Crypto Frustrations: How Coinbase's Delays Sparked a Community Uproar

The world today is used to speed in everything. Instant content on social media—stories, reels, fast internet, instant transactions, and even lightning-fast operations in Web3. We live in an era where speed sets the rules, and everyone strives for minimal delays. However, despite the dynamic nature of the crypto industry, there are areas where delays are unavoidable, causing user dissatisfaction.

In today’s article, Coinmooner wants to highlight this issue.

Delays in the performance of Web3 platforms and services have sparked frustration among users. A recent example is the crypto exchange Coinbase, which has faced heavy criticism. Users complain about long transaction waiting times, making this problem a hot topic in the crypto community.

On forums and social media, investors are actively sharing their stories. Some report that withdrawing funds or depositing on Coinbase can take up to 15 hours. Others say they’ve experienced transaction rejections. Numerous comments and negative reviews have uncovered a problem that, according to some experts, is linked to the overload of the Solana network. This surge in activity happened after the launch of the meme tokens TRUMP and MELANIA, which drove record trading volumes. Despite this, many users note that other exchanges handle Solananetwork loads much better than Coinbase.

The CEO of Solana infrastructure developer Helius, Mert Mumtaz, suggested that the root cause may not lie in Solana’s overload but in Coinbase’s technical infrastructure. This raised further questions about the platform’s ability to handle high traffic levels.

CoinbaseCEO Brian Armstrong acknowledged the issues and apologized to customers for the inconvenience. He stated that the company is actively working to resolve the problem. Shortly after, Coinbasereleased an official statement assuring users that their funds were safe. The exchange emphasized that all client assets are stored at a 1:1 ratio and that Coinbasehas no shortage of Solanatokens. They also reiterated that transparency is a key principle of their work and promised to keep users updated on the progress of fixing the issue.

However, despite these statements and apologies, delays persist. Currently, outgoing transactions from the platform can take up to 24 hours, while incoming transfers are processed in an average of six hours. This situation remains a concern for many users accustomed to instant transactions in the Web3ecosystem.

Coinmooner wants to remind our readers that despite the many advantages and innovative nature of Web3, this industry has its challenges and risks. Scammers are constantly looking for ways to exploit vulnerabilities, so it’s essential always to use modern protection methods. Protect your finances, stay vigilant, and choose trusted and reliable platforms.