I’ve been digging into the GWEN/POWR Coinbase scenario. It appears a glitch brought on Coinbase to challenge/promote thousands and thousands (probably Billions) of cash they do not even have. They froze each holder’s account, and now are desperately making an attempt to repair each transaction. It seems they’re deep within the gap.

Admitted crypto skeptic and /r/Buttcoin -er right here. I've been monitoring the difficulty with Coinbase GYEN/POWR scenario you most likely caught wind of, and I figured folks right here might admire some goal information with out calling it FUD.

What occurred?

On 11/15 & 11/16, Coinbase issued 2 new coin buying and selling pairs, GYEN/USD and POWR/USD.

What is GYEN? GYEN was speculated to be a "regulated" stablecoin , pegged to the Japanese Yen. As a stablecoin, the worth ought to by no means actually gone above $0.0087 (the conversion price from a Yen to USD)

But as quickly as they listed the coin, folks began actively buying and selling it (due to course folks would attempt to pump a stablecoin). For no matter motive the "stablecoin"'s stability perform didn’t work appropriately, inflicting the worth to right away skyrocket. Of course, this brought on extra folks to swarm in and purchase up GYEN, capturing it up 10x, earlier than instantly crashing.

Then the larger screw up. At some level, evidently a technical glitch brought on COINBASE to place a 100x-1000x multiplier on the entire quantity of GYEN in lots of customers wallets. np.reddit.com/r/CoinBase/comments/qzkffi/comment/hlnaw7i/ . This person reported he paid $50, and was given 50 Million GYEN, relatively than the 5000 he shouldve had. Many different customers in /r/GYEN and Twitter are reporting related scenario.

On 11/19, Coinbase mysteriously locked out all person accounts who held any POWR or GYEN. They additionally manually cancelled each pending order. Since then, the person accounts have remained locked, and Coinbase has given no actual replace… apart from tweeting "To Th3 Moon" on the principle Twitter account, and "There was a technical glitch, we're working on it" on Coinbase PRO Twitter.

What seems to be occurring now’s Coinbase goes via making an attempt to manually appropriate each account to regulate the 100x error. Thing is, it appears some customers could have offered or moved their cash earlier than the error was fastened.

At this level (presumably) hundreds of customers are nonetheless locked out of buying and selling and tremendous pissed off, and Coinbase isn't giving actually any data. If the above state of affairs panned out, Coinbase could possibly be on the hook for tens (or tons of) of thousands and thousands of over-alloted cash.

My guess is they are going to quietly repair it, eat any losses, and customers might be SOOL on the dip

As perhaps some proof of the dimensions, in case you take a look at the CMC quantity chart for GYEN, it reveals only a few million $ in commerce quantity on these days. But in case you take a look at the Tradingview chart for Coinbase GYEN/USD pair, it reveals Billions in GYEN commerce quantity (Tens of thousands and thousands of $USD)

Interestingly, person /u/swag-er warned and predicted this precise scenario would occur a day earlier than, as just about the very same factor occurred on Binance 6 months in the past after they listed GYEN. np.reddit.com/r/CryptoCurrency/comments/qvpvvy/gyen_is_a_stablecoin_dont_get_finessed/

Unfortunately, the highest posts of this sub had been crammed with crap about memecoins mooning and El Salvador doing sketchy stuff with Bitfinex, so his publish wasn't seen by many.

As far as POWR, I do not know on that one. I'm assuming they had been additionally affected by the x100 bonus coin glitch or it was frozen as a precaution.

Tl;dr – Coinbase screwed up massive time. Now they're deep within the gap and desperately making an attempt to dig themselves out.

Anyway, thats your buttcoin information of the day.

**EDIT** Update: Seems they're lastly letting folks withdraw their cash, however nonetheless no buying and selling allowed. https://status.pro.coinbase.com/

submitted by /u/DontMicrowaveCats
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