Coinbase, the popular cryptocurrency exchange, is experiencing serious operational issues at the moment.
According to multiple reports, Coinbase user accounts are being frozen due to technical difficulties processing an ACH transfer (1, 2, 3, 4, 5, 6).
Coinbase account frozen due to technical difficulties while processing ACH transfer
The problem is affecting many Coinbase users who tried to make an ACH transfer operation during the last day.
Apparently, technical difficulties are occurring during the process of an ACH transfer on the Coinbase platform, which is causing some users’ Coinbase accounts to be frozen.
According to reports, Coinbase indicates to users that the bank canceled the operation. But, the bank’s support clarifies that the operation was successful.
I initiated a regular ACH transfer from my bank checking account yesterday. I immediately used the USD funds to make a couple trades. Coinbase soon informed me that the ACH transaction was canceled by my bank, my Coinbase account has been disabled and I needed to repay the USD funds. Source
Accounts will remain frozen for up to 5 business days
The problem in question is causing some Coinbase users’ accounts to be frozen for up to 5 days. During that time, they will be unable to access or manage their funds.
This is a very serious problem due to the known volatility of the cryptocurrency market. In fact, a few hours ago there was a big crash in the market that made many users lose money.
So, Coinbase users can only watch as their funds lose value, unable to do anything to mitigate the losses.
Coinbase team already aware
The Coinbase team is already aware of the issue and is working on resolving it. However, there is no ETA for a fix yet.
Note that users who experienced capital losses while their accounts were frozen are unlikely to receive compensation, as Coinbase does not manage market movements.
We’re aware and working on the issue with ACH at the moment, we appreciate your patience while we resolve this.
Thanks. ^SQ Source
We will update this story as events unfold.
Featured Image: Coinbase
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