Coinbase users report zero balance bug as Bitcoin price taps $64K

Update 10:53 AM PST Feb. 28: Coinbase services appear to be returning with users reporting seeing expected figures after their accounts previously showed a zero balance due to the bug. 

A surging Bitcoin price between 5:00 and 6:00 pm UTC on Feb. 28 may have caused a disruption in Coinbase services, with widespread reports of accounts suddenly showing a zero balance beginning to populate social media.

As of the time of publication, the apparent bug appears to be ongoing, but Coinbase said funds are safe:

Source: @CoinbaseSupport“We are aware that some users may see a zero balance across their Coinbase accounts & may experience errors in buying or selling. Our team is investigating this & will provide an update shortly. Your assets are safe.”

The price of Bitcoin (BTC) surged above $64,000 in the minutes leading up to the incident. However, as of the time of publication, it has retreated to $61,400.

Coinbase’s COIN stock followed a similar trend. As Bitcoin nearly closed in on its current all-time-high of $69,045, COIN reached $211 a share, just a smidge shy of its 52-week high of $212. It has since fallen back to $202 as of the time of this article’s publication. 

COIN’s all-time-high of $357 coincided with Bitcoin’s, which was set on Nov. 10, 2021.

It’s unclear at this time what caused the issue but, as some users have pointed out, Coinbase users have experienced similar technical issues in the past.

Image source: @cryptomanran

A message shared with Cointelegraph indicated that customer support avenues such as phone and virtual assistant support were currently unavailable.

In the meantime, approximately 30 minutes after first acknowledging the incident on social media, Coinbase has updated its user interface on web to display a banner indicating that the issue is ongoing and being investigated.

Cointelegraph has reached out to Coinbase for comment but didn’t immediately receive a response.

Related: Bitcoin price hits $64K as traders anticipate new all-time high before halving



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