Coinbase crashes during Bitcoin rally as users see zeroes
Coinbase exchange has crashed amidst the bull markets, as users see a ‘zero’ balance on their accounts.
Social media has been flooded with rage from crypto enthusiasts as users cannot access funds from the leading U.S. exchange. Some users have also reported errors in buying and selling, leading to further frustrations.
Coinbase immediately acknowledged this error and said it was being investigated. The exchange also clarified that there have been severe delays in transferring funds over the Ethereum ERC-20 network.
Several users allege it’s a rather strategic move from the exchange to reduce flash sales, as primary tokens, including Bitcoin and Ethereum, have seen significant rallies today. BTC shortly touched $64,000 just an hour ago before crashing down to the $61,000 zone. However, other reports suggest that this crash was primarily due to unprecedented traffic on the exchange due to today’s bull market.
There are reports about other major exchanges crashing similarly, including Binance and KuCoin. However, these claims are yet to be verified.
Coinbase’s crash is not new, as technical issues occur during every bull market when the platforms fail to cope with increasing buying and selling. As such, crypto community members are furious that platforms like Coinbase lack technical guardrails to manage such issues.
This is a developing story.
