Coinbase Faces Technical Disruptions Amidst Bitcoin Surge
Coinbase’s trading service encounters technical disruptions once again amidst a flurry of cryptocurrency transactions, with some users reporting zero balances in their accounts.
This development follows Bitcoin’s surge above the $67,000 mark, inching closer to its 2021 all-time high of $69,044 per coin.
The San Francisco-based firm confirmed the issue, stating that users might experience delayed responses and sporadic zero balances while assuring the safety of customers’ assets.
The Coinbase Status page acknowledged the problem, reassuring users of the safety of their funds and indicating ongoing investigations into the issue.
We are aware some users may experience increased latency across https://t.co/ohqDivlp6Y and a few users may see intermittent zero balance. Rest assured, your funds are safe. Our team is investigating this issue and will provide an update. Trading is not impacted at this time.
— Coinbase Support (@CoinbaseSupport) March 4, 2024
This setback comes shortly after a previous incident where the U.S.-based exchange faced difficulties due to an unexpected surge in traffic.
Similar challenges were also reported by Kraken and Robinhood users on February 28.
Apps are now recovering.
— Brian Armstrong 🛡️ (@brian_armstrong) February 28, 2024
We had modeled a ~10x surge in traffic and load tested it. This exceeded that number.
It's expensive to keep services over-provisioned, but we'll need to keep working on auto-scaling solutions, and killing any remaining bottlenecks. Thank you for… https://t.co/JXVppV57AF
Coinbase CEO, Brian Armstrong, addressed these concerns, acknowledging the challenges in scaling service capacity to accommodate such spikes in activity.
He emphasized the company’s commitment to enhancing auto-scaling capabilities and resolving existing bottlenecks to prevent future issues. “Thank you for bearing with us,” Armstrong expressed, recognizing the patience of users during these technical difficulties.
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