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Coinbase assures panicked users that it's facing technical issues

Coinbase assures panicked users that it’s facing technical issues

Widespread concern over the inability to access their crypto wallet, has forced Coinbase to issue a statement citing technical issues.

The ever-delicate crypto world is at a tipping point now with the recent price crashes. Several exchanges lost billions of dollars, and rumours of them shutting down have become prevalent.

Coinbase, the leading exchange platform, is one of those under scrutiny after it faced criticism, cynicism, and outright distrust. Of course, it could just be an unfounded fear, but it is happening, and ignoring the concerns would not change the fact that they exist.

One of the worries that crypto analysts mentioned is the fact that the company has lots of low liquidity assets. Also, there is the worry that the exchange does not have as much bitcoin as its users claim they own. It could even be more damning if people start panicking and removing their assets.

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The issue came to a head over the weekend after some users reported being unable to access their funds. They feared that the company was blocking the exact thing just mentioned above, panic withdrawals.

However, in a statement addressing the issue, the company said:

“Coinbase is not halting withdrawals on our platform. We occasionally experience technical issues on our platform, and those are handled with high priority and updated in real-time on our status page.”

It does not particularly instill confidence that other exchanges like Celsius, CoinFLEX, and CoinLoan, have announced limiting withdrawals.

In related news, on Monday, Binance surpassed Coinbase to become the exchange platform with the most Bitcoin. 

Additionally, it is worth mentioning that Coinbase is a regulated company in the US, and under the FTC’s watch, it would be difficult for it to vanish with people’s funds. The company just got regulatory approval in Italy to further give it legitimacy.

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Onwuasoanya Obinna

A reader of books and stringer of words. Passionate about Science and Tech. When not writing or reading he is surfing the web and Tweeting.