Users of Coinbase have launched an online campaign in response to the company’s decision to put their accounts on hold for several weeks.
Coinbase Users form an Internet Campaign
Coinbase has recently come under fire for a technology snafu that caused the company to close many of its customers’ accounts.
Users encountered technical difficulties when attempting to purchase the Japanese stablecoin GYEN and Powerledger (POWR). Following that, the system responded with an error. Customers who are extremely dissatisfied have now formed an internet campaign seeking refunds.
#Coinbase only gave me $50 worth of $BTC ♀️ I need all my money back that I invested in $GYEN #GYEN and plus you guys gave me a hard time and everything and you guys only gave me $50 dollars. You guys took coins from me from my account and sent them to who else’s wallet! #NBC pic.twitter.com/iZkTAxO5fu— Dayanara (@Dayanarapretty) December 8, 2021
User Chris Flemming has started an online petition called “Accountability for COINBASE GYEN account freeze” that has already received 1,620 signatures. “We as a group recognize that mistakes happen and that there is the risk of losing money when investing in any cryptocurrency or asset,” it says.
Coinbase to Provide a Detailed Explanation of what Happened
According to a CNBC report, the platform listed GYEN for the first time on November 10. Starting around Nov. 17, the coin became disconnected from the Japanese yen’s price, which it was supposed to track.
The token’s value reached a high of 0.065643, more than 7.5 times higher than what investors expected in fiat cash. According to the study, the platfrom transfer activity surged on November 18 and peaked at $122 million.
It’s still unclear how many customers were affected, how much money was lost, or whether anyone profited by selling before the price fell again. The currency is now trading at the pegged rate to the yen, as it was planned.
According to CNBC, a Coinbase spokesman said the business would provide a detailed explanation of what happened and how concerns would be addressed.
According to the spokesman, the Nasdaq-listed exchange “will post a blog piece on the November 19 occurrence involving GYEN and POWR assets in the coming weeks.” Both GYEN and POWR are now available for trading on Coinbase Pro, and withdrawals are now possible on Coinbase.com.
Tesla CEO Elon Musk recently suggested that cryptocurrency owners move their funds out of centralized exchanges to protect their investments. “Avoid any crypto wallet that refuses to give you your private keys at all costs,” Musk said.
