2024-02-29 01:56:44
Coinbase, a U.S.-listed cryptocurrency exchange, experienced a crash this morning amid the sharp plunge after Bitcoin hit $64,000. Some users were unable to access the exchange and even had their accounts reset to zero.
(Previous summary: Bitcoin was in a major washout! At one point, it “fell below 59,000” and the price dropped by 8%, and 180,000 people liquidated their positions to over US$700 million)
(Background supplement: Are you happy if Bitcoin breaks through 64,000? Matrixport founder: March is very fragile, and BTC may fall back by 15% after the halving)
Bitcoin hit $64,000 today (29th) at around 01:15, then suddenly braked and plummeted, falling back to as low as $58,770 within half an hour. As a result, the entire cryptocurrency network liquidated more than $730 million in the past 24 hours. The number of liquidators came to a terrifying 180,000 people.
Under the influence of such violent fluctuations, Coinbase was suspected of being unable to bear the surge in transaction volume, leading to a “platform crash.” Community users reported that they were unable to access and even had some users’ balances return to zero.
Earlier, close to 2 o’clock, Coinbase officials also confirmed the crash and said that repairs were being accelerated.
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— Coinbase Support (@CoinbaseSupport) February 28, 2024
Coinbase CEO: Platform traffic exceeds previous forecast by ten times
After the outage lasted for about two hours, Coinbase CEO Brian Armstrong posted at around 4 a.m. that Apps had been repaired:
The application has now been restored.
We have modeled and load tested traffic surges of 10x in the past. But this time it exceeded that number.
The cost of keeping services overprovisioned is high, but we need to continue working on autoscaling solutions and remove any remaining bottlenecks. Thanks for your patience.
Apps are now recovering.
We had modeled a ~10x surge in traffic and load tested it. This exceeded that number.
It’s expensive to keep services over-provisioned, but we’ll need to keep working on auto-scaling solutions, and killing any remaining bottlenecks. Thank you for…
— Brian Armstrong 🛡️ (@brian_armstrong) February 28, 2024
Community complaints continue
Just after about 8 o’clock earlier, the official issued another statement stating that all services had been restored; however, it stated that there were still a few customers whose balances on their accounts were inaccurate and efforts were being made to resolve the issue.
With such large fluctuations in the Bitcoin market, users were unable to conduct transactions and even account balances dropped to zero. This also caused dissatisfied investors to complain on the community and threatened to leave Coinbase…
You are unprepared for the expected volatility…this is unacceptable! I think we should break up unless you can completely convince me that you are not cheating.
How do you plan to deal with the upcoming bull market when you can’t even handle the pre-halving pre-halving volume? Your platform is a joke.
As for how many people were affected, whether assets were lost, and whether Coinbase will compensate users for their losses, there has been no further official response.
What exactly was the issue? You were unprepared for the expected wave. Should I be trading on defi instead of Coinbase? Unacceptable! I think it’s time for us to break up unless you can reassure me completely that you’re not cheating.
— iDare (@idare) February 29, 2024
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