{"id":11148,"date":"2024-02-29T10:23:25","date_gmt":"2024-02-29T08:23:25","guid":{"rendered":"https:\/\/forklog.com\/en\/coinbase-resolves-zero-balance-glitch\/"},"modified":"2024-02-29T10:23:25","modified_gmt":"2024-02-29T08:23:25","slug":"coinbase-resolves-zero-balance-glitch","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/coinbase-resolves-zero-balance-glitch\/","title":{"rendered":"Coinbase Resolves &#8216;Zero Balance&#8217; Glitch"},"content":{"rendered":"<p>Cryptocurrency exchange Coinbase has rectified a technical glitch that caused users&#8217; account balances to disappear.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Apps are now recovering.<\/p>\n<p>We had modeled a ~10x surge in traffic and load tested it. This exceeded that number.<\/p>\n<p>It&#8217;s expensive to keep services over-provisioned, but we&#8217;ll need to keep working on auto-scaling solutions, and killing any remaining bottlenecks. Thank you for\u2026 <a href=\"https:\/\/t.co\/JXVppV57AF\">https:\/\/t.co\/JXVppV57AF<\/a><\/p>\n<p>\u2014 Brian Armstrong ?\ufe0f (@brian_armstrong) <a href=\"https:\/\/twitter.com\/brian_armstrong\/status\/1762933446194901140?ref_src=twsrc%5Etfw\">February 28, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to the company&#8217;s CEO, Brian Armstrong, the issue arose amid a &#8220;massive&#8221; influx of users. During this period, market participants were unable to buy or sell assets.<\/p>\n<p>As per the <a href=\"https:\/\/status.coinbase.com\/\">platform status monitoring site<\/a>, Coinbase&#8217;s issues began on February 28 at around 13:00 Kyiv (14:00 MSK). The error was resolved only after 12 hours.\u00a0<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;We had modeled a ~10x surge in traffic and load tested it. [\u2026] It&#8217;s expensive to keep services over-provisioned, but we&#8217;ll need to keep working on auto-scaling solutions and eliminating any remaining bottlenecks,&#8221; wrote the head of the exchange after operations resumed.<\/p>\n<\/blockquote>\n<p>The Coinbase outage coincided with a rapid increase in Bitcoin&#8217;s price to $64,000, accompanied by high liquidation volumes. According to <a href=\"https:\/\/www.coinglass.com\/LiquidationData\">Coinglass<\/a>, positions worth $800 million were forcibly closed in the past 24 hours.\u00a0<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/oGSwRzVHrZ4SPtJPJQH4BBmcNAe5HDEFED3lAYRMjdzVdvIshCnRgr9xVuVjgqjjh4D3Eps4kup_4E4qjJgSamXuKqM_dsIi-TWz2kYDvZ-9CGGcYy7LBY6j4H_B6ZwxYkA-Pa-zIPtpPy7tANNVGjk\" alt=\"Coinbase Resolves 'Zero Balance' Glitch\"\/><figcaption class=\"wp-element-caption\">Liquidation map. Data: Coinglass.\u00a0<\/figcaption><\/figure>\n<p>At the time of writing, the price of the leading cryptocurrency stands at $62,800 with a trading volume of $100 billion, according to <a href=\"https:\/\/www.coingecko.com\/\">CoinGecko<\/a>.<\/p>\n<p>Back in October 2023, Binance temporarily suspended withdrawals due to technical issues.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cryptocurrency exchange Coinbase has rectified a technical glitch that caused users&#8217; account balances to disappear. Apps are now recovering. We had modeled a ~10x surge in traffic and load tested it. This exceeded that number. It&#8217;s expensive to keep services over-provisioned, but we&#8217;ll need to keep working on auto-scaling solutions, and killing any remaining bottlenecks. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11147,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1301,1166,138],"class_list":["post-11148","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-blockchain-vulnerabilities","tag-centralized-exchanges-cex","tag-coinbase"],"aioseo_notices":[],"amp_enabled":true,"views":"70","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/11148","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=11148"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/11148\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/11147"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=11148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=11148"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=11148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}