- Coinbase users experience delays of up to 24 hours for Solana withdrawals, sparking anger and uncertainty.
- Rumors suggest Coinbase may be staking Solana tokens, adding to the frustration of users.
- Many users are moving to competitors as Coinbase faces scrutiny over reliability and withdrawal issues.
Coinbase users are facing delays in withdrawing Solana tokens, sparking anger and widespread speculation about the exchange’s operational issues. Many are questioning whether the delays, which have left some waiting over 24 hours, point to deeper problems within the platform. The issue has escalated online, with users voicing concerns about potential insolvency and mismanagement.
Users Express Outrage Over Long Waiting Times
Social media platforms are flooded with complaints from Coinbase users who cannot access their Solana funds. Crypto YouTuber Wendy O asked her audience what was happening with Coinbase and Solana, while investor Curb questioned Coinbase CEO Brian Armstrong about delays. They demanded answers, saying transactions that should process in seconds on-chain were instead taking hours.
Some users accused Coinbase of facing liquidity issues, recalling similar concerns during the FTX collapse. A popular account, Financelot, claimed Coinbase had run out of Solana, leaving users unable to withdraw funds. Venture capitalist Will Clemente suggested Coinbase deprioritized Solana infrastructure development due to its competing blockchain platform, Base.
Screenshots shared online show pending transactions lasting hours, with one user reporting a $1,000 loss during the wait. Many users expressed plans to abandon Coinbase for competitors like Gemini, citing trust issues with the platform.
Staking Rumors and Custodial Concerns
Users suspect Coinbase might be staking Solana tokens without permission to generate yield, which could be causing delays due to the unstaking process. Unstaking tokens often requires time, and some users believe this is behind the withdrawal issues.
The speculation arises as Coinbase added support for the Official Trump (TRUMP) meme coin on Solana. However, many feel the exchange should focus on fixing withdrawal problems before launching new services.
Coinbase’s custody practices have faced criticism before. For example, BlackRock recently required Coinbase to provide on-chain proof of Bitcoin purchases in its ETF filings. Coinbase’s commitment to processing withdrawals within 12 hours appears at odds with Solana delays, which reportedly reach up to 24 hours.
Coinbase Points to Infrastructure Upgrades
Coinbase stated it is working with the Solana Foundation to upgrade infrastructure, but many users are dissatisfied with the lack of progress. Outgoing Solana transactions can still take a full day, leaving customers questioning whether the exchange prioritizes their needs.
This ongoing issue follows a pattern of delays in Coinbase’s deposit and withdrawal processes, raising doubts about the platform’s reliability and focus. Until these problems are resolved, more users may move to alternative platforms.
