“Where are my coins?” » – Coinbase users fume over Solana withdrawal issues

Crypto social media has been flooded with enraged Coinbase users who cannot withdraw their Solana (SOL) tokens, sparking insolvency rumors.

“What’s the drama with Coinbase and Solana? Crypto YouTuber “Wendy O” requested 412,000 subscribers on X on January 21.

Meanwhile, crypto investor “Curb” asked Coinbase CEO Brian Armstrong: “After dealing with the latest insolvency cycle (FTX), we are demanding answers on why it takes more than 9 hours to send/receive SOL while it takes less than a second. chain.”

“Is Coinbase insolvent? Where is your evidence of Solana’s reserves? they asked.

Brian/Coinbase,

After dealing with the latest insolvency cycle (FTX), we demand answers on why it takes more than 9 hours to send/receive $ SOL (takes less than a second on the channel).

East @coinbase insolvent, where is your proof of Solana reserves?

This is unacceptable.@brian_armstrong pic.twitter.com/dFjkkLk9et

– Border◎ (@CryptoCurb) January 20, 2025

Solana blocked on Coinbase

“Coinbase would be out of Solana, preventing users from withdrawing money,” “Financelot” told its 205,000 followers on X.

Will Clemente, cryptocurrency venture capitalist, commented: “What is more likely is that they have not prioritized building infrastructure for Solana, perhaps in part because They have no incentive to do so with a competing on-chain platform (Base). »

Others shared screenshots of hours-long wait times for pending transactions, with one user asking: “Where are my coins?” before claiming to have lost almost $1,000, “patiently waiting for my Solana”, adding: “I will literally never use your platform again.” Moving to Gemini.

On January 21, Coinbase announced support for the recently launched official Trump meme coin (TRUMP) on the Solana network as an SPL token.

Coinbase will add support for Official Trump (TRUMP) on the Solana network (SPL token). Do not send this asset to other networks, otherwise your funds may be lost. Transfers for this asset are available at @Coinbase & @CoinbaseExch in regions where trade is sustained.

– Coinbase Assets ️ (@CoinbaseAssets) January 20, 2025

This is not the first time Coinbase has failed in the face of high demand, and the exchange has been known to go offline or have “technical issues” when markets are at their highest level of volatility. The Solana network has also seen more than its share of outages in recent years.

SOL Prices Fall

The rush to cash out Solana has been exacerbated by the tokens falling by around 13% in the past few hours. SOL prices reached an intraday high of $272 on Monday, but fell to $234 during the Asian trading session on Tuesday morning.

Additionally, the asset is also down almost 20% from its all-time high of $293 on January 19.

Coins based on Solana and other meme coins are also mutilated today. TRUMP is down more than 20%, while MELANIA is down about 50% in the last 24 hours.

Other memes, such as Fartcoin, Dogwifhat, Mog Coin, and Freysa AI, are also deep in the red.