Withdrawal Issues with Solana on Coinbase Cause User Outrage

user avatar

by Giorgi Kostiuk

2 years ago

Users of the cryptocurrency exchange Coinbase have expressed discontent due to prolonged delays in withdrawing Solana (SOL) tokens, leading to rumors of the platform's insolvency.

Delays in Solana Withdrawals

Social media is abuzz with discussions about the ongoing situation, as users lament the inability to withdraw their funds. Crypto YouTuber Wendy O asked her followers about the drama with Coinbase and Solana, while investor 'Curb' directly questioned Coinbase's CEO on why Solana withdrawal is taking over 9 hours when it typically takes less than a second on-chain.

Situation Commentary

Some users speculate that Coinbase is out of Solana reserves, preventing withdrawal. Meanwhile, crypto investor Will Clemente suggested that the exchange might not be prioritizing Solana infrastructure due to competing platforms. Screenshots showing waiting periods for transactions and claims about losing hundreds of dollars have added to the user dissatisfaction.

SOL Price Slumps

The withdrawal issues were accompanied by a 13% slump in Solana's price, falling to $234. Amid the general market instability related to meme coins, Solana faced additional pressure, losing ground due to market conditions and external influences.

The delay in withdrawing Solana on Coinbase has caused significant concern among the platform's users and impacted the SOL price downturn. While the issue remains unresolved, investors continue to await clarification from Coinbase.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

REX Shares Launches TREX 2X Long Strive Daily Target ETF

REX Shares has launched the TREX 2X Long Strive Daily Target ETF, aiming to deliver 200% of the daily performance of Strive Asset Management shares influenced by its Bitcoin treasury.

user avatarKaterina Papadopoulou

Bitwise Submits Updated Prospectus for XRP ETF Trust

Bitwise has filed an updated prospectus for its XRP exchange-traded fund trust on September 21, reflecting ongoing regulatory efforts.

user avatarMaya Lundqvist

New York Life Investment Management Partners with Centrifuge for On-Chain Bond Strategy

New York Life Investment Management has partnered with Centrifuge to tokenize a US high-yield corporate bond strategy on the Avalanche blockchain, allowing institutional buyers to use USDC for subscriptions and redemptions.

user avatarLeo van der Veen

ShredPay Partners with Jack Henry to Enhance Digital Asset Integration

ShredPay partners with Jack Henry to enable banks and credit unions to access stablecoin and digital asset services.

user avatarLi Weicheng

Strive Increases Bitcoin Holdings to 26,355 BTC

Strive has disclosed a purchase of 1,355 BTC, raising its total Bitcoin holdings to 26,355 BTC.

user avatarAisha Farooq

Broadcom Set to Gain from Alphabet's Custom TPU Sales

Broadcom is set to benefit from Alphabet's decision to sell custom TPUs to external data centers, enhancing its AI semiconductor revenue through a long-term agreement until 2031.

user avatarBayarjavkhlan Ganbaatar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.