In recent days, crypto exchange Coinbase has faced criticism from its users who are unhappy with delays in transactions on the platform.
Investors are sharing their stories of problems on social media. Some report that withdrawals or deposits take up to 15 hours. Others complain that their transactions were denied.
A number of experts attribute the Coinbase outages to heavy network congestion Solana due to recent record trading volumes. Recall that the surge in activity in Solana began after the launch of the TRUMP and MELANIA meme tokens on the blockchain.
At the same time, many users note that other exchanges process transactions in Solana more efficiently, and doubt Coinbase’s ability to handle the traffic.
Mert Mumtaz, CEO of the infrastructure developer Solana Helius suggested that the delays in the exchange’s work were more related to its infrastructure than to Solana.
In response to the backlash, Coinbase CEO Brian Armstrong acknowledged the issue and apologized to customers for the inconvenience. He said the company was working to fix the issues. The exchange later posted a message on its official account that all user funds were safe.
We are aware of delays in shipping and receiving Solana on Coinbase. Your funds are safe. At Coinbase, all customer assets are held on a 1:1 basis, we have not run out of Solana»Transparency is key and we want to share what is happening and how we are working to address the issue,» the statement said.
Despite all the assurances, outgoing transactions can still take 24 hours, and incoming transfers can take six hours.