Coinbase users experiencing buying and selling errors, zero account balances

Coinbase was hit with a surge in traffic on the same day bitcoin crossed $60,000

Coinbase said Wednesday it is investigating after users reported experiencing errors in buying and selling on the exchange, as well as seeing empty account balances.

The cryptocurrency exchange repeatedly reassured customers that their assets on the site are "safe."

Coinbase cryptocurrency

FILE PHOTO: A representation of the cryptocurrency is seen in front of Coinbase logo in this illustration taken, March 4, 2022.  (Reuters/Dado Ruvic/Illustration/File Photo / Reuters Photos)

CEO Brian Armstrong said the platform was "dealing with a large surge in traffic" that degraded the site's performance. 

Coinbase provided an update at 2:29 pm ET saying that it was beginning to see an improvement in trading, however "some customers may still see errors in login, sends, receives and with some payment methods."

The issues occurred on the same day bitcoin crossed $60,000 for the first time.

This is a developing story that will be updated.