Coinbase experiences second zero-balance bug in five days

Crypto exchange Coinbase all over again experienced a question that resulted in some users to recognize an empty balance in their accounts on March 4.

At 5:36 pm UTC, the firm wrote:

“A small subset of users could possibly well additionally impartial recognize intermittent zero balance at some level of their Coinbase accounts and latency at some level of pages. Trading is now no longer impacted at present. Our team is investigating this dispute and can provide an exchange rapidly. Your belongings are protected.”

Coinbase conducted a repair round 6:21 pm UTC — roughly three hours after identifying the difficulty. The exchange persevered monitoring the difficulty in the following hours and launched the difficulty was fully resolved at 8:29 pm UTC.

The firm experienced a almost a linked dispute excellent five days earlier, on Feb. 28. In the intervening time, users seen zero balance in their accounts and had been unable to procure or sell belongings. The firm resolved the difficulty roughly seven hours after confirming its existence.

Outage likely introduced on by traffic surge

Though Coinbase has now no longer identified the trigger of the most up-to-the-minute incident, it described increased traffic as a component in the Feb. 28 incident. The firm wrote:

“Attributable to persevered heightened traffic some prospects could possibly well additionally impartial smooth smooth recognize errors in receives and with some price solutions.”

Despite the resolution of every incidents, knowledge suggests persevered establish a question to. The exchange seen $7.5 billion in trading volume over 24 hours, representing a 120% each day lengthen. The excessive volumes are likely tied to Bitcoin’s excellent label efficiency.

As of 10:20 pm UTC on March 4, Bitcoin (BTC) was valued at $67,481 — excellent $1,563 below its November 2021 all-time excessive. The price is up 7.1% over 24 hours and 23.6% over the final week.

Despite great speculation round the inspiration trigger of the speculation — ranging from certain to rank — the difficulty is most likely a aspect carry out of sudden unexpected surges in traffic amid the hot market rally.