Users Go Bananas Over Coinbase’s Solana Shenanigans! 🍌💰

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Well, well, well! Coinbase, the big cheese of US crypto exchanges, is getting a serious tongue-lashing from users over some snail-paced Solana (SOL) transactions! 🐌💸

Users are reporting that they’ve been waiting longer than a kid waiting for Christmas to send or receive SOL—over 14 hours! Talk about a crypto traffic jam! 🚦

Liquidity Woes and Staking Shenanigans: Oh My!

Frustration is brewing like a bad cup of coffee at a diner! One poor investigative journalist had their transaction canceled after a full day of waiting. Another user? Two transactions stuck for over 14 hours! It’s like watching paint dry, but less exciting! 🎨

Rumor has it that Coinbase might be staking customers’ SOL without so much as a “by your leave.” Some folks are speculating that these delays are just the unstaking process taking its sweet time—like a tortoise in a marathon! 🐢

“Deposit SOL to Coinbase, they take your SOL and stake it to earn yield off your deposits, and oops — if everyone wants SOL all at once, they don’t have your liquidity,” one user summed it up perfectly. Sounds like a bad magic trick! 🎩✨

This whole fiasco comes on the heels of the FTX collapse, which was like watching a soap opera with all the drama and none of the good acting. Critics are saying this is just a rerun of that disaster! 📺

CryptoCurb, a user on X, is waving the red flag and calling for immediate Proof of Reserve (PoR) audits. He’s also throwing shade at the industry for ditching PoR audits like they’re last season’s fashion! 🕶️

“It is looking VERY likely that Coinbase was caught staking their customers SOL without customers’ consent. This is NOT okay if confirmed,” the user wrote. Well, that’s one way to make friends! 🙄

To add fuel to the fire, Whale Alert, the blockchain-tracking platform, spotted some hefty SOL transactions from mysterious wallets to Coinbase. It’s like a game of hide and seek, but nobody wants to play! 🔍

As the SOL transaction delays continue, users are practically begging Coinbase to show them the money—proof of liquidity and operational integrity, please! Coinbase Support is playing the blame game, saying it’s all due to “technical and blockchain issues.” Classic! 🎭

But Mert Helius, a developer with a keen eye, says it’s all about Coinbase’s internal infrastructure struggling to keep up with Solana’s speedy transactions. It’s like trying to run a marathon in flip-flops! 🩴

“This has nothing to do with the chain [Solana]. My guess is they just can’t keep up with the tip of the chain because they generalize their indexing to all chains but don’t account for how different those chains are,” Helius clarified. Sounds like a case of “you had one job!” 😅

Another user, Sidehustle, pointed out that Coinbase’s biggest Solana validator is about to unstake a whopping 567,000 SOL—worth around $130 million! Talk about a big payday! 💰

“Did they run out of liquid SOL and are now waiting until the epoch boundary to push through withdrawals?” he questioned. It’s like waiting for the last slice of pizza! 🍕

This isn’t Coinbase’s first rodeo with scrutiny over its custody practices. Recently, BlackRock decided to shake things up with its IBIT Bitcoin ETF amid user concerns. Investors are practically begging Coinbase to show on-chain proof of Bitcoin purchases for ETFs. Transparency, anyone? 🔍

“Subject to confirmation of the foregoing required minimum balance, Coinbase Custody shall process a withdrawal of Digital Assets from the Custodial Account to a public blockchain address within 12 hours of obtaining an Instruction from Client or Client’s Authorized Representatives,” an excerpt in the filing read. Sounds like a lot of fine print! 📜

And just when you thought it couldn’t get any crazier, Coinbase has launched Bitcoin-backed loans for USDC, and the crypto community is reacting like it just

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2025-01-21 12:04