WhalePanda Threatens to Sue Coinbase
3 min read

Trader WhalePanda Threatens to Sue Coinbase over Missing Funds

By Editorial Team

WhalePanda is a well-known trader, blogger and market commentator in the cryptcurrency community. In fact, his standing among crypto traders earned him one of the most influential people in cryptocurrencies last year on Coindesk.

Yet, it seems that not even his standing in the community allowed him to escape recent fund lockups at Coinbase.

In a tweet that was sent out today, WhalePanda made his concerns known. He also threatened to sue Coinbase and tagged the CEO, Brian Armstrong.

Problematic Delays

The fact that WhalePanda requested his payment through a SEPA transfer is also worrying. SEPA payments are the EUs harmonised payment routing method that usually clears transactions in 2-3 days.

The withdrawal request was put through on the 12th of December which is almost three weeks ago. Moreover, WhalePanda appears to only be one of a handful of traders with similar complaints.

Many are wondering if the delayed payments is as a result of the massive surge in demand that Coinbase experienced during December. Hence, the issue could just be capacity constraints at Coinbase.

Coinbase Silent

What is more disconcerting for most users including WhalePanda is that there has been no communication from the team at Coinbase. The Coinbase subreddit has had no responses from over 100 users. WhalePanda said:

There has been no statement on this obviously big issue, which makes it even more shady

For example, the top post in this subreddit who claimed that the $50,000 that he had wired was still stuck in limbo and that all requests he has put in for direct contact had been ignored.

This is particularly strange as Coinbase has usually been quite responsive in their Reddit forums when there have been customer concerns in the past. The silence is deafening to anxious traders.

The picture does not get much better on their other social channels. For example, the last post on the company twitter account goes over the process of lisiting a digital asset.

Indeed, this is quite ironic giving the botched Bitcoin Cash rollout in the middle of December last year. This led to many accusations of insider trading at Coinbase as the price of BCH swung wildly.

What Can be Done?

It was issues like this that convinced Coinbase to increase their support staff and implement dedicated phone lines. They went on a hiring spree towards the end of the year to deal with this.

However, it seems as if this has not yet filtered through and periods like this, when traders have to wait for their money, can be the most frustrating and damaging.

Given that these payments relate to requests that were put through on the 12th of December, one can only hope that the issue is an internal glitch that is being corrected.

Featured Image via Fotolia

Editors at large. Posting the latest news, reviews and analysis to hit the blockchain.
View all posts by Editorial Team -> Best Crypto Deals ->

Latest Posts

Trader Joe Review
Trader Joe Review 2022: Complete Guide to the Top DEX on Avalanche
Trader Joe Review

Trader Joe Review 2022: Complete Guide to the Top DEX on Avalanche

July 2, 2022 30 min read
Huobi Global Review
Huobi Global Review 2022: Good Exchange with DEEP Liquidity
Huobi Global Review

Huobi Global Review 2022: Good Exchange with DEEP Liquidity

June 29, 2022 37 min read
FTX vs FTX US Review
FTX vs FTX US: Which one is BEST for You?
FTX vs FTX US Review

FTX vs FTX US: Which one is BEST for You?

June 27, 2022 14 min read
Bancor Review
Bancor Review: Impermanent Loss Protector?
Bancor Review

Bancor Review: Impermanent Loss Protector?

June 22, 2022 15 min read
Bridge Mutual Review
Bridge Mutual: Insurance for your Crypto
Bridge Mutual Review

Bridge Mutual: Insurance for your Crypto

June 22nd, 2022 22 min read
Serum Review
Serum Review: Solana’s One-Stop DeFi Toolbelt
Serum Review

Serum Review: Solana’s One-Stop DeFi Toolbelt

June 16, 2022 17 min read
Raydium Review: Solana’s DeFi Liquidity Mammoth

Raydium Review: Solana’s DeFi Liquidity Mammoth

June 11, 2022 17 min read

Related Posts

Trader Joe Review
Trader Joe Review 2022: Complete Guide to the Top DEX on Avalanche
Trader Joe Review

Trader Joe Review 2022: Complete Guide to the Top DEX on Avalanche

July 2, 2022 30 min read
Huobi Global Review
Huobi Global Review 2022: Good Exchange with DEEP Liquidity
Huobi Global Review

Huobi Global Review 2022: Good Exchange with DEEP Liquidity

June 29, 2022 37 min read
FTX vs FTX US Review
FTX vs FTX US: Which one is BEST for You?
FTX vs FTX US Review

FTX vs FTX US: Which one is BEST for You?

June 27, 2022 14 min read
Bancor Review
Bancor Review: Impermanent Loss Protector?
Bancor Review

Bancor Review: Impermanent Loss Protector?

June 22, 2022 15 min read
Bridge Mutual Review
Bridge Mutual: Insurance for your Crypto
Bridge Mutual Review

Bridge Mutual: Insurance for your Crypto

June 22nd, 2022 22 min read
Serum Review
Serum Review: Solana’s One-Stop DeFi Toolbelt
Serum Review

Serum Review: Solana’s One-Stop DeFi Toolbelt

June 16, 2022 17 min read
crypto com
Crypto.com Exchange Review 2022: A World-Class Crypto Exchange
crypto com

Crypto.com Exchange Review 2022: A World-Class Crypto Exchange

June 14th, 2022 30 min read