Coinbase security enhancement prevents withdrawal for 48 hours

https://help.coinbase.com/en/pro/privacy-and-security/other/coinbase-pro-security-enhancements

by mindracer • 4 years ago

34 16 4 years ago

help.coinbase.com

“Security enhancement”

ev1• 4 years ago

This is a feature to require that you can do instant withdrawal to specified addresses, and adding new addresses incurs a 48h lockout for those.

I don't like Coinbase, but it's good that they are disabling SMS auth for this too.

Centrino• 4 years ago

There is no timestamp on that page. Is this a recent change? I have whitelisting enabled and the 48-hour mandatory wait for new addresses has been there for, I guess, at least 2 years now.

pkulak• 4 years ago

Shh, we already have our pitchforks out.

gruez2• 4 years ago

According to google cache it has been there since at least "10 Jun 2022 19:48:30 GMT", which places it before all the withdraw freeze frenzy that was happening today.

walrus01• 4 years ago

"security enhancement" - more like arbitrarily preventing people from taking out the contents of their account to prevent the crypto version of a bank run, because crypto in general is having a meltdown/catastrophe.

same idea as locking the bank doors and turning off the ATMs when some nation state has a catastrophic bank run.

gruez2• 4 years ago

"security enhancement" - more like arbitrarily preventing people from taking out the contents of their account to prevent the crypto version of a bank run, because crypto in general is having a meltdown/catastrophe.

Whether it's arbitrary or not depends entirely when it was instituted. If it was instituted today (in the wake of all the other withdraw freezes), then I'd agree it's shady, but according to google cache the page existed since at least last friday which sort of works against your theory. Also, as someone who used cryptocurrency exchanges (not coinbase pro), waiting periods for withdrawing to new addresses isn't unusual.

astrange• 4 years ago

This is a standard feature of regular banks, it’s part of the reason why they do that thing where you report the tiny deposit amounts.

I flagged it because the article title looks like someone’s trying to be sarcastic about it.

baldr333• 4 years ago

What a bunch of scammers.

X6S1x6Okd1st• 4 years ago

This is a well established feature and TBH I think a really good one in an environment where there is no reversing transfers.

Honestly this post feels like it is trying to spread fear on the back of other providers halting withdrawals.

hamburglar• 4 years ago

Agreed, especially about the attempt to spread fear. The headline made me flinch, then I read the page and said “oh, this is just standard security stuff.” But it hasn’t stopped the reflexive outrage machine from getting cranked up in the comments here.

cinntaile• 4 years ago

Just flag the submission so it dies.

thepasswordis• 4 years ago

As somebody who holds a substantial amount of cryptocurrency on coinbase: good. I like seeing stuff like this.

I am well aware of not your keys not your coins. Yes, I am essentially hiring coinbase as a custodian to manage the security for my coins.

adamsvystun• 4 years ago

The title here is misleading, I went in expecting that Coinbase stopped withdrawals for 48 hours, which is not the case. They changed how long you have to wait before you can start using a brand new address. And after you wait 48 hours, you can use that address with no delays of any kind. Does not seem that nefarious to me.

throwoutway• 4 years ago

I sort of agree, but it is weird they waited to add this until their coins are worth 66% less than their highs. Why didn’t they make that simple integer change from “8” to “48” when things were at the peak (and thus had more financial risk)

kranke155• 4 years ago

Not your keys not your profits

Gotta let Coinbase have its time to trade against you and everyone else.

Coinbase security enhancement prevents withdrawal for 48 hours

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