Coinbase, America's largest cryptocurrency exchange, says it's aware that some of its customers are having issues trading and accessing accounts. The trading platform has reassured its users that their funds are safe. It adds that its developers are working on the issue.
Earlier this week, the exchange came under fire after updating the language of its terms of service to clarify that user assets could be wiped out in the event of bankruptcy. That said, CEO Brian Armstrong said that such a scenario was highly unlikely.
Earlier today, Bitcoin plunged to the $25,000 level for the first time since December 2020.
Coinbase shares are also under severe pressure, plunging to a new all-time low of $40.83 earlier today.
Armstrong's personal net worth has not shrunk to $2.2 billion from $13.7 billion.
Vladislav Sopov
Dan Burgin