Coinbase users launch online campaign to get GYEN refund

2 min read | December 10, 2021 03:04 AM AEDT | By Manu Shankar

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Coinbase users launch online campaign to get GYEN refund — Image source: Andreanicolini, Shutterstock

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Highlights

The refund campaign termed ‘Accountability for COINBASE GYEN account freeze’ was launched by Coinbase users on Thursday.

Coinbase, however, did try to make up for it and credited $50 BTC to the account of the affected users.

The online refund campaign already has more than 1,600 signatories.

Frustrated by their GYEN account freeze, the Coinbase users have decided to launch an online refund campaign in a bid to get access to their accounts. The refund campaign, Accountability for COINBASE GYEN account freeze, aims to ensure that the users get their money back after the exchange decided to freeze accounts following a technical snag a month back. Started by Chris Fleming, the online refund campaign already has more than 1600 participants.

The technical snag, which happened on 19 November, restricted many users from accessing their accounts for several weeks. Coinbase, however, did try to make up for it and reportedly credited US $50 BTC to the affected users. But the users are not quite happy with it.

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Technical snag

The exchange opened trading of GYEN, Japanese Yen-backed stablecoin on 10 November. Soon, the price of the GYEN surged and reached a high of US $0.065643. However, between 15 and 19 November, the Coinbase servers faced some technical snag, which resulted in unexpected behaviour that forced Coinbase to close the GYEN trading.

The users are now miffed that it’s been quite a while that issue took happened, and till date they haven’t got access to their accounts. Although Coinbase has restarted its GYEN and POWR trading on Coinbase Pro, it is still unclear how many users were affected in total. But, despite Coinbase resuming their operations, several users are yet to get control of their funds. According to a CNBC report, Fleming himself is yet to get control of his funds.

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The recent episode also points to the risks with cryptos, and how it further dents the stablecoins in whole. Stablecoins, which has constantly been questioned by the likes of SEC, could see tighter regulations and that could perhaps see exchanges and customers working in tandem so that these issues are resolved easily. Coinbase, for now though, would be hoping to put this episode to rest and resolve it as soon as possible.

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