PROHASHING
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Coinbase has impacted PROHASHING's business yet again

Written by: Sarah Manter

Comments (22)

PROHASHING is experiencing issues with Coinbase with increasing frequency. As I wrote, in my previous post, "Our Recent Issues with Coinbase", the exchange was placing 72 hour holds on many, if not all, PROHASHING payout transactions with no reasoning provided and little to no communication as to when, if ever, the issue would be resolved. The holds did eventually stop, and we hoped that would be the last of our Coinbase issues, but this was unfortunately not the case.

Recently, the 72 hour holds started back up, again, with no explanation from Coinbase as to the cause or whether there would be a resolution soon. Now, the issue has become more severe. Our CEO, Chris Sokolowski, received this email from Coinbase:

Email from Coinbase to Chris stating that PROHASHING's account has been frozen 'for security reasons' with no other explanation and instructing Chris to re-verify the account

As you can see, other than citing "security reasons", no explanation was offered. Chris promptly went in and followed the instructions, which, again, asked him to re-verify the PROHASHING account, a task he had completed once a day for weeks the last time this occurred.

After going through the re-verification process, he received the following notice on PROHASHING's Coinbase account:

Notice from Coinbase stating that our account recovery will potentially not be active until July 29, 2022, 4 days from now.

As of right now, all CoinbasePro markets are currently in error, and direct-to-Coinbase payouts are currently unable to send. Coinbase has locked PROHASHING's Coinbase account. They have said that they will review it by 29 July 2022, at 2pm EDT, but we can't promise when a resolution will occur.  Many payout coins that use CoinbasePro markets are currently in error. The following is not a complete list of affected coins but is a list of all CoinbasePro coins that are affected:
"POLY", "ALGO", "ATOM", "FIL", "ZRX", "ICP", "SOL", "AVAX", "CGLD", "MANA", "CHZ", "ENJ", "LINK", "DAI", "LRC", "IOTX", "XYO", "RAD", "CRV", "SKL", "ASM", "CTSI", "STORJ", "XTZ", "SUSHI", "SUKU", "SNX", "AAVE", "GRT", "WBTC", "YFI", "AXS", "QNT", "REQ", "1INCH", "GALA", "ENS", "POWR", "VGX", "BNT", "ANKR", "PERP", "IMX", "UMA", "NU", "REN", "STX", "AMP", "LPT", "FX", "COTI", "FET", "TRAC", "RNDR", "SPELL", "ALICE", "RLY", "BTRST", "SUPER", "TRIBE", "PLA", "RGT", "APE", "OGN", "MINA", "GMT", "ROSE", "FLOW", "SAND", "OP"

You can check PROHASHING's Status Page for more info on individual coin statuses.

It's going to take some time for us to determine which payouts have been canceled by Coinbase. If you have already experienced a payout being canceled we will try to address it the first week of August.

We will provide additional announcements on the status of this issue.

Sarah Manter Author

Sarah Manter, Director of Communications at PROHASHING, has her MA in Secondary English Teaching and a Certificate in full-stack web development. She is now relishing the opportunity to learn as much as possible about cryptocurrency mining and pass along that knowledge to the cryptocommunity. She can be reached at help@prohashing.com.

Comments (22)

Archived discussion. New comments and replies are closed.

fddanny
Seeing how Coinbase is becoming more and more of a hassle instead of a benefit, I am open to suggestions for an alternative. US based and otherwise. Lost confidence as we keep seeing it spiral, I also called phone support -their support system was down, said send an email. Not reply yet. Would love an exchange that isnt in bankruptcy like Voyager. If this is wrong place to ask, my apologies. Just wathing my mined coins sitting doing nothing and I want them to get to work! Appreciate it FDDAnny
SpaceCase418
The ability to get paid out in a multitude of coins with no fee is one of the main draws of mining through progashing. Is prohashing looking to partner with a new exchange to continue to offer this service? It’s becoming blindingly obvious that Coinbase can no longer hold its market share with the class action suits and sec investigation it is currently undergoing. What strategy is prohashing taking to not sink with the titanic?
Tab2600
So if I change my payout address to a wallet id on the coins to something other than coinbase will the poyouts clear?
smanter82
If the coin isn't in error on our status page, then yes, changing to a non-Coinbase wallet address for those coins will allow the payouts to send.
terenceandmary
Here's what Coinbase told me this morning : Terence, I consulted with our specialist and the reason why you are unable to receive from Prohashing is because currently, Coinbase does not allow receiving asset from mining pools.
terenceandmary
I also asked about the current pending payouts. They said let my look then they closed the chat and deleted the chat history. very professional
Sc0rPs
Well, 29th came & went with no unlocking. Would it be wise to set up additional accounts on other exchanges even if just for back up?
smanter82
If you only have a Coinbase account and none with other exchanges, I would recommend having one with a different exchange, even if it's just a backup, yes.
Sc0rPs
Wasn't talking about me, was talking about Prohashing using Coinbase as their only source for many tokens. Doesn't matter what I have if the coin remains in error on prohashing.
DeafEyeJedi
Any updates to this yet?
smanter82
Multiple deadlines have come and gone, and they're still not unlocking our account or responding with reasons why. They're also telling customers who submit support requests different information than they're telling us and different information than they're telling other customers. We're working now on our next steps.
smyers63
https://coingeek.com/coinbase-class-action-lawsuit-company-accused-of-not-safeguarding-customer-accounts/
smyers63
I stopped using Coinbase months ago because of this. I changed my payout coin here to LTC which has a $2 payout threshold and changed my payout address to an exchange I use which hasn't given me any problems. I'd much rather get paid and have a 1-2% fee than not get paid at all. It was such an easy decision to make. There's no reason to keep using Coinbase or expect it to behave properly ever again - it makes no sense at all. They're known to be crooked and they keep on being crooked. It's hard for me to believe that anyone has been holding out for Coinbase to do anything right again.
Billy_Crypto
Ive had three payments cancelled. In no way losing my mind over because I love this platform and know it will be straightened out. How do we submit info for cancelled payments? Or will you simply work through them and they will show up at some point?
smanter82
Hello Billy_Crypto! I'm so glad love our service. We're happy to have you mining with us. :) For now, you don't need to do anything. We're working to get the account unlocked first, and then we're hoping to be looking into the canceled payout transactions the first week of August. We'll keep you updated as we know more and let you know if we need anything from you.
prohashingran
Same here Billy. Just need coinbase to stop interrupting the process and working system currently in place.
smanter82
Honestly, the most helpful thing customers who've been affected by this can do right now is submit support tickets to Coinbase to show that it's impacting so many more people than just our company right now.
Sms056
Coinbase customer service is atrocious. I was locked out for 6 months in 2021 for no reason, their support is nonexistent. I hope they can sort this out, it shouldn't be complicated, but it unfortunately requires an actual set of human eyeballs looking at it, which does not give me a lot of faith, because it's Coinbase...
smanter82
Yes, we're less than happy with their lack of urgency on these matters. I'm sorry you experienced that. It must have been frustrating. That's part of our issue also is that we tend to get form responses rather than actual people responding to Chris's requests for support.
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