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Coinbase assures users their assets are safe despite worthless account balances being displayed

Bitcoin value plunged from a high of over $63,000 down to below $60,000 as Coinbase users reported seeing zero balances in their accounts.

TJ Denzer

February 28, 2024 11:23 AM

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The Coinbase platform reportedly experienced technical issues that set its users in a tizzy today as customers of the cryptocurrency trader reported having zero balances in their accounts and being unable to trade. Bitcoin value took a significant dip over the matter, but Coinbase has issued a statement, stating that it is aware of the issue. It also assured customers that their assets are safe and the problem is being investigated.

Coinbase issued a statement on the matter of customers reporting zero balances and trading issues on its official Twitter today. The statement came after Bitcoin value took a notable dip as Coinbase customers claimed their Coinbase wallets were showing $0 values, as shared by the Composer Trade Twitter. Bitcoin had been at a high of about $63,718 USD earlier today, but it has since dipped as low as $59,894, and is hovering between $60k and $61k.

For its part, Coinbase has shared that it is aware of the issue customers are experiencing. It claimed all assets are still secure and it will be working to sort out a fix and what caused the issue as soon as possible:

Coinbase has been in a tumultuous state since the hype of cryptocurrency several years ago. It has seen regular challenges from SEC, including a demand that it cease trade of all non-Bitcoin currencies. Even despite crypto cooling off, Coinbase also still puts up revenue and profits over analyst expectations in its quarterly earnings.

Regardless, Coinbase customers were in a rightful panic today, but the company claims it has things under control. Stay tuned as we continue to follow this story for further updates.

TJ Denzer

Senior News Editor

TJ Denzer is a player and writer with a passion for games that has dominated a lifetime. He found his way to the Shacknews roster in late 2019 and has worked his way to Senior News Editor since. Between news coverage, he also aides notably in livestream projects like the indie game-focused Indie-licious, the Shacknews Stimulus Games, and the Shacknews Dump. You can reach him at tj.denzer@shacknews.com and also find him on Twitter @JohnnyChugs.