In recent weeks, Coinbase has come under scrutiny from its users, particularly those advocating for Bitcoin self-custody.
The crypto community is growing increasingly concerned after a series of events where Coinbase allegedly restricted user access to their Bitcoin during market pumps. This led many to urge users to withdraw their crypto from the platform immediately.
Sean Clarke, a well-known Bitcoin advocate, posted on social media:
“COINBASE is Fucked. DO NOT USE @coinbase. This is not a good sign. First, they go down as it pumps, then they prevent you from taking self custody of your Bitcoin. GET YOUR BITCOIN OFF THE EXCHANGE RIGHT NOW.”
Clarke’s post captured the sentiment of many frustrated users who believe Coinbase has systematically failed to provide a seamless user experience during key market moments.
Other users backed Clarke’s claims, reporting that Coinbase repeatedly went down during Bitcoin’s price surges, preventing customers from accessing their accounts or transferring their assets. One Twitter user even suggested that Coinbase lacks the Bitcoin reserves it claims to hold, forcing the platform to shut down whenever prices rise.
The issue has prompted heated debates about the importance of self-custody in the crypto space, with some pointing out that having full control over private keys is essential to truly own digital assets.
Despite the backlash, Coinbase has responded by reaffirming its commitment to user security, stating that account restrictions often occur when its system detects potential scams or fraud.
However, many in the crypto community remain unconvinced, citing frequent downtimes and transaction failures as evidence of deeper issues.
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