Coinbase Users Launched Online Refund Campaign After GYEN Issues

Coinbase users launched an online refund campaign as they were frustrated when the company decided to freeze their accounts for weeks. Let’s find out more in today’s Coinbase news.

Coinbase came under fire after a technology issue that resulted in the company closing most of the customers’ accounts. When the users attempted to buy Japanese Stablecoin GYEN and Powerledger they suffered from plenty of technical difficulties. This was then followed by an error in the system response and now the users launched an online campaign demanding refunds.

The coinbase users launched online refund campaigns and also one user Chris Flemming started an online petition against the exchange called “Accountability for Coinbase GYEN account freeze” which garnered 1,620 signatures and stated that:

 “We as a whole recognize that mistakes happen and there is the potential for loss when investing in any cryptocurrency or asset. Though in this case, the losses came from internal technical errors of Coinbase.”

According to a CNBC report, Coinbase listed GYEN for the first time and now the coin became detached from the Japanese Yen’s price and it was supposed to track it from November. The token’s value rose to a peak of 0.065643 which is more than 7.5 bigger than the investors had anticiapted in the fiat currency. The transfer activity increased and peaked at $122 million as per the reports. It is still unclear how many clients were affected and how much of the money was lost or whether anybody made a profit by selling before the price crashed. The currency is now trading at the yen peg rate that it was originally intended.

The coinbase representative said that the company will provide an explanation of what happened and how concerns will be addressed. The exchange will also publish a blog article for the event involving the POWR and GYEN assets in the next few weeks. The representative noted they both resumed trading on Coinbase Pro and the withdrawals are enabled on Coinbase.com

#Coinbase only gave me $50 worth of $BTC 🤦🏽‍♀️ I need all my money back that I invest in $GYEN #GYEN and plus you guys gave me a hard time and everything and you guys only game $50 dollars you guys took coins from me from my account and send it to who else wallet! #NBC pic.twitter.com/iZkTAxO5fu

— Dayanara (@Dayanarapretty) December 8, 2021

The CEO of Tesla Elon Musk recently suggested that crypto owners transfer their funds out of centralized exchanges to protect them:

“Any crypto wallet that won’t give you your private keys should be avoided at all costs,” Musk said.