Coinbase users report account frozen due to technical difficulties while processing ACH transfer, issue acknowledged
Coinbase, the popular cryptocurrency exchange, is experiencing serious operational issues at the moment.
Coinbase account frozen due to technical difficulties while processing ACH transfer
The problem is affecting many Coinbase users who tried to make an ACH transfer operation during the last day.
Apparently, technical difficulties are occurring during the process of an ACH transfer on the Coinbase platform, which is causing some users’ Coinbase accounts to be frozen.
Coinbase froze my account due to their own “technical difficulties” processing ACH transfer
I initiated a regular ACH transfer from my bank checking account yesterday. I immediately used the USD funds to make a couple trades. Coinbase soon informed me that the ACH transaction was canceled by my bank, my Coinbase account has been disabled and I needed to repay the USD funds.
According to reports, Coinbase indicates to users that the bank canceled the operation. But, the bank’s support clarifies that the operation was successful.
I immediately called my bank and they informed me they see no record of an ACH request from Coinbase and they did NOT cancel or reject any funds request. Indeed, this is the same bank I have been using for many years to fund Coinbase with no problems. So I immediately clicked “Resolve” inside my CB account and initiated a second USD transfer from that same bank. Those funds were successfully approved and ACH transfer started.
Accounts will remain frozen for up to 5 business days
The problem in question is causing some Coinbase users’ accounts to be frozen for up to 5 days. During that time, they will be unable to access or manage their funds.
Once I found out it would be 3-5 days to wait for the ACH I told them to pull the balance from my coinbase wallet. Which they ignored multiple times. My entire portfolio is restricted for a deposit issue that was 5% of the total value of my portfolio. Completely out of line.
This is a very serious problem due to the known volatility of the cryptocurrency market. In fact, a few hours ago there was a big crash in the market that made many users lose money.
So, Coinbase users can only watch as their funds lose value, unable to do anything to mitigate the losses.
I’m being forced to watch my portfolio tank, I’m down 5.5k usd from yesterday buys and sells turned off for 3 days because of a failed ach usd deposit THEY CAUSED!? @CoinbaseSupport literally turns off buys and sells during a market crash over 500$ deposit their system failed to.
Coinbase team already aware
The Coinbase team is already aware of the issue and is working on resolving it. However, there is no ETA for a fix yet.
Hi there, thanks for getting in touch.
We’re aware and working on the issue with ACH at the moment, we appreciate your patience while we resolve this.
Note that users who experienced capital losses while their accounts were frozen are unlikely to receive compensation, as Coinbase does not manage market movements.
We will update this story as events unfold.
Featured Image: Coinbase
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