\u201cCoinbase just locked my account after trying to send $25,000 USDC,\u201d reported Ethereum developer Eric Connor on Dec. 3.<\/p>\n
\u201cWasn\u2019t Brian Armstrong just talking about debanking? Very cool!\u201d he quipped.<\/p>\n
He added that the notification was \u201ccompletely useless\u201d as both paths to unlock the account required him to sign in, which he couldn\u2019t do.<\/p>\n
\u201cService agent on the phone also completely useless,\u201d he added.<\/p>\n
Coinbase just locked my account after trying to send $25k USDC<\/p>\n
Wasn\u2019t @brian_armstrong<\/a> just talking about debanking???<\/p>\n Very cool! pic.twitter.com\/3s7waNxsWn<\/a><\/p>\n \u2014 eric.eth (@econoar) December 2, 2024<\/a><\/p>\n\n Others pointed out that he wasn\u2019t being \u2018debanked\u2019 but protected against account hacks and unauthorized transfers to safeguard the $25,000 USDC.\u00a0It seems like a \u201clazy implementation if that\u2019s the case,\u201d he said before adding:<\/p>\n \u201cThere are plenty of better ways to handle this than just nuking my account.\u201d<\/p>\n Connor then revealed that the account was locked out because he was using a VPN<\/a> (virtual private network) when doing the transfer and there were no warnings that this may happen.<\/p>\n There were lots of responses in agreement from those who had also been locked out of centralized exchange accounts with no warnings, some of them for months on end.\u00a0Blockchain lawyer Joshua Carlson said<\/a> that overall, the system is working as designed.<\/p>\n \u201cI would recommend setting up a passkeys and I wouldn\u2019t be upset with Coinbase if they suspected somebody trying to hack into my account and they locked it. I\u2019ll consider that a net benefit,\u201d he added.<\/p>\n Coinbase<\/a> did respond to the post, stating, \u201cWe\u2019re sorry to hear that your account was locked after sending your USDC assets. We\u2019re currently looking into this and will reach out to you shortly. In the meantime, please send us a DM so we can provide you with updates directly.\u201d<\/p>\n A few hours after the lockout, Connor reported the incident resolved but added that the replies to his post on X were \u201cmind-blowing.\u201d<\/p>\n \u201cHopefully Coinbase is working on a much better process for not so easily locking accounts AND recovering accounts. I\u2019m lucky with my reach. Others, not so much\u2026\u201d<\/p>\n Other responses were from customers complaining that their daily limits had recently decreased for no reason.<\/p>\n Fellow Ethereum<\/a> developer \u2018Zak\u2019 opined<\/a> that this may be an effort to reduce selling pressure.<\/p>\n \u201cMy theory is that they\u2019re 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,\u201d<\/p>\n 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.<\/p>\n The post Ethereum Dev Sees Coinbase Account \u2018Nuked\u2019 After Attempting USDC Transfer<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" \u201cCoinbase just locked my account after trying to send $25,000 USDC,\u201d reported Ethereum developer Eric Connor on Dec. 3. \u201cWasn\u2019t Brian Armstrong just talking about debanking? Very cool!\u201d he quipped. He added that the notification was \u201ccompletely useless\u201d as both paths to unlock the account required him to sign in, which he couldn\u2019t do. \u201cService […]<\/p>\n","protected":false},"author":0,"featured_media":25495,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-25494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/25494"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25494"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/25494\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/25495"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Nuked Account a Lazy Solution<\/h2>\n
Limits Decreased Without Warning<\/h2>\n