EddieJayonCrypto
10 Dec 24
Coinbase Support faced scrutiny as users reported restricted access to their accounts. The company attributed the increase in restricted accounts to fraudulent attempts following a surge in post-election activity. However, users contested this, citing prolonged freezes and lack of communication. The...
Coinbase Support faced scrutiny as users reported restricted access to their accounts. The company attributed the increase in restricted accounts to fraudulent attempts following a surge in post-election activity. However, users contested this, citing prolonged freezes and lack of communication. The situation sparked significant outrage, with numerous complaints flooding Coinbase's posts. Additionally, Coinbase exited Turkey and faced challenges such as a phishing scam, but still experienced financial success in 2024. On Monday, December 9, Coinbase support acknowledged a significant rise in account activity, including new and reactivated users. The exchange claimed that it has led to a 2-3x increase in fraudulent attempts. However, the crypto community has challenged Coinbase’s narrative. Users appended notes to Coinbase’s posts on X, accusing the company of misleading the public and confirming that account restrictions are widespread. The staggering number of complaints highlights the severity of customer dissatisfaction. Despite these challenges, Coinbase experienced a financially strong 2024. Increased crypto trading and potential regulatory shifts in the US propelled the exchange’s stock to a 97% year-to-date gain. Coinbase’s struggles are not limited to user grievances. Recently, the exchange exited Turkey, closing its operations after withdrawing its application with the country’s regulator. In October, Coinbase faced another setback when a phishing scam led to a $6.5 million loss. Despite these challenges, Coinbase experienced a financially strong 2024. Increased crypto trading and potential regulatory shifts in the US propelled the exchange’s stock to a 97% year-to-date gain.