Coinbase apps are “recovering” after some customers opened their digital accounts to find them showing zero balances, CEO Brian Armstrong said Wednesday afternoon.
The cryptocurrency exchange acknowledged the issue earlier Wednesday after users reported difficulties making trades and that their accounts were empty.
“Apps are now recovering,” Armstrong said on X (formerly known as Twitter). “We had modeled a ~10x surge in traffic and load tested it. This exceeded that number.”
He added that it’s “expensive” to keep the company’s services “over-provisioned,” meaning overloading an app to test its capacity and make sure it can handle surges in traffic.
The company had posted about the issue earlier in the day.
“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 company FOLLOW US ON GOOGLE NEWS