COINBASE FREEZES FUNDS!

December 24, 2021 12:08 pm

This is a developing story…

Yesterday we reported an interesting “glitch” in Coinbase’s system.

Instead of referring to the coin as “XRP” all wallet pages refer to it as “Ripple”.

Back in 2016 it was common for people, even large companies like CNBC, to mix up the difference between Ripple and XRP.

One is a company, the other is a token.

But in December of 2021, Coinbase is still confused?

It led us to post this:

Twitter user @IseeMaskedPpl reports he has noticed the “glitch” since that day a few weeks back where the market suddenly showed a $21,000 XRP price:

But that’s not the main story here, that’s just where things started.

Yesterday was 12/23/21 and the date of the SOLO airdrop snapshot is 8:00 UTM on 12/24/21.

With the date fast-approaching and no confirmation that Coinbase will support the airdrop (just as they did not support Songbird), I decided to move some funds off Coinbase over to Uphold since Uphold has already confirmed they will support the airdrop.

And by the way, quick sidebar: a couple people online asked why we held any funds on Coinbase to begin with.

It’s a good question and I want to address it here.

In order to report on the industry, we use and test as many exchanges and platforms as possible.

You have to use and be familiar with platforms in order to report on them.

In fact, this entire story would not have ever been printed without us personally using Coinbase and other platforms.

We spread small amounts of funds around to as many exchanges and off-exchange options as possible so we can experience the entire industry…and for diversification.

Simple.

Now that that’s covered, back to the story.

We started trying to transfer XRP off Coinbase and over to Uphold mid-afternoon on 12/23/21.

As we always recommend, we started with a small amount first before transferring large sums.

We first sent 200 XRP and it immediately went to “pending” and stayed there for quite a while.

We then tried a second 300 XRP which also immediately went to “pending”.

Anyone who has ever used XRP knows it transfers in 4 seconds or less, so immediately we knew something was wrong.

Eventually, after a significant amount of time the first 200 XRP transfer went through.

With that cleared, we sent a larger test of 2,000 XRP.

It took over 10 hours for the 300 XRP and the 2,000 XRP to clear, but they eventually transferred in the middle of the night and were confirmed received by Uphold.

With those finally going through, we sent additional transfers first thing this morning and all are still held as “pending” at the time of publishing this article (12:00 p.m. EST on 12/24/21).

NOTE: the SOLO airdrop is 8:00 PM UTC which I do believe translates to 3:00 PM EST.  That is only 3 hours from the publishing of this article.

Then we noticed others posting about the same experience.

Here is one from @XRPSnakie:

In fact, it turns out there are many posting online about having similar experience of their XRP funds being frozen when trying to transfer off Coinbase.

Here is the message displayed when you log into Coinbase and load the XRP wallet:

Sending delayed, huh?

Call it journalist’s intuition, but would anyone be “shocked” if they suddenly fix the glitch right after the SOLO snapshot is taken?

Asking for a few friends…

Would anyone be surprised if 3:30 PM EST the funds suddenly get released?

When you log into Coinbase Support (an oxymoron if I’ve ever heard one) you get this message:

They claim that late yesterday on 12/23/21 a fix was implemented but this is demonstrably false based on this reporter’s very own experience….and based on the reports of many of others online today, 12/24/21.

As of press time, I have FOUR XRP transactions all still pending for multiple hours and we are just hours away from the SOLO snapshot.

Was this support page just put up as a CYA to claim they fixed it before the SOLO snapshot?

For the record, I am here to report it is NOT fixed.  My funds are still being held hostage.

If you have had a similar experience, please comment below and post this article on Twitter and tag Coinbase and Coinbase Support.

And tag John Deaton, I think we’ve got his second Class Action lawsuit teed up….

Here are probably some of the first members to join the class:

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.