
Tell HN: Coinbase stopped regular payouts of wires as of Dec 15 - g09980
Myself and what appears to be a hundred other people are waiting for thousands of dollars in wires for the past month.<p>No way to get a response from Coinbase other than occassional Reddit replies. Phone support claims to investigate and no reply again. Status page has been showing fluctuating numbers (e.g. &quot;up to 5 business days&quot;) but about a month already in my case.<p>https:&#x2F;&#x2F;www.reddit.com&#x2F;r&#x2F;CoinBase&#x2F; for many such stories.<p>https:&#x2F;&#x2F;www.reddit.com&#x2F;r&#x2F;CoinBase&#x2F;comments&#x2F;7mpk7s&#x2F;upvote_is_your_wires_withdrawals_are_from_dec&#x2F;<p>https:&#x2F;&#x2F;www.reddit.com&#x2F;r&#x2F;CoinBase&#x2F;comments&#x2F;7o6nqb&#x2F;880000_withdrawal_delay&#x2F;<p>https:&#x2F;&#x2F;www.reddit.com&#x2F;r&#x2F;CoinBase&#x2F;comments&#x2F;7o4tgz&#x2F;please_help_coinbase_lost_my_8000_usd_wire&#x2F;<p>https:&#x2F;&#x2F;www.reddit.com&#x2F;r&#x2F;CoinBase&#x2F;comments&#x2F;7o7wxa&#x2F;its_time_for_organized_legal_action&#x2F;<p>https:&#x2F;&#x2F;www.reddit.com&#x2F;r&#x2F;CoinBase&#x2F;comments&#x2F;7nnqxx&#x2F;us_wire_transfers_from_coinbase_to_bank_from_dec&#x2F;<p>https:&#x2F;&#x2F;www.reddit.com&#x2F;r&#x2F;CoinBase&#x2F;comments&#x2F;7mpk7s&#x2F;upvote_is_your_wires_withdrawals_are_from_dec&#x2F;<p>https:&#x2F;&#x2F;www.reddit.com&#x2F;r&#x2F;CoinBase&#x2F;comments&#x2F;7kwllo&#x2F;stop_giving_lies_and_false_hope_with_up_to_3_days&#x2F;<p>https:&#x2F;&#x2F;www.reddit.com&#x2F;r&#x2F;CoinBase&#x2F;comments&#x2F;7kt75b&#x2F;coinbase_not_paying_out_i_transferred_26k_by_wire&#x2F;<p>https:&#x2F;&#x2F;www.reddit.com&#x2F;r&#x2F;CoinBase&#x2F;comments&#x2F;7mcy2n&#x2F;up_vote_if_your_wire_withdrawn_from_1212_1215&#x2F;<p>https:&#x2F;&#x2F;www.reddit.com&#x2F;r&#x2F;CoinBase&#x2F;comments&#x2F;7nntqf&#x2F;waiting_for_30k_wire_for_two_weeks_already&#x2F;<p>https:&#x2F;&#x2F;www.reddit.com&#x2F;r&#x2F;CoinBase&#x2F;comments&#x2F;7o6oyv&#x2F;list_of_cases_for_olga_from_coinbase_sepa_and&#x2F;<p>And many more.<p>Hoping this is just growing pains, but the lack of communication is scary.
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fetus8
I know it's not the same thing, but this is seemingly an issue with Coinbase
as I had issues with them back in early 2016.

I had to get my bank involved with a purchasing issue from Coinbase. They
declared the charges as fraudulent since I couldn't get a response from anyone
at Coinbase. This was back in early 2016 before the recent crypto madness
too...

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AznHisoka
There's a non-trivial chance that the Bitcoin bubble will burst because of
some drastic event from Coinbase (or another exchange, like Binance). There is
some incredibly suspicious activity going on there including:

\- The fact that the coins land in your account weeks after you've purchased
it (presumably to stop a bitcoin run?)

\- Inability to pay their users.

\- their exchange GDAX is known for having spoof buy and sell orders that
disappear sporadically (this is illegal in regulated markets).

\- the whole Bitcoin cash fiasco

I'm OK with speculating and bubbles, but not manipulation.

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PaulHoule
It is a common situation in bubbles that high trading volumes cause market
infrastructure to break down. A particularly extreme case was U.S. stocks
circa 1968

[https://en.wikipedia.org/wiki/Depository_Trust_%26_Clearing_...](https://en.wikipedia.org/wiki/Depository_Trust_%26_Clearing_Corporation)

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where_do_i_live
They sent an email yesterday that they have a backlog and are working on
getting wires out just yesterday.

[https://status.coinbase.com/incidents/p9r8swts79xd](https://status.coinbase.com/incidents/p9r8swts79xd)

google search that took .00001 seconds

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g09980
Removed

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where_do_i_live
You said that there is no communication which is false.

That you are unsatisfied with it nonetheless is fine, but that is a separate
issue.

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Freak_NL
What's a wire? A transfer between two Coinbase accounts?

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g09980
Fiat (cash) payment to a bank.

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imhoguy
There is no cash left for transfers. "ATM is empty". They wait for new crypto
buyers with dollars but market stalled out of crash fear.

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jklein11
First and foremost, cash balances at coinbase are FDIC insured.[1] There are
regulatory requirements for cash on hand because of this. In the worst case,
the FDIC should step in and fork over the cash that people are trying to
withdraw.

Secondly, the drop in price of crypto shouldn't cause something like this.
Coinbase is a marketplace. When one person sells their cyrpto for fiat another
person is trading their fiat for crypto. When someone is going to withdraw
money this transaction has already taken place.

1\.
[https://support.coinbase.com/customer/portal/articles/166237...](https://support.coinbase.com/customer/portal/articles/1662379-how-
is-coinbase-insured-)

