led to some users seeing a zero balance in their accounts.
The cryptocurrency exchange addressed the matter promptly, reassuring affected users through a statement: “Very few customers may still see an inaccurate balance on their account. Our team is working on resolving this display issue for these users.”
This message was shared on the social media platform X, highlighting the company’s commitment to resolving the issue swiftly.
The incident occurred on a notable day for the cryptocurrency market, as bitcoin reached a milestone of $60,000 for the first time in over two years, spurred by significant investments into new U.S. spot bitcoin exchange-traded products throughout February.
This rally was partly in anticipation of April’s halving event, an integral part of the cryptocurrency’s design to decrease the rate at which new bitcoins are generated.
Coinbase had earlier reassured its customers amid the service disruption, emphasizing that trading was improving and that their funds were secure.
This outage coincided with an exceptionally high volume of traffic to Coinbase’s platform, as explained by CEO Brian Armstrong on X: “The crypto exchange was dealing with a large surge in traffic.”
The timing of the disruption was critical, considering the heightened activity around bitcoin and the cryptocurrency market in general.
At the height of the issue on Wednesday afternoon, over 9,000 user reports of problems with Coinbase’s services were logged on Downdetector.
However, by 1213 GMT on Thursday, the number of reported issues had significantly decreased to nearly 28, indicating that the exchange had managed to address the concerns of its users effectively.
This rapid response underscores Coinbase’s efforts to maintain trust and reliability among its customers, especially during periods of heightened market activity and interest in cryptocurrencies.