- Coinbase announced yesterday evening that it will suspend reward payments for ETH staking.
- Cryptocurrency exchanges have recently had some issues with ETH staking.
- However, we expect the exchange to resolve the issue within 48-72 hours.
and statement Issued on the exchange’s website on May 16, Coinbase announced that it will temporarily stop issuing Ethereum (ETH) staking reward payments.
The exchange is currently investigating the issue following the suspension.
ETH rewards stuck
Coinbase had an issue with ETH rewards last week. ETH rewards stalled as his ETH address from an external validator in the system was not supported.
The issue has left the cryptocurrency community frustrated with the majority venting their anger on social media platforms.
In addition to the ETH staking rewards issue, quite a few withdrawals were also stuck in the withdrawal queue.
The recent Ethereum Chapela upgrade has had many positive effects for ETH holders, but the ability to withdraw staked ETH seems to be putting pressure on most ETH staking platforms.
Coinbase recently received over 53,400 ETH deposits, with the majority of these deposits coming from Coinbase’s cbETH deposit addresses. According to CryptoQuant data, 44,000 ETH was confirmed withdrawn from this address and transferred to a Coinbase 10 wallet address.