The Bitcoin exchange Coinbase recently encountered an issue causing delays on the platform and temporary zeroing of user balances. This problem sparked widespread dissatisfaction among clients, many of whom reported being unable to access their accounts and experiencing balance resets. In response to these complaints, the Coinbase team acknowledged delays in deposits, withdrawals, and trading outages. Ultimately, the exchange successfully resolved the issue, assuring users of the safety of their funds.
The "zero balance" issue is not new to Coinbase; a similar incident occurred in late February. At that time, company CEO Brian Armstrong explained the situation as a result of a huge influx of new users. Following the recent bug fix, he noted that testing had simulated a tenfold increase in traffic, helping prepare the platform for such loads in the future.
Despite these issues, traffic to the Coinbase site has slightly decreased but remains at a high level, with approximately 2.1 million daily visits. This incident coincided with the rise in the price of Bitcoin to $64,000 and then to $68,000 in early March. Additionally, for the fourth quarter of 2023, Coinbase reported a net profit of $273 million, reaching an annual figure of $95 million.
This case underscores the importance of reliability and security in cryptocurrency exchanges' operations, as well as the ability to quickly respond to technical issues to ensure user trust and satisfaction.
