Update on Coinbase issue - 22-7-29

Our latest communication from Coinbase. Cross your fingers.

Coinbase did not unlock the account by the time listed above, and Chris is on the phone with them now, trying to get it sorted out.

They told Chris on the phone that there is some sort of "system" that processes accounts & that the people in the call center can't accelerate the "system" & that they needed additional time. They are still not explaining why it was locked in the first place. We respectfully request that any PROHASHING customers who have been affected by Coinbase's actions reach out and submit support requests through Coinbase's website if you have not done so already. The call went on for over 40 minutes, with Coinbase's support agent putting Chris on hold for 3-4 minutes at a time to to investigate but not offering any details. They said that they wanted 48 hours for the system to process the review and that they would send an email. This is beyond the time we've already been waiting for a resolution past the time we were promised to have a resolution by. When he pressed them on a timeframe, they said that the 48 hours was just an estimate and was not a guarantee. And when Chris asked them who he can contact if he hears nothing in 48 hours, they just said to call the same support number.

As a further update, we called Coinbase yesterday and Chris made a recording of the call. I don't have time to post that today, but will update everyone as soon as I can write a full post, likely on Thursday.

For now, the summary is that Steven is working to re-add as many coins as possible on other exchanges. There are some balances that we may not be able to pay out because they have been seized by Coinbase. We are still working the issue and will be sending a legal notice to Coinbase next week threatening a lawsuit if they do not pay by August 31.

Full details will be available on Thursday.

Thanks for the communication and speedy updates on this issue.

Here is the phone call audio Steve promised for today: https://youtu.be/2_Nkqlr7K9A

At 7:06 AM, Coinbase unlocked the account. Chris got the CoinbasePro markets back online. He’s working on getting off-chain payouts restored but will have that done today.

72 hour holds are also gone.

I have had nothing but issues with Coinbase for months. I finally switched to using Binance. Last week I moved the last of my Coinbase holding over.

Mastermind007 wrote: I have had nothing but issues with Coinbase for months. I finally switched to using Binance. Last week I moved the last of my Coinbase holding over.

That's probably a smart move. I don't use Coinbase personally for any reason. The only reason we offer Coinbase payouts here is because they are the cheapest option for a lot of people who want to receive ERC-20 tokens that have high fees.

Binance.US is apparently working on adding direct customer-to-customer transfers. Once they do, Steven plans to implement support for that. Then, the next time that Coinbase disables the account for "identity verification," customers can make an easy transition.