Cryptocurrency exchange Coinbase deprived digital token holders of $ 100 billion

Bitcoin traders have lost about $ 100 billion in a matter of minutes after a failure at the American crypto exchange Coinbase. Over the past day, the bitcoin rate BTC $62,304.31 Bitcoin 2.82% Market capitalization $1.23 trillion VOL. 24 hours $1.33 billion exceeded the threshold of $ 64 thousand, which caused a massive stir in the broader financial market.

As a result, Coinbase faced unexpected traffic on its trading platform, which eventually overwhelmed it.As aresult, Coinbase users could not see the real value of their assets on the exchange, seeing zero balances, which caused panic in the cryptocurrency community.

The outage had far-reaching consequences for the bitcoin market, as the BTC rate plummeted from a high of $ 64,300 to around $ 59,461 within an hour. Crypto analyst Peruan Bull claimed that in a short time, the outage wiped about $ 100 billion from the bitcoin market capitalization.

Prominent community figures such as Martin Hisbeck, head of research at Uphold, a US-based exchange, argued that «Coinbase has a lot to answer for» for the losses caused by the network failure.

Meanwhile, the Coinbase team confirmed the situation in a recent post on X. «We are aware that some users may see a zero balance in their Coinbase accounts and experience errors when buying or selling,» the post reads. The exchange emphasized that users' assets remain safe and unaffected.

In subsequent updates, as promised, Coinbase stated that the problems with displaying the account balance of all users have been restored. Although the Coinbase outage temporarily prevented bitcoin from breaking its all-time high of 2021 yesterday, it has already recovered significantly, trading at $ 62,811 at the time of publication.