Technology

Coinbase users see $0 balance after crypto-trading app suffers glitch

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SAN ANSELMO, CALIFORNIA – FEBRUARY 15: In this photo illustration, the Coinbase and Bitcoin logos are displayed on a phone screen on February 15, 2024 in San Anselmo, California. Coinbase stock has risen 5 percent ahead of the company reporting fourth-quarter earnings today on news that Bitcoin has surged above $52,000. (Photo Illustration by Justin Sullivan/Getty Images)
Justin Sullivan | Getty Images

Coinbase‘s app suffered from glitches on Wednesday that led many users to see a balance of zero when opening their accounts.

Bitcoin, which had just spiked to its highest level since November 2021, lost about $2,800, or over 4%, in a matter of minutes shortly after noon eastern time as reports of the outage spread on X and elsewhere.

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

Coinbase advised users to check on the system outage at its status page: https://status.coinbase.com/incidents/qlpwww1zsm2y

One user sent a screengrab to CNBC showing a balance of $0.00 in his account. He soon received a notice titled “Site Degraded Performance,” informing him that the company was investigating the matter.

Bitcoin has been surging of late, topping $60,000 on Wednesday for the first time since 2021, reaching a collective market cap of nearly $1.2 trillion.

WATCH: Bitcoin surges past $57,000

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