Coinbase has been under huge scrutiny due to a technical issue that caused the closure of many of its users’ accounts. The trouble started when Coinbase customers couldn’t buy GYEN and POWR (two Japan-based stablecoins). Despite the inability to make the purchase, these customers also experienced system response errors.
Consequently, they have resorted to using the internet to demand their funds. A customer known as Chris Flemming initiated the online petition, titling it “accountability for Coinbase GYEN account freeze.”
Over 1,600 persons have signed the petition as of this writing. Part of the petition states thus, “we understand that there can be mistakes and losses as an investor in the digital asset space. However, the loss incurred this time occurred due to the technical negligence of the exchange, and it’s not acceptable to us.”
Last month, a CNBC report revealed that the crypto-exchange listed GYEN on its platform. But seven days later, it wasn’t pegged on a 1:1 ratio with the Japanese yen as it should. The GYEN price shot up to an ATH of 0.0656440, an amount nearly eight times higher than the fiat yen.
The report further disclosed that by the next day, transactions on the coin on Coinbase had reached a new high of almost $123m. While there are exact figures on the number of affected customers, the amount of money lost, or profit made from selling the token, the GYEN is currently re-pegged to the yen on a 1:1 ratio.
Details About The Incident Would Be Revealed Soon – Coinbase Staff
A member of Coinbase staff revealed to the media that the firm would give a full-blown detail of what transpired and offer a solution regarding the issue at hand. The staff further said that traders can now trade on the affected stablecoins on the exchange’s trading platform and can make their withdrawals at any time.
This incident would remind us of Elon musk’s suggestion that only digital asset owners can protect their funds in the best way possible. Hence, all crypto owners should move their digital assets from any centralized exchange, especially those that don’t allow these digital asset owners access to each owner’s private keys.
Ledger Partners With Coinbase
Coinbase is continuing with its business despite the trouble with some aggrieved customers. The top crypto exchange revealed that a collaboration with Ledger (a popular hardware wallet maker) would soon be officially completed. The partnership gives greater control options for Coinbase customers in holding their digital assets.
Per the announcement, the partnership is expected to be finalized by q1 2022. Thus, Coinbase users can move and store their digital currencies with the Ledger’s hardware wallet in cold storage.
One of Coinbase’s high-ranking executives, Max Branzburg, opined that: “our goal is to help our users utilize their digital assets safely. Hence, our partnership with Ledger to improve the security of our customers’ funds.”
“While we expect to launch latest march 2022, we provide constant updates regarding the matter. We are convinced that our users’ participation in the impending web3.0 would require them to have a highly safe and secure wallet which is what we intend to achieve through our partnership with Ledger,” he concluded.
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