Coinbase says it's investigating issue on accounts showing zero balance

Coinbase Global said on Wednesday it is investigating an issue that is causing some users to see zero balance across their accounts and may cause errors in buying or selling.

"Our team is investigating this and will provide an update shortly. Your assets are safe," the crypto exchange added in a post on social media platform X.

Coinbase did not immediately respond to a Reuters request for further comment.


The outage comes after bitcoin hit $60,000 on Wednesday for the first time in more than two years, as a flurry of capital into new US spot bitcoin exchange-traded products fuelled a price rally in February.

Traders have poured into bitcoin ahead of April's halving event - a process designed to slow the release of the cryptocurrency.

Coinbase CEO Brian Armstrong said in a separate post on X that the crypto exchange was dealing with a large surge in traffic.

At their peak earlier in the afternoon, user reports of issues had crossed over 9,000, according to Downdetector. As of 1:46 p.m. ET they were close to 240.