Coinbase customers are stunned to find accounts WIPED OUT: Boss says 'large surge in traffic'...

Coinbase users were left completely surprised when they discovered that their account balances had been wiped out out of nowhere on Wednesday. Brian Armstrong, the CEO, stated that the platform experienced a technical issue following a significant increase in traffic. The commotion occurred during a time when Bitcoin was rapidly increasing in value, with a price close to $63,000 per Bitcoin, which is close to the highest it has ever been at $68,000 in 2021.

Written by Jimmy Mccloskey for Dailymail.com

Blog section released at 18:18 GMT on February 28, 2024 and modified at 19:32 GMT on the same day.

Coinbase users have expressed their disbelief and shock as they realized that their accounts on the cryptocurrency trading platform were emptied.

On Wednesday, surprised individuals expressed their concerns online as they discovered that their account balances had been depleted to nothing without any prior notification.

A user of X named K.Rich expressed relief, stating that it is comforting to realize that other individuals also have a #Coinbase account with a balance of zero. K.Rich further revealed that prior to discovering this, they were on the verge of tears while sitting inside their car.

Abdullah Ghaffar expressed his concern by stating: 'My Coinbase account has no balance anymore. Is anyone else experiencing the same issue? #Coinbase What happened to my cryptocurrency?'

According to Nasdaq, the reason for the inconvenience on Coinbase was that the platform was not able to handle a significant increase in user traffic, as mentioned by the CEO, Brian Armstrong.

On Wednesday, there was widespread panic among Coinbase users when they discovered that their account balances had disappeared. However, the cryptocurrency trading platform claimed that this was only due to a technical malfunction and that customers' funds were still secure and unaffected.

Coinbase has made efforts to ease the concerns of its users regarding the safety of their funds, following an increase of users expressing their experiences on various social media platforms.

According to a tweet by Coinbase, a malfunction occurred and they reassured their users that their account balances remained secure.

In a blog post on X, a representative from Coinbase stated: 'We have acknowledged that certain clients might observe a balance of zero throughout their Coinbase profiles, and may deal with complications when trying to either purchase or sell.'

Our group is currently looking into this matter and we will furnish you with an update shortly. Your valuable possessions are secure and protected.

More information about the reason behind the malfunction has not been shared and there is no clarity on whether the users have received their balances back.

The biggest cryptocurrency exchange in the US, founded by Brian Armstrong and Fred Ehrsam in 2012, is known as Coinbase and has the highest trading volume.

Users have the ability to purchase or trade well-respected digital currencies such as Bitcoin and Ethereum.

The commotion that occurred on Wednesday did not cause any harm to the value of Coinbase's shares. At 1:30pm ET, it is recorded to have a market value of approximately $201-pershare. This is an increase from its previous closing rate of $199.55-per-share, which was observed on Tuesday.

One individual who had an account on Coinbase posted a screenshot of their account which showed that it was depleted, something they were not anticipating, following the problem that occurred on Wednesday.

There was a lot of excitement when the value of Bitcoin went up to $63,000 for a single Bitcoin. This was very close to the highest value it has ever reached, which was $68,000 in 2021.

Around 12:30pm Eastern Time, the currency was being exchanged for over $63,000, which is the highest it has been in over two years.

The recent surge picked up momentum after the SEC authorized the trading of Bitcoin ETFs in January.

Bitcoin's worth is monitored and it can be traded easily on stock markets, making it available to institutional investors and particularly to elderly individuals.

Bloomberg reported that since receiving approval on January 11, the 11 ETFs available have gained more than $5.2 billion in net inflow.

XBTO's CEO, Philippe Bekhazi, expressed that constant investment in the ETFs can potentially lead to a growth in its worth.

In the future, we predict that the ongoing increase in investments in immediate exchange-traded funds (ETFs) will keep pushing the value of BTC higher, according to the speaker.

Bekhazi mentioned that the upcoming event called 'halving' would increase the ongoing rally further. In the month of April, the rate at which new Bitcoins can be generated and introduced in circulation will be cut in half, thus reducing the overall supply.

He stated that as we near the BTC halving occurrence, this pattern is predicted to remain and might lead to an additional increase in value.