At least some customers of Coinbase's U.S. cryptocurrency exchange are showing $0 account balances Wednesday as bitcoin (BTC) posted – and then quickly erased – a gigantic rally.

The exchange said on its website that it was investigating the matter.

"We are aware that some users may see a zero balance across their Coinbase accounts and may experience errors in buying or selling," Coinbase said. "Our team is investigating this issue and will provide an update shortly. Your assets are safe."

Coinbase CEO Brian Armstrong later said that the exchange had modeled a 10 times surge in traffic but that Wednesday’s demand 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,” he wrote in a post on X....

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