Coinbase users accounts showed a zero balance on Wednesday afternoon.
Coinbase confirmed the problem on itsstatus pageat 12:40 p.m.
ET but claims customer cryptocurrency funds are safe.
Photo: Jakub Porzycki/NurPhoto (Getty Images)
The cryptocurrency exchange blames the outage on increased traffic, asBitcoins price surgedpast $60,000.
Coinbase says customer trading is slowly coming back online as of 2:29 p.m. We appreciate your patience.
Were beginning to see improvement in customer trading, Coinbase said on itsstatus page.
Rest assured your funds are safe.
Coinbase first reported that it was aware of transaction delays at 11:24 a.m. Coinbase emphasizes that users assets are secured.
Downdetectorshowed a spike in Coinbase outages starting around noon ET on Wednesday.
Over 9,000 customers reported outages, according to Downdetector in the morning, but reports have since dropped considerably.
Coinbaseshelp pageis displaying a message that wait times are longer than usual.
A company spokesperson told Gizmodo its actively working to handle the issue.
Users took to social media to express their concern about the cryptocurrency exchanges outage on Wednesday.
Anyone elses Coinbase account at zero?
wrote oneuser on X.
Mine just went to zero, the help center wont even load,wrote another.
As Coinbase goes down on Wednesday, the price of Bitcoin passed $60,000 forthe first time since 2021.
It marks a major resurgence for the cryptocurrency staple.
The increased interest in Bitcoin seems to be the reason for the outage.
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