Coinbase Goes To Zero

🔍 Extended Summary: Coinbase Balance Issue

Widespread User Concerns: Coinbase users reported zero balances, causing alarm. The company swiftly acknowledged the issue on their status page, reassuring users about the security of their funds.

Investigation and Explanation: Coinbase CEO Brian Armstrong cited a significant traffic increase as a potential cause, possibly linked to Bitcoin price movements. This traffic surge likely contributed to the technical difficulties experienced by users.

Historical Context: Similar issues were reported in August 2023, indicating a pattern of challenges during periods of high demand. Coinbase continues to work on improving its platform's stability. Read More.

️ On today's Top Picks:

  1. 📉 Ethereum Foundation deposits $ETH to Kraken.
  2. 🚀 Blast Mainnet launch date set.
  3. 🌅 Karak launches XP Early Access Program.
  4. 💰 EtherFi raises $27M in funding.

Read time: ⏰ 8 minutes

Crypto News

• ⭐️ Coinbase faces outages and shows zero balances for some users amid surge in traffic.

Ethereum Mainnet Dencun Upgrade set for March 13th.

• ⭐️ Ethereum Foundation deposits 4K Ethereum $ETH worth ~$13M to Kraken.

US Senator Ted Cruz introduces legislation to ban a Central Bank Digital Currency (CBDC).

Sam Bankman-Fried's lawyers request no more than 6.5 year prison sentence.

Binance Executives Detained by Nigeria’s Department of State Security.

Do Kwon to miss start of SEC trial amidst the delay in his extradition.

Justin Sun posts screenshot of ~$1.6B HTX account balance.


• ⭐️ Blast Mainnet Launch set for February 29th.

Taiko launches Guild: Define Your Role campaign on Galxe.

• ⭐️ Karak launches XP Early Access Program for limited time.

Orbiter launches 20 O-Points campaign with Base and Zora.

Lens is now permissionless and open for everyone to join.

SkyArk Chronicles launches Tenjin & Spellbook NFT staking.


Blast Mainnet Launches Tomorrow by Earndrop.

Kelp $KEP claim is live.

Aleo posts The Road to Aleo Mainnet on X.

Aevo introduces AGP-1 proposal covering TGE, airdrop, and future plans.

ICYMI Bebop Airdrop Strategy by Earndrop.

zkSync Uncommon Airdrop Route by Crypto Snooper.

Finance News

Microsoft $MSFT probed by European Commission for preventing certain security software.

Apple $AAPL reportedly cancels electric car plans and shifts affected employees to AI projects.

Sony cuts 900 jobs from its PlayStation unit and shuts down a London studio citing post-pandemic slump.

Qatar's Sovereign Wealth Fund to invest over $1B in international and regional capital funds.

Security and Exploits

ZachXBT posts investigation into phishing scammer Ultra (Nicolas) on X.

Seneca exploited for ~$3M due to an open external call vulnerability.

SlowMist AML team collaborates with Taiwanese agencies and XREX to crack cryptocurrency scam case.

Token Unlocks

• Echelon Prime $PRIME / 1.66M / ~$21.5M / FEB 28
• Sui $SUI / 4M / ~$6.7M / FEB 28
• Optimism $OP / 24.16M / ~$92.5M / FEB 28
• Euler $EUL / 92.5K / ~$588K / FEB 29
• Manta $MANTA / 1.87M / ~$5.6M / FEB 29
• dYdX $DYDX / 33.33M / ~$113.7M / FEB 29
• ZetaChain $ZETA / 5.29M / ~$13.5M / FEB 29
• Acala $ACA / 27.43M / ~$3M / FEB 29


• ⭐️ EtherFi, an Ethereum liquid restaking project; raises $27M in funding led by Bullish & CoinFund.

Backpack, a crypto wallet and exchange; raises $17M in Series A funding led by Placeholder.

Initia, a network for interwoven rollups; raises $7.5M in Seed funding led by Delphi Digital and Hack VC.

Validation Cloud, a node, staking, and data-as-a-service platform; raises $5.8M in funding.

Talus, a blockchain network for AI; raises $3M in funding led by Polychain Capital.

QED, a zk-native blockchain protocol; raises $3M in funding.

Arkis, a DeFi prime broker; raises $2.25M in Pre-Seed funding led by gumi Cryptos.

BuildBear, an automated & continuous testing engine; raises $1.9M in funding.

Saturn, a non-custodial P2P orderbook for Satoshis; raises $800K in funding led by Sora Ventures.

Babylon, a Bitcoin staking protocol; raises an undisclosed amount in funding from Binance Labs.

Aerodrome, a trading and liquidity marketplace on Base; raises an undisclosed amount in funding from Coinbase Ventures.

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. . .

That’s it for today’s edition! See you soon.

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