Coinbase users report missing balances due to third-party glitch

Coinbase, a crypto trading platform, said that it’s aware that some users were experiencing incorrect or missing balances and incorrect price quotes for assets on base. The crypto exchange announced the incident on X on Thursday, confirming the situation and assuring users that its team was tracking the problem and would provide an update.

During the investigation, the trading platform found a lag or poor performance when depositing CAD via EFT on the mobile app. It promised to work on the situation and provide updates as more information became available.  

The crypto exchange also confirmed to its users that all their funds will remain safe during the investigation.

Coinbase users face repeated outages, delays, and access issues

On the Coinbase status page, it announced that regions such as the Philippines had limited access to the platform during the incident. However, the crypto exchange went on to state that access was still possible through alternative networks, such as Wi-Fi or international networks, if a user was traveling.

After the investigation, the crypto exchange identified “Degraded performance Base Network” as the issue and later announced it had resolved the incident.

According to the status page, the current incident follows a series of similar incidents in which users experience problems while using the platform.

On January 20, the exchange reported that some users were experiencing delays in sending and receiving on the Ronin network. However, it confirmed that Buys, Sells, and Fiat withdrawals/deposits remained unaffected. 

Similar to the recent case, the crypto exchange went on to reassure users that it will work on the situation and provide updates if it changes. It also assured users that all their funds would be safe during the investigation process.

On January 19, Coinbase experienced delays in sending on the Polygon Network. The payment service platform confirmed that during the incident, receiving, buying, selling, and fiat withdrawals/deposits were not affected.

In the last three months, the platform has reported more than 86 incidents, with January reporting the fewest, at almost 17. Of this, two incidents are still scheduled for maintenance.

Coinbase suffers from AWS outage, network, and system failures

Late last year, a massive AWS US-East-1 regional outage caused a major service disruption for Coinbase and many other businesses. The outage occurred in two waves. Wave 1 occurred approximately from 3 AM to 7 AM ET, and wave 2 occurred approximately from 11 AM to 6 PM ET. The outage impacted Coinbase customers, from being unable to access the platform to trading disruptions. Transfers, withdrawals, and deposits were delayed or failed. According to the crypto exchange, the AWS US-East-1 regional outage also affected Market data, staking, onboarding, and cryptocurrency send/receive.

During downtime, the crypto service provider reported that users experienced poor performance for a total of 3 hours and 17 minutes. The report revealed that all Coinbase services were back up and running around 6:45 p.m. ET after AWS made changes to several technologies on which the platform depends, including EC2 network state propagation.

In another incident in February 2024, the trading platform experienced technical issues that led many users to see a balance of zero when opening their accounts.

“We are aware that some users may see a zero balance across their accounts and may experience errors in buying or selling,” Coinbase said in a statement. It then advised users to follow the system outage on its status page.

Users’ complaints continue to arise every day. Since 2016, Coinbase users have filed more than 11,000 complaints with the Consumer Financial Protection Bureau and the Federal Trade Commission, mostly related to customer service.

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