- Problems with USDT Transfers on Arbitrum
- Users' Stories of Losing Funds
- Calls for Improved Recovery Tools
A recent complaint by a Coinbase user about lost funds has sparked widespread discussion in the crypto community. Many users reported similar situations when encountering issues transferring funds to other networks.
Problems with USDT Transfers on Arbitrum
Coinbase user named Holaivory claimed she lost a few thousand dollars in Tether stablecoin after sending USDT to Coinbase on the Arbitrum network. According to her, the first transaction was successful; however, the second transaction encountered problems as the funds did not arrive within an hour.
Users' Stories of Losing Funds
Holaivory contacted Coinbase support agents but found out that the exchange doesn't support USDT transfers via Arbitrum. After she shared her story, many other users detailed their experiences of losing funds on centralized exchanges, including Coinbase. One user pointed out that such incidents make it impossible for crypto to replace the traditional financial system. "Coinbase is holding millions of dollars worth of assets from people who made this mistake and claim that there is nothing they can do, even though they hold the private keys to the wallets containing these assets," - claims Holaivory.
Calls for Improved Recovery Tools
Given the frequency of such incidents, industry stakeholders and community members call on Coinbase to develop a solution. Investor Adam Cochran noted that Coinbase's technical support staff should help users in these cases. Key opinion leader Karbon believes the exchange should have a comprehensive asset recovery tool for users who make these mistakes. Karbon stated: "It's user error, but it shouldn't be like this. Crypto platforms need to plan for the least technical savvy users, and such an issue is predictable and easily solvable."
Users and crypto community experts continue to criticize Coinbase for not providing solutions for quick and effective recovery of lost funds. Calls for the development of more functional tools and improved support are growing louder.
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