Coinbase users have reported a bug that caused their accounts to show a zero balance. The issue seems to have been triggered by a surge in the price of Bitcoin between 5:00 and 6:00 pm UTC on February 28. Social media platforms have been flooded with complaints from users about the sudden balance reset. However, Coinbase has assured its customers that their funds are safe. The incident is still ongoing, but Coinbase is actively investigating the matter.
During the surge, the price of Bitcoin reached above $64,000, but it has since fallen back to $61,400. This price movement also affected Coinbase’s COIN stock, which reached $211 per share, just slightly below its 52-week high of $212. Currently, COIN is trading at $202. It is worth noting that COIN’s all-time high of $357 coincided with Bitcoin’s all-time high on November 10, 2021.
The cause of the bug is still unknown, but some users have pointed out that Coinbase has experienced similar technical issues in the past. Customer support avenues such as phone and virtual assistant support are currently unavailable.
Coinbase has updated its web interface to display a banner acknowledging the ongoing issue and assuring users that it is being investigated. The company is yet to comment on the matter.