Coinbase investigates crypto accounts showing zero balance

Coinbase Global said on Wednesday it was beginning to see improvement in customer trading after an issue caused some users to see zero balance across their accounts and may have led to errors in buying or selling.

"Due to increased traffic, some customers may still see errors in login, sends, receives and with some payment methods. Rest assured your funds are safe," the company posted on its website around 2:30 p.m. ET.

" We are aware that some users may see a zero balance across their Coinbase accounts," the crypto exchange had posted on social media platform X earlier in the day. "Our team is investigating this and will provide an update shortly," it said.

The outage comes after bitcoin hit $60,000 on Wednesday for the first time in more than two years, as a flurry of capital into new U.S. spot bitcoin exchange-traded products fueled a price rally in February.

Traders have poured into bitcoin ahead of April's halving event - a process designed to slow the release of the cryptocurrency.

Coinbase CEO Brian Armstrong said in a separate post on X that the crypto exchange was "dealing with a LARGE surge in traffic - apologies for any issues you encounter. The team is working to remediate."

At their peak earlier in the afternoon, user reports of issues had crossed over 9,000, according to Downdetector. As of 1:46 p.m. ET they were close to 240.

Coinbase did not immediately respond to a Reuters request for further comment.