Users on Coinbase, the largest cryptocurrency exchange in the United States, have reported delays.
Accordingly, Coinbase users said that network congestion related to the launch of memecoin TRUMP ($38.22), launched by US President Donald Trump on January 18, affected the exchange and delayed Solana transactions.
These issues began with the launch of the TRUMP and MELANIA memecoins, leading to a surge in activity on the Solana blockchain. This surge caused network congestion and led to delays in Solana transactions on Coinbase.
At this point, some users have reported waiting more than 15 hours for their transactions. Some users have also reported that their transactions were canceled after being pending for an entire day.
Some users who blamed Coinbase for the delays in Solana transactions claimed that Coinbase was staking SOL ($239.13) without users’ consent.
At this point, speculations are growing that the delays could be a result of the staking removal process, with one crypto trader going by the name of CryptoCurb stating, “It seems VERY likely that Coinbase is staking its customers’ SOL without their permission.”
The trader questioned Coinbase’s solvency and called for an immediate proof-of-reserve (PoR) audit.
“Coinbase estimates 100 minutes for USDC ($1.00) purchases to be processed on Solana. To be clear, these delays have nothing to do with the Solana chain. We are aware that some users may experience delayed sending and receiving on the Solana network. Buys, sells, and fiat withdrawals/deposits are not impacted. Our infrastructure team is working to resolve the issue,” Mert Mumtaz, CEO of Solana infrastructure provider Helius, wrote in an X post.
The Coinbase team acknowledged the delays and said they are working to resolve them, but users are still waiting for a resolution to their transaction times.
*This is not investment advice.
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