Thomas Daniels
In the midst of a surging market, Coinbase’s platform encountered a significant malfunction, leading to users discovering their balances displayed as ‘zero.’ The incident has sparked a wave of anger across social media platforms, with cryptocurrency enthusiasts unable to access their assets on this foremost U.S. trading platform. Furthermore, there have been reports of glitches in executing trades, adding to the general discontent.
Coinbase promptly addressed the issue, stating that an investigation was underway. The platform also pointed out extensive delays in transactions over the Ethereum ERC-20 network. Some speculate that this disruption could be a deliberate tactic by the exchange to mitigate rapid sell-offs, especially as key cryptocurrencies like Bitcoin and Ethereum experienced notable surges, with Bitcoin momentarily reaching $64,000 before dropping to the $61,000 range. Nonetheless, other sources attribute the downtime to an overwhelming surge in activity, triggered by the bullish market trends of the day.
Similar operational breakdowns have been rumored to affect other leading exchanges such as Binance and KuCoin, though these reports remain unconfirmed. This isn’t the first instance of Coinbase experiencing operational difficulties during a bull market, leading to a growing frustration within the cryptocurrency community over the apparent lack of robust technical safeguards on such platforms to handle these pressures.
