Coinbase Shatters the Dreams of Many Would-Be Billionaires | What Happened?

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It was the best of times. It was the worst of times. An unknown number of Coinbase customers thought they were instant billionaires for a short time.

This windfall, sadly, was not the result of crypto going to the moon. Instead, it was a computer glitch that inadvertently and incorrectly changed customers’ balances.

On Tuesday, Coinbase apologized on Twitter for the “inflated values” some people saw in their account.

The company blamed a “display issue” for the glitch and noted that this error “did not impact trading.”

Shortly after releasing this statement, the company followed up with another Tweet confirming that the issue had been resolved. “Assets on Coinbase Wallet should reflect the correct market value,” the company added.

Unfortunately, this statement and subsequent fix came too late for many people who thought they had hit the crypto lottery.

Some people were not fooled and realized that this huge jump was a red flag that something had gone horribly awry at the popular crypto exchange.

Though such a massive jump is unlikely, the crypto market is known for its volatility. Massive swings in the positive and the negative are not uncommon. Earlier this year, the new altcoin Shiba Inu spiked 60,000,000 percent before dropping and stabilizing at a more reasonable price point.