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Bug in Coinbase systems prevents some exchange users from withdrawing funds

Technical issues led to the inability of some of Coinbase’s users to withdraw their funds. The issues, however, did not cause any exit scamming accusations

The Coinbase systems recently encountered technical issues that made some of its users unable to withdraw their cryptocurrency’s funds. The issues with the system reportedly started around August 1 and initially affected the exchange’s users in Canada. It subsequently extended to its Venezuelan users and caused general concern and frustration of several customers.

While speaking a media outlet, a spokesperson of the exchange stated that “The issue affecting cryptocurrency sends is now resolved. We identified a bug that affected Coinbase.com in a few countries and have successfully deployed a fix.”

Absence of Exit Scamming Accusations

Although the issue generated wide reactions from users on social media,however, no accusations of exit scamming. Exit scamming happens to be a common conclusion of many members of the crypto twitter whenever such withdrawal issues arise.

The recent WEX issue started in a similar manner as its users were also unable to withdraw funds. It led to several people claiming as it was an exit scam. WEX claimed that the inability was a result of scheduled maintenance but the authenticity of the claim has not been confirmed. The exchange has, however, taken to its twitter account to announce the end of the scheduled maintenance.

Coinbase Established Market Position

The absence of exit scamming in the rise of the Coinbase issue points to the high repute in the crypto community. It shows that the exchange has an established market position and cannot be easily suspected of exit scamming activities. It also indicates that Coinbase is a crypto-based institution with a size and tenure that makes it considerably trustworthy. The exchange lost some of its customers owing to the technical failure. However, the exchange has assured its users that the site is now fully functional.

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Ifeanyi

Ifeanyi Egede is an experienced and versatile blockchain/crypto writer and researcher on with tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids. Learn more about how Ifeanyi Egede could be of help to your business.

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