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Coinbase Probes Technical Glitch Leading to Empty Balances for Wallet Users – Here’s the Latest

Ruholamin Haqshanas
Last updated: | 2 min read
Source: Adobe / Rafael Henrique

Coinbase has resolved a technical glitch that showed empty balances for some wallets and did not allow users to create new wallets or import existing wallets.

According to an update on the company’s status page, Coinbase has resolved the error plaguing its wallet. 

“Customers of Coinbase Wallet may experience an error trying to create new wallets or import existing wallets,” Coinbase wrote on its website before identifying the issue and implementing a fix. 

“Customers may also be seeing a display issue showing a 0 balance within some assets,” the exchange added. 

The issue was initially reported on X (formerly Twitter), where some users complained about their balances not showing up in the wallet. 

When reached out for comment, a Coinbase spokesperson referred us to the company’s latest tweets on the matter, which claimed the issue has been resolved. 

“We’ve resolved the new wallet / existing wallet errors customers experienced earlier today,” the tweet reads. 

“Balances are now displaying correctly. We apologize for any inconvenience this may have caused.”

However, some users on X have claimed that the problem has not yet been resolved despite claims by the company. 

Coinbase Wallet is a self-custody crypto wallet, meaning that it puts users in control of their crypto, keys, and data.

The wallet offers support for hundreds of different cryptocurrencies, dozens of more popular networks, as well as non-fungible tokens (NFTs).

Coinbase Wallet has also been part of a growing movement to increase the adoption of Web3 usernames. 

It offered free usernames to all users in September, which helped to create a surge in registrations as the year came to a close. 

More recently, the wallet added an instant messaging feature, which allows users to communicate using blockchain addresses.

Coinbase Reports Drop in Trading Volume Amid Regulatory Pressure

Earlier this month, Coinbase released its second-quarter earnings report, revealing that transaction volume for consumers and institutions has declined by 70% and 54%, respectively, compared to the same period last year.

The exchange attributed this decline to several factors, including the decrease in the overall market capitalization of cryptocurrencies. 

The drop came as Coinbase, along with some other major crypto exchanges, has been facing increasing regulatory pressure. 

Back in June, the SEC sued both Binance, the world’s largest cryptocurrency exchange, and Coinbase, accusing them of illegally offering unregistered securities to users. 

It is worth noting that despite the regulatory scrutiny, Coinbase stock has seen a blistering rally this year, gaining 156% amid renewed retail interest and sector-wide tech rebound.

Furthermore, the company’s shares are up more than 50% since the SEC lawsuit. 

On the other hand, Coinbase’s offshore derivatives exchange has experienced a significant surge in trading activity, with volumes approaching $300 million per day.

As reportedCoinbase International, which facilitates trading in perpetual futures contracts, has consistently surpassed $100 million in daily volumes since August 14.