• Latest
  • Trending
  • All
  • News
  • Business
  • Lifestyle
Largest Cryptocurrency Exchange Site Crashes After Massive Surge

Largest Cryptocurrency Exchange Site Crashes After Massive Surge

February 29, 2024
STEVE MILLOY: President Trump: Terminate The Green New Scam Now

STEVE MILLOY: President Trump: Terminate The Green New Scam Now

July 6, 2025
DAVID BLACKMON: The OBBBA Resets The Energy Policy Playing Field

DAVID BLACKMON: The OBBBA Resets The Energy Policy Playing Field

July 5, 2025
MANDY GUNASEKARA: Puerto Rico Saw The Light — Why Won’t Honolulu?

MANDY GUNASEKARA: Puerto Rico Saw The Light — Why Won’t Honolulu?

July 5, 2025
MATT MOWERS: After NATO Summit, Europe’s Free Ride Is On The Line

MATT MOWERS: After NATO Summit, Europe’s Free Ride Is On The Line

July 5, 2025
JENNY BETH MARTIN: A Socialist Victory – And A Warning For America’s 249th Birthday

JENNY BETH MARTIN: A Socialist Victory – And A Warning For America’s 249th Birthday

July 4, 2025
Trump Says Friday Is Elon Musk’s ‘Last Day, but Not Really’

Musk Continues Push For America Party

July 4, 2025
Trump Signs ‘Big, Beautiful Bill’ Into Law

Trump Signs ‘Big, Beautiful Bill’ Into Law

July 4, 2025
Lee Greenwood on ‘God Bless the USA’ Legacy: ‘That’s Where Patriotism Starts’

Lee Greenwood on ‘God Bless the USA’ Legacy: ‘That’s Where Patriotism Starts’

July 4, 2025
Trump Seeking Military Costumes for Parade

Trump Lambasts Dems Who Voted Against ‘Big, Beautiful Bill’

July 4, 2025
WILL SELLERS: Misunderstanding The Road To Independence

WILL SELLERS: Misunderstanding The Road To Independence

July 4, 2025
Dems’ ‘Project 2029’ May Not Actually Bode Well For Party’s Future

Dems’ ‘Project 2029’ May Not Actually Bode Well For Party’s Future

July 4, 2025
BRILYN HOLLYHAND: Gen Z, It’s Time We Start Acting Like We Deserve The Freedom We Inherited

BRILYN HOLLYHAND: Gen Z, It’s Time We Start Acting Like We Deserve The Freedom We Inherited

July 4, 2025
  • Donald Trump
  • State of the Union
  • Elon Musk
  • Tariffs
  • Congress
  • Faith
  • Immigration
Sunday, July 6, 2025
  • Login
IJR
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls
No Result
View All Result
IJR
No Result
View All Result
Home FaithTap

Largest Cryptocurrency Exchange Site Crashes After Massive Surge

by Western Journal
February 29, 2024 at 8:01 am
in FaithTap, News
250 2
0
Largest Cryptocurrency Exchange Site Crashes After Massive Surge

(Photo illustration by Chesnot/Getty Images)

491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Ripples of fear spread through the cryptocurrency world Wednesday after the largest crypto exchange told customers they had no money.

Coinbase explained the issue in a post on social media platform X.

“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,” Coinbase posted.

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.
You can track this incident at https://t.co/a3pl4WiDhZ

— Coinbase Support (@CoinbaseSupport) February 28, 2024


By late afternoon, a semblance of normal operations was returning, the exchange posted.

“We continue to see improvement in customer trading. Customer login has recovered & we’re seeing intermittent improvements in sends. Due to continued heightened traffic customers may still see errors in receives & with some payment methods. Rest assured your funds are safe,” Coinbase posted, later posting that activity was “normalizing.”

We are starting to see https://t.co/ohqDivlp6Y activity normalizing. We will continue to monitor our systems and provide updates. https://t.co/YCabqERcCW

— Coinbase Support (@CoinbaseSupport) February 28, 2024

At midday, the website DownDetector noted that there were more than 9,200 complaints that Coinbase’s site was not functioning properly.

According to Axios, heavy trading and volatility in the crypto market were possible links to the glitch.

Coinbase’s woes came on the same day when the value of Bitcoin skyrocketed to its highest level since 2021, an increase of about $7,000 in 24 hours.

The spike put the value of Bitcoin at $64,000, but after the Coinbase glitch, Bitcoin tumbled back to $59,000, according to Bitcoin Magazine.

Bitcoin’s value later climbed back to over $60,000

Coinbase CEO Brian Armstrong said on X that Coinbase experienced a “large surge of traffic,” leading the the problem.

Coinbase struggling with user traffic

Interesting months ahead! pic.twitter.com/a5lpJI1Kbj

— Vet 🏴‍☠️ (@Vet_X0) February 28, 2024

Bitcoin magazine explained that “The sudden influx of users attempting to buy, sell, or trade Bitcoin overwhelmed Coinbase’s servers, leading to connectivity issues for many customers.”

Forbes noted that Bitcoin has rebounded in value this year.

Bitcoin’s all-time peak in value was $68,000 in November 2021, but it had dropped in value to less than $16,000 by November 2022.


This article appeared originally on The Western Journal.

Tags: investingmoneytechnology
Share196Tweet123
Western Journal

Western Journal

Advertisements

Top Stories June 10th
Top Stories June 7th
Top Stories June 6th
Top Stories June 3rd
Top Stories May 30th
Top Stories May 29th
Top Stories May 24th
Top Stories May 23rd
Top Stories May 21st
Top Stories May 17th

Join Over 6M Subscribers

We’re organizing an online community to elevate trusted voices on all sides so that you can be fully informed.





IJR

    Copyright © 2024 IJR

Trusted Voices On All Sides

  • About Us
  • GDPR Privacy Policy
  • Terms of Service
  • Editorial Standards & Corrections Policy
  • Subscribe to IJR

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls

    Copyright © 2024 IJR

Top Stories June 10th Top Stories June 7th Top Stories June 6th Top Stories June 3rd Top Stories May 30th Top Stories May 29th Top Stories May 24th Top Stories May 23rd Top Stories May 21st Top Stories May 17th