Coinbase Wallet Users Relieved as Exchange Fixes Bug

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Coinbase claims to have resolved a bug that showed a zero balance on its self-custodial wallet. The confirmation came after a news outlet reported the exchange was investigating an error that reset users’ balances.

The crypto exchange previously reported that Coinbase Wallet customers could encounter problems logging into the app. Several users contacted Coinbase CEO Brian Armstrong after discovering their Bitcoin (BTC) balances were not displayed.

Coinbase Wallet Had Similar Bugs Early On

Coinbase later published an update to confirm the incident has been resolved. The exchange reportedly hasn’t responded to claims of users still experiencing the problems.

Incident resolution confirmation by Coinbase | Source: Coinbase Status

At the start of 2022, Coinbase Wallet users faced a similar issue, complaining about the incorrect display of the balance. However, Coinbase did not disclose details behind the bug.

The American crypto exchange previously faced technical difficulties regarding its non-custodial wallets. Shortly after its launch, many customers complained about incorrect crypto prices.

The exchange confirmed balances could be quoted against cryptocurrencies not currently listed on the exchange.

Hackers Manipulate Balances Through Malicious Smart Contracts

In May, reports surfaced that Coinbase Wallet was vulnerable to stealth attacks by smart contracts. According to analysts at ZenGo, even wallets with safeguards cannot identify all unauthorized transactions.

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Hackers manipulate a wallet app’s method to check a smart contract’s safety. When the victim conducts a transaction, the smart contract notices when the wallet security system does not verify the operation and changes numerical values to steal assets from the crypto wallet.

In addition to Coinbase Wallet, other applications, including Rabby Wallet, Blowfish, PocketUniverse, and Fire Extension, have been found to have security flaws.

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

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