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“Coinbase just locked my account after trying to send $25,000 USDC,” reported Ethereum developer Eric Connor on Dec. 3.He added that the notification was “completely useless” as both paths to unlock the account required him to sign in, which he couldn’t do.Others pointed out that he wasn’t being ‘debanked’ but protected against account hacks and unauthorized transfers to safeguard the $25,000 USDC.
A few hours after the lockout, Connor reported the incident resolved but added that the replies to his post on X were “mind-blowing.” “Hopefully Coinbase is working on a much better process for not so easily locking accounts AND recovering accounts. I’m lucky with my reach. Others, not so much…”“My theory is that they’re nerfing limits for people who have withdrawn over a certain amount within the past year or something to reduce sell-side pressure and keep liquidity on their books,”
Centralized exchanges are slowly morphing into banks exhibiting similar behavior, such as arbitrary account lockouts, lack of customer support, limits on transactions, and demands for an increasing amount of personal information.What Is Sui Network : The Ultimate Guide in 2024One Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments.
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