Some Coinbase payouts delayed

According to Coinbase, about 1000 payouts have been delayed for 72 hours as a "security precaution." These errors began occurring earlier today, and the payouts from today will process on March 2. About 25% of the system's Coinbase payouts appear to be affected.

All other Coinbase payouts, and all on-chain payouts, are occurring as normal. Additionally, it appears as if the payouts in question will indeed occur as normal, aftera 3 day delay. I submitted a support ticket to Coinbase to ask why these security errors have occurred, and only to some customers, and will post an update when I hear more. However, given that Coinbase has most employees working only on weekdays, it is likely that it could be several days before I receive a response.

Just checking, end of day here March 2 and I still have $0.00 on coinbase.

stelees wrote: Just checking, end of day here March 2 and I still have $0.00 on coinbase.

The first of these errors occurred at 9:00am EST on February 27, so it would not be expected for anyone who is affected by this error to receive the held-up payouts until March 2 at 9:00am EST.

Ok thanks for that.

Cheers

This started for me on March 16 and has continued since. I'm reminded of what banks used to do when they held deposits for 3 days before posting them to customer accounts. That allowed them to collect interest that would have otherwise been payable to the depositor. The federal government stepped in and changed the rules regarding posting deposits.

While the amounts for me are very small, approximately $1.50/day, if Coinbase is doing this on a large scale, even to only Prohashing users, the amount of money involved would be significant. As it stands, I'm unable to do anything with mining proceeds that are locked in Coinbase's system for an arbitrary period of time without an explanation from their non-existent customer service department.

Do we have any information from Coinbase as to the reason for this "security" hold? Is there some new requirement that you or we have to meet?

UbjfP2ZOJa wrote: This started for me on March 16 and has continued since. I'm reminded of what banks used to do when they held deposits for 3 days before posting them to customer accounts. That allowed them to collect interest that would have otherwise been payable to the depositor. The federal government stepped in and changed the rules regarding posting deposits.

While the amounts for me are very small, approximately $1.50/day, if Coinbase is doing this on a large scale, even to only Prohashing users, the amount of money involved would be significant. As it stands, I'm unable to do anything with mining proceeds that are locked in Coinbase's system for an arbitrary period of time without an explanation from their non-existent customer service department.

Do we have any information from Coinbase as to the reason for this "security" hold? Is there some new requirement that you or we have to meet?

They haven't explained why exactly why this is happening, but at the moment, they are requiring Chris to reverify with ID once a day, which is time consuming, but he is actively doing it to keep making sure that you all are getting paid, albeit later than it should reasonably be. He is also in communication with them trying to find out more information and get the issue resolved.

Sarah Manter wrote:

UbjfP2ZOJa wrote: This started for me on March 16 and has continued since. I'm reminded of what banks used to do when they held deposits for 3 days before posting them to customer accounts. That allowed them to collect interest that would have otherwise been payable to the depositor. The federal government stepped in and changed the rules regarding posting deposits.

While the amounts for me are very small, approximately $1.50/day, if Coinbase is doing this on a large scale, even to only Prohashing users, the amount of money involved would be significant. As it stands, I'm unable to do anything with mining proceeds that are locked in Coinbase's system for an arbitrary period of time without an explanation from their non-existent customer service department.

Do we have any information from Coinbase as to the reason for this "security" hold? Is there some new requirement that you or we have to meet?

They haven't explained why exactly why this is happening, but at the moment, they are requiring Chris to reverify with ID once a day, which is time consuming, but he is actively doing it to keep making sure that you all are getting paid, albeit later than it should reasonably be. He is also in communication with them trying to find out more information and get the issue resolved.

Thank you, Sarah (and Chris!)

Are there any updates on this? I've been getting the 3 day holds too now.

sonicrules wrote: Are there any updates on this? I've been getting the 3 day holds too now.

Unfortunately, we still don't know too much more than what we've announced so far. Chris contacted Coinbase again this week, who responded that the re-verification requirements were being triggered by the display name on the transaction not matching the name on Chris's legal ID, which happens because the transactions are coming from PROHASHING, not directly from Chris, our CEO. We tried a fix for this, but it was only successful on some transactions and wasn't a solid long term solution. We're still waiting to hear back from Coinbase about Chris's request for them to find a way to resolve this.