SAN FRANCISCO – Cryptocurrency platform Uphold has encountered technical difficulties causing delays in cryptocurrency withdrawals, including for digital coins. The issues were first acknowledged by Uphold on Monday, with the company quickly informing its users via X (formerly Twitter) about the ongoing issues.
The withdrawal delays appear to be part of a broader pattern of transaction congestion. Today, reports emerged of a Coinbase (NASDAQ:) user having to wait seven hours, at the time of disclosure, for an Ethereum transfer to complete, highlighting customer frustration over the timing Extended transactions on different platforms.
While Uphold has not determined the exact cause of the current withdrawal delays, past service disruptions at the company have been attributed to increased demand following favorable regulatory decisions regarding to XRP. It is speculated that the current issues may be related to the registration process for the Evernode airdrop, which involves more than two billion eligible XRP tokens. Anticipation for this event may contribute to higher-than-normal traffic and subsequent stress on the system.
Cryptocurrency exchanges like Uphold and Coinbase are no strangers to challenges caused by spikes in activity. Users of these platforms are often reminded of the volatile nature of digital asset markets, not only in terms of price but also in terms of performance during periods of high demand.
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