Bitcoin Wallet Coinbase Seizing American Accounts
According to Natural News, Coinbase wallet users in Hawaii and Wyoming have effectively had their Bitcoins seized by Coinbase, who claim they are unable to service customers living in these states due to undisclosed state laws.
Affected users have been locked out of their accounts by Coinbase, and are further enraged by the fact that they cannot even log in to update the details of their address if they move to a different state.
User attempts to contact Coinbase and update residential account details are being stonewalled, and Coinbase is effectively stealing Bitcoins by cutting of all means of accessing the currency.
Similarities have been made between Coinbases recent actions and those of Mt Gox, which closed shop owing users Bitcoins valued at approximately $460 million USD.
The value of Bitcoins seized by Coinbase is presently unknown, but estimated to be in the range of tens of millions of USD. Due to the unregulated nature of Bitcoin, its unlikely that affected users will have any legal recourse through which they can recover their funds.
I am flagging this post, for spamming others in comments and asking for follow. I will flag every your post, if you will not stopped. You have been warned.
same, really annoying
I was investigating for the exact same reason, seeing his copy/paste on every recent KR post. I will also not remove my flags until you @nickdavison stop spamming.
@noisy my first two posts made 4c each, sorry if you dont like the fact that I was reaching out to people to try and build a following. I noticed you downvoted lots of my comments, thats fair enough if you dont agree with me contacting users and asking them to check out my content, but I really dont understand why you downvoted one of my posts too, reducing my already meagre minnow earnings.
This is what I have been warning about my readers that most of these exchanges are unregulated and if you do want to play, get your bitcoins in paper wallets. So hopefully, those who were listening to me are saved. Those who didn't were gambling the money anyway. Easy come easy go.
Yep, certainly highlights the dangers, cold storage is the way to go.
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This is horrible, I feel so bad for everyone there. It really goes to show that coin base doesn't care at all about their clients and are 100% thieves. No warning, no notice to shift coins elsewhere, nothing. I won't be doing any business with them again. Thank you for the article, Nick
Me neither, and the reasons they cited dont really back up the actions taken, they cite that fiat balances must be held against crypto balance, but they are preventing people from transferring balances out to another wallet.
They call it the land of the free, sounds like north Korea 2.0 to me
Doesn't sound like it, it is it. The USA is anything but free.
That is some bad stuff. Avoiding the evil Coinbase thievery.
Great post. This is something everyone should pay close attention to, the exchanges are going through some coming growing pains and Coinbase has been on my personal do not fly list lol...meaning I have avoided them for a long time due to the IRS being on them so hard, I pay my taxes but they seem to be getting very shady since the IRS got to them, kind of wonder if this is a play by the powers that be sometimes. Just followed you, keep up the great work
Thank you for this post! From the banks to these institutions...smh
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