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Horrified Coinbase users have shared their shock to discover that their accounts on the crypto trading app were deleted.
Stunned users took to the Internet on Wednesday to say their balances had dropped to zero without warning.
An
Abdullah Ghaffar said: ‘Is anyone else’s Coinbase account at zero?!? #Coinbase Where is my crypto?
Coinbase users reported that their balances had been deleted on Wednesday, sparking mass panic. The cryptocurrency trading app insisted that the issue was just a technical issue and that its customers’ money was safe.
Coinbase has tried to assure users that their money is safe after an influx of users shared their experience on social media.
And a third X user named Rampage Calls said: ‘#Coinbase is down?’ I just got out of a $40,000 trade and my wallet has been at $0 for over 5 minutes…’
Coinbase tweeted that the incident occurred due to a technical issue and assured users that their balances were safe.
Posting on X, a Coinbase representative wrote: “We are aware that some users may see a zero balance in their Coinbase accounts and may experience errors when buying or selling.” Our team is investigating this and will provide an update shortly. Your assets are safe.’
No further details have yet been shared about the cause of the issue and it is unclear if users’ balances have been restored.
Coinbase is the largest cryptocurrency exchange in the United States by trading volume and was created by Brian Armstrong and Fred Ehrsam in 2012.
It allows users to buy and sell trusted cryptocurrencies, including Bitcoin and Ethereum.
Wednesday’s drama has not had any negative impact on Coinbase’s stock price. It stands at around $201 per share as of 1:30 pm ET, versus Tuesday’s closing price of $199.55 per share.
A Coinbase user shared a screenshot of what he claimed was his unexpectedly empty account after Wednesday’s issue.
The drama occurred as Bitcoin rose to $63,000 per Bitcoin, approaching its all-time high of $68,000 in 2021.