Coinbase announced a significant reduction of account freezes by 82% in response to prolonged user complaints. CEO Brian Armstrong stated that addressing this issue became a 'top priority' for the platform.
Addressing Account Freezing Issues
Brian Armstrong acknowledged that account freezes had been a serious problem. In a post on X, he noted, 'For longer than is acceptable, account freezes have been a major issue.' The update concerns users who faced these restrictions, with Armstrong inviting them to reach out to Coinbase Support.
Innovations Driving Improvements
To tackle the issue, Coinbase brought in Dor Levi, whose job was to enhance technologies. Levi revealed that the team made 'significant investments' in improving machine learning models and infrastructure, which boosted accuracy and reduced false triggers leading to freezes. He stated, 'There are fewer freezes now,' but acknowledged that the overall service level still falls short of user expectations.
Security Issues Persist
Despite the improvements, some users remain dissatisfied. One reported being locked out for two years, while another left the platform after an eight-month freeze. These issues are exacerbated by a recent large-scale data breach that compromised over 70,000 customer accounts, raising concerns among users regarding the safety of their information.
Reduced account freezes and enhanced security measures are important steps for Coinbase in rebuilding user trust. However, ongoing dissatisfaction among customers highlights the need for continued improvements in service.
