While bitcoin reached a 2024 high on Monday, rising above the $67,000 per unit range, Coinbase suffered an issue again where customers were seeing zero balances. The news follows the issues Coinbase suffered on Feb. 28, 2024, when customers saw zero balances that day as well. Coinbase Users Encounter Zero Balance Bug Again Coinbase’s trading […]
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The Coinbase and bitcoin logos are displayed on a phone screen in San Anselmo, California, on Feb. 15, 2024.
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 social media platform 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.
Coinbase posted an update on X later in the day, informing users that “we’re beginning to see improvements in customer trading” though because of increased traffic, “some customers may still see errors in login, sends, receives and with some payment methods.”
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Several investors panicked after seeing their accounts on the Indian exchange Bitbns empty on the morning of June 27. Investors told Business Today that they woke up to find their portfolios wiped out overnight, with no INR or crypto balance.
In a tweet earlier today, Bitbns said that an issue with the overnight database upgrade caused its user balances to become nil. Bitbns CEO Gaurav Dahake told BT it was a “minor technical glitch.”
In a later tweet, the exchange said that the issue is now fixed. The exchange was offline for almost 7 hours after the issue of nil user balances was first highlighted.
According to the exchange website, while user balances should already be restored, deposits and withdrawals will go live at 7 pm IST. Some users confirmed that their accounts have started reflecting the correct balance.
However, several users also told BT they received notifications of unauthorized trades on Bitbns. Some users said that their trading history reflected that all of their cryptocurrencies were sold without authorization, although the INR proceeds of the sales did not reflect in their accounts. One user said:
“Sale of my crypto tokens is also in my trade history, but I had not conducted any of these transactions. Even after the sale is completed, the INR is also not reflected in my account,”
These unauthorized transactions led some to speculate that the exchange was potentially hacked, although Dahake said there was no “external security breach.” It is worth noting that crypto on-chain sleuth ZachXBT pointed out in March that the exchange had covered up a hack in February 2022.
In India, crypto exchanges and the market at large remain unregulated while the government dithers and keeps delaying regulations.
The post ‘Minor technical glitch’ at Bitbns stirs panic after customer accounts temporarily show zero balance appeared first on CryptoSlate.