suspends withdrawals

Crypto exchange had to temporarily suspend withdrawals on Monday as the company received multiple complaints from users of “unauthorized activity”.

This prompted the exchange into action eliciting a quick explanation that its security team was on the issue and looking into it.

In a tweet, the company confirmed that consumers had nothing to worry about and that their funds were safe.

However, several hours later, issued another statement in which it urged people to reset their two-factor authentication (2FA).

Meanwhile, Redditors started reporting the incidents and missing functionality on the discussion board in a topic that ended up with more than 2,100 posts within 24 hours.

Later in the day, around 16:00 UTC, CEO Kris Marszalek tweeted withdrawals would be restored within a 60-minute window, which came at around 17:42, and withdrawals have now renewed. did not offer any specific info about whether the exchange had been attacked by hackers, which is what crypto companies constantly fear.

DeFi, another popular aspect of the crypto industry, is coming under heavy fire as hackers have been able to find vulnerabilities in platforms that have been put together quickly, without extensive security testing.

Binance, Coinbase and have been continuously buffeted by hacker attacks which have been able to syphon off funds. In some cases, victims at Coinbase alleged that their accounts were drained, but the exchange did not investigate the thefts.

Those statements are in stark contrast with Coinbase’s overall policy to report hacking accidents, which it has been doing diligently.

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Updated: 01/18/2022 — 18:00