CEO Brian Armstrong said Wednesday afternoon that Coinbase apps are “fixing” after some customers showed zero balances in their digital accounts after opening them.
cryptocurrency exchange accepted The problem first surfaced on Wednesday when users reported difficulties in trading and said their accounts were empty.
“Apps are getting better now,” Armstrong Said On X (formerly known as Twitter). “We modeled and load tested a ~10x increase in traffic. It exceeded that number.”
He said it is “expensive” to keep the company’s services “over-provisioned”, which means overloading an app to test its capabilities and ensure it can handle a surge in traffic.
The company had posted about the issue earlier in the day.
The company said, “We are aware that some users may see zero balances in their Coinbase accounts and experience errors when buying or selling. Our team is investigating and will provide an update soon. Your The property is safe.” Said On X.
Coinbase included a link to its website where customers can track the status of the event.
“We are starting to see an improvement in customer business,” the company said in an update on its site. “Due to increased traffic, some customers may still experience errors with login, sending, receiving, and some payment methods. Rest assured that your funds are safe.”
On social media, some cryptocurrency traders using Coinbase said the glitch had reduced their trust in the platform. One user pointed out that the errors were occurring at “a critical time in the market”, noting that Bitcoin prices have surged in recent days and reached above $60,000 on Thursday.
Megan Cerullo
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