News: Coinbase freezing accounts results in losses to customers
Coinbase exchange
Coinbase exchange
What is the Coinbase exchange?
Coinbase exchange is a secure online trading platform (buy/sell), transfer, and a digital currency wallet.
Coinbase’s goal is to create an open worldwide financial system and to be the leading global brand for converting digital currency into and out of their local currency.
- Buy and sell digital currency easily.
- Send and receive digital currency between.
- Handle security and backups.
- They offer many tools within one simple interface.
- Coinbase is a platform on which various apps are created with the help of the API.
latest news
the coinbase customers are circulating a petition and organizing on Facebook demanding that the crypto exchange make them whole in the wake of an incident that happened back in mid-November investors put money into a stable coin called "GYEN" which began trading on going coinbase exchange back on November 10th, but although the coin it's supposed to stay at a price fixed to the Japanese yen somehow it became untethered to the peg for recording base customers causing a sharp spike and a sharp decline in price that was supposed to be stable.
Customers tell us they were seeing account statements and then froze their accounts, and that's what's driven the customers mad because the freeze locked in large losses for many of those who are affected.
In an email to customers obtained by CNBC, Coinbase wrote:
"We apologize for this we know this is a significant inconvenience and we're working as quickly as possible to correct this is to ensure that customers impacted can access funds as soon as possible".
It will have a blog post out soon explaining what happened here but the customers are angry that their accounts are frozen and they haven't received any compensation.
a customer in Florida commented :
"once coinbase realize they had made a mistake they locked everyone else to protect themselves".
Conclusion
It's not clear here how many people were affected but chainalysis says there were hundreds of millions of dollars in volume traded during the affected days some customers may have been able to sell it enormous profits and so it's unclear what will become of those games as well going based said its team is working around the clock to restore full trading operation.
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