Coinbase says it’s investigating zero-balance issue amid $64k price pump

Coinbase users took to X to air concerns about their accounts showing zero funds

article-image

Coinbase CEO Brian Armstrong | "Brian Armstrong"/Hubert Lamela (CC license)

share

Coinbase is investigating reports that some users are seeing zeroed-out balances on their exchange accounts, a development that comes as bitcoin nears all-time price highs. 

Amid a jump in price above $64,000, users took to X to air concerns about their accounts showing zero funds. 

The crypto exchange has said, despite the service errors, “assets are safe.”

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

Loading Tweet..

The cause of the issue is not immediately clear, as users are still able to access certain features on the exchange.

Coinbase CEO Brian Armstrong said the exchange is dealing with a “LARGE surge of traffic — apologies for any issues you encounter.”

Loading Tweet..

The issues surfaced as bitcoin (BTC) jumped to highs not seen since November 2021, topping $64,000 before diving to $59,000. Ether (ETH) jumped to nearly $3,500 before settling around $3,300.

Read more: Bitcoin jumps above $60k for first time in 27 months 

Bitcoin ETFs have also seen a strong day of trading, with volumes of over $2.6 billion, according to Bloomberg senior ETF analyst Eric Balchunas. 

Coinbase didn’t immediately return a request for comment to expand on the issue and when it may be resolved.

The exchange has previously suffered service issues during sharp market upturns, prompting a fresh round of criticism and mockery about the US exchange giant.

Loading Tweet..

Bloomberg analyst James Seyffart added that the balance error is “THE sign of the bull.”

At around 2:30 pm ET, Coinbase Support said they were “beginning to see improvement in customer trading.”

Armstrong, roughly forty minutes after that, said the apps were recovering. 

“We had modeled a ~10x surge in traffic and load tested it. This exceeded that number,” he further explained.

Updated Feb. 28, 2024 at 3:35 PM: Added notes from Coinbase Support and Brian Armstrong about app recovery.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

recent research

dydx unlimited.png

Research

dYdX Unlimited is a revamp to the protocol's design and tokenomics.