Coinbase Suffers Massive Outage As Bitcoin Hits $64K: 'Your Assets Are Safe' (UPDATED)

Editor's note: This story has been updated with a status update from Coinbase and comments from Coinbase users. 
Crypto exchange Coinbase Inc. COIN suffered from a major outage Wednesday, with users reporting zero balances in their account as Bitcoin BTC/USD hit the $64,000 mark. 

Coinbase CEO Brian Armstrong said the exchange was dealing with a "LARGE surge of traffic" and apologized for user inconvenience.

"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," Coinbase tweeted.
At 2:29 p.m. ET Wednesday, Coinbase said it was beginning to see improvement in customer trading. 

"Due to increased traffic, some customers may still see errors in login, sends, receives and with some payment methods. Rest assured your funds are safe," Coinbase said on its status page. 

After hitting the $64,000 mark, Bitcoin dropped 8% in a sudden selloff before stabilizing around $61,000 levels.

On X, formerly known as Twitter, Coinbase users satirized the crypto platform's technical problems. 

"Retail downloading Coinbase just in time to buy the exact top on bitcoin," user @AltcoinGordon said. 

@Ashcryptoreal said: "VOLUME IS OFF THE CHARTS AND RETAIL IS COMING IN. GUYS BRACE YOURSELF FOR THE BIGGEST BULL RUN IN CRYPTO HISTORY."

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Photo courtesy of Coinbase.