Coinbase CEO Addresses User Concerns After Wallets Reset to Zero During Bitcoin Price Soar
Wednesday, 28 February 2024, 21:39
Impact of Coinbase Wallets Reset
A recent incident saw Coinbase users experiencing a sudden reset of their wallet balances to $0 during a peak in Bitcoin's price.
Causes of the Reset
- The reset was attributed to a large surge in traffic during Bitcoin's surge past $60,000.
- Many users took to social media to voice their concerns and frustrations.
- Coinbase CEO Brian Armstrong acknowledged the issue and tried to assure users that their funds were safe.
In a statement, Armstrong emphasized the technical challenges faced by the platform during the period of high demand.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.