Coinbase Accused of Unauthorized Staking of Customer Assets

Cryptocurrency exchange Coinbase has been accused of staking customer cryptocurrencies without authorization.

On the 20th (local time), BeInCrypto reported, "There are allegations that Coinbase is staking Solana (SOL) without user consent," stating, "This is because Solana transactions are delayed on Coinbase." They further mentioned, "The transaction delay may have occurred during the Solana unstaking process," and "some users are demanding immediate Proof of Reserves."

According to BeInCrypto, some Coinbase users experienced delays of over 9 hours during Solana transfers. Furthermore, there were cases where transactions were canceled or held for more than 14 hours.

Crypto angel investor CryptoCurve stated, "There is a very high possibility that Coinbase was staking SOL without customer consent," and demanded an immediate Proof of Reserves audit. Proof of Reserves is an act of verifying that a cryptocurrency exchange holds sufficient assets to cover customer deposits.

Additionally, the media added, "Large Solana transactions moving from anonymous wallets to Coinbase are spreading the allegations." According to Whale Alert, a total of 1,074,984 SOL was transferred to Coinbase in four transactions today.

Meanwhile, Coinbase explained the allegations as "delays due to technical issues."