Coinbase just announced that the firm is temporarily halting the ETH staking reward distribution. The news was made by the trade on May 16, and the team is now studying the problem.
Coinbase updated the situation, stating that the cause for the indefinite delay is a technical issue that they are seeking to remedy. The deal confirmed the security of the staked ETH and prizes, stating that a decision will most likely be made within the next 48-72 hours.
Coinbase is seeing a significant increase in ETH deposits.
Coinbase just received a significant amount of ETH, with over 53,400 ETH being deposited. A large chunk of the deposits came using Coinbase’s cbETH deposit method. According to CryptoQuant data, the cbETH deposit address 0xc7…a019 had a significant withdrawal of 44,000 ETH on Monday, which was moved to the Coinbase 10 pockets address.
Is ETH staking at Coinbase dealing with recurrent points?
Last week, there was an issue on Coinbase when ETH awards became stuck due to a lack of help for ETH addresses from external validators in its programs.
This incident spurred the cryptocurrency community to express their displeasure via various social media outlets. As a result, a large number of withdrawals were trapped in the withdrawal queue.
The most recent Shapella upgrade also has a number of positive consequences for ETH holders. With the ability to withdraw staked ETH, ETH holders now have greater freedom in how they manage their assets. Furthermore, the Ethereum community’s increased scalability and security make it more appealing to developers and customers, perhaps leading to further ETH adoption.
When the Shapella upgrade went live on April 12, 2023, the group saw a massive sell-off. Nonetheless, Ethereum broke beyond the $2,100 mark following the upgrade, signalling a positive run for ETH.