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Coinbase's asset recovery tool, which was launched for Ethereum back in 2022, can now be used on BNB Smart Chain and Polygon to help users recover assets mistakenly sent to their Coinbase addresses.
Bitcoin's rally is turning out to be bad news for Coinbase, the crypto trading app that has just confirmed some of its customers are seeing a zero balance across their Coinbase accounts. Likely, the app's crash has to do with the recent demand for Bitcoin, the popular cryptocurrency that has surged to $60,000 -- close to its all-time high last seen in 2021. The price of Bitcoin climbed in the wake of U.S. bitcoin spot ETFs, driving a 42% price rally this month.
The outage comes after bitcoin hit $60,000 on Wednesday for the first time in more than two years, as a flurry of capital into new US spot bitcoin exchange-traded products fuelled a price rally in February.
Coinbase customers started seeing $0 balances on the exchange in error on the same day the price of Bitcoin surged to its highest level since late 2021.
Fort Worth-based crypto company Lejilex and lobbying group Crypto Freedom Alliance of Texas (CFAT) claim the SEC has asserted jurisdiction over the industry without a "clear statutory mandate." Lejilex wants the court to rule that listing pre-existing tokens will not violate securities laws.