Coinbase has fixed a bug in displaying user balances

Last week, exchange users also faced problems with depositing and withdrawing funds

05.03.2024 - 12:40

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3 min

What’s new? US crypto exchange Coinbase for the second time in less than a week reported problems in the work of the user interface. Thus, some users encountered an incorrect display of account balances: the exchange showed a zero balance, which did not correspond to reality. The glitch occurred after the bitcoin exchange rate added 7,5% on March 4, approaching the $67 000 mark.

Source: Twitter.com

What else is known? The company said the issue affected a small group of users and was only a distortion in the display of balances, and that the funds themselves were safe. Coinbase later said it had issued a patch and fixed the bug.

The problem was brought to the attention of the New York State Department of Financial Services (NYDFS), which is Coinbase’s regulator. Officials said they are in constant contact with regulated companies to assess outages and vulnerabilities in their operations that pose risks to consumers and the firms themselves.

The likely cause of the outage was a surge of traders to the exchange due to the rise of the first cryptocurrency. Coinbase said the platform’s traffic last week was 10 times higher than average.

Coinbase has introduced new solutions for connecting users to crypto wallets

Users will be able to do without seed phrases and create a wallet using email or social media

On March 2, the exchange also experienced a malfunction, which resulted in a deterioration in trading performance, as well as errors in depositing and withdrawing funds. The problem was fixed the same day, and the company assured the safety of user assets.

Crypto.com CEO Kris Marszalek also noted in a conversation with Bloomberg that at the peak of the 2021 bull market, the exchange faced glitches as a result of an influx of users. According to him, it took the company two years to implement improvements. In turn, Bitstamp’s US CEO Robert Zagotta also assured that the platform implemented mechanisms to ensure scalability in the face of increased traffic.

Earlier this month, the Solana blockchain suspended block processing for several hours as a result of a glitch. The developers implemented the necessary software upgrade for validators.

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