In case you missed it, this is what happened today. 🤢
It started like this:
![](https://wp.stocktwits.com/wp-content/uploads/sites/2/2024/02/28160259/totalmarketcap5minmorning.png)
and ended like this:
![](https://wp.stocktwits.com/wp-content/uploads/sites/2/2024/02/28160254/tmc15minloss.png)
Because of this:
We are aware that some users may see a zero balance across their Coinbase accounts & may experience errors in buying or selling. Our team is investigating this & will provide an update shortly. Your assets are safe.
You can track this incident at https://t.co/a3pl4WiDhZ— Coinbase Support (@CoinbaseSupport) February 28, 2024
In roughly 30 minutes, 160 billion in market cap was lost. Rumors are flying that the hamster wheels powering $COIN‘s operations have all broken down.
A fake internal audit brought to light that instead of using brass wheels, some noob decided to save a few bucks and bought a semi truck’s load of made-in-China wheels. Upon further discovery, the wheels were not wheels but replacement gears for the 1990’s hit board game Mouse Trap.
In a nutshell, I was excited about the rally, and then the market equivalent of someone randomly kicking you in the nuts happened.
At the time of publishing, a few updates from their support page occurred. 🙁