Coinbase users were shocked when their account balances appeared to be zero due to a glitch. Coinbase, one of the world’s largest cryptocurrency exchanges, admitted that there was a significant glitch in its system.
Customers were shocked with zero balance, Coinbase made a statement!
Users reported that their account balance had dropped to zero, sparking widespread concern and confusion across the platform. The issue, which was first detected early this Wednesday, affected all transactions, including buying, selling and transferring money. Coinbase quickly responded to the issue and assured users that their assets were safe. He also assured that the team is actively investigating the issue to provide a timely solution. The stock exchange made the following statement regarding the issue:
We are aware that some users may see zero balance in their Coinbase account and experience errors when purchasing or selling. Our team is investigating this and will provide an update shortly. Your assets are safe.
Customers reacted!
The glitch appears to be part of a broader issue affecting the site’s performance, particularly transactions involving Ethereum and ERC-20 tokens, which are experiencing significant delays. The cryptocurrency community responded with a mixture of alarm and patience. Influencers and savvy investors on social media platform X were quick to calm their nerves. Tom Crown, an X user, shared the following:
Coinbase has 0 assets. Take a deep breath, you haven’t lost all your assets. This has happened before. Just be patient!
Coinbase adds Nethermind and Erigon
Meanwhile, Coinbase said it will add support for additional Ethereum “clients.” The goal here, he noted, is to help reduce dependency on the dominant Geth software. Additionally, Coinbase said this will help reduce risks on the Ethereum Blockchain. Coinbase Cloud announced in a blog post that it has added support for Nethermind and Erigon execution clients, which “will diversify the execution layer on Ethereum staking nodes.”
Ethereum is heavily dependent on users running the Geth execution client. Because it currently represents approximately 74% of all customers. Nethermind has 13% and Erigon has 3%. Meanwhile, Besu, another option, has a share of 9%. Ironically, last month there was a bug in Nethermind that disabled approximately 8% of Ethereum Blockchain validators. This therefore shed light on the network’s lack of “customer diversity”. A debilitating bug or other problem with Geth is a serious problem for the blockchain.
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