Coinbase under fire for failing to assist users in recovering lost USDT funds
The post Coinbase under fire for failing to assist users in recovering lost USDT funds appeared on BitcoinEthereumNews.com.
US-based crypto exchange Coinbase is facing criticism from the crypto community over its handling of customers’ transactions. The criticisms came after a Coinbase user Holaivory, complained that she lost a few thousand in Tether stablecoin after sending USDT to Coinbase on the Arbitrum network. The post has generated multiple comments from other customers claiming they had similar experiences when they sent funds to the wrong networks on Coinbase. They noted that the exchange has poor support service and profits from its customers’ mistakes. Customers share stories of losing funds on Coinbase According to Holaivory, she had previously sent USDT via the Arbitrum network without any issues. However, her most recent transaction encountered problems, as she did not receive her funds after an hour. She claimed the first Coinbase agent she contacted said it was a regular delay. After speaking with three Coinbase agents, she discovered that the exchange does not support USDT transfers via Arbitrum. Since sharing her story, many others have also detailed their experience with Coinbase and other centralized exchanges on X. Most say they could not recover these funds sent to the wrong network despite contacting the exchange support. One user noted that incidents such as this make it impossible for crypto to replace the traditional financial system. Holaivory pointed out that Coinbase may be holding millions of user funds due to this mistake and has refused to return them when it can easily do so. She said: “Coinbase is holding millions of dollars worth of assets from people who have 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.” However, Coinbase has insisted it does not support USDT on the Arbitrum network. In a post by Coinbase support, the exchange…
Filed under: News - @ September 1, 2024 11:25 am