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“This is affecting thousands of users, and we all feel left in the dark,” Kleinman said. A Coinbase customer since around 2016, Kleinman said he tried to call the support line, but waited nearly three hours before giving up. He said he needs access to the nearly $4,800 he invested in GYEN. According to Chainalysis, transfer activity to Coinbase accelerated beginning Nov. 18 and peaked the following day at $122 million. On the flip side, transfer activity from Coinbase peaked on Nov. 20, the firm reports, with the volume transferred from Coinbase on that day representing 84% of total transfers.
Coinbase pointed out that GYEN’s parity break actually occurred on November 17 when it had reached a value of 7.48 yen, while on the day of the incident it had already collapsed to less than 1 yen. On 21 November, almost all of these accounts were rehabilitated to trading again, and on 13 December, trading of GYEN and POWR on Coinbase resumed again. Again, the value of GYEN crypto continued to decline.
Coinbase shares plummeted 26.40% after disappointing first-quarter earnings on Wednesday, and have tumbled more than 43% for the week. As you might have already heard, the cryptocurrency market is quite volatile. This is why it is so hard to keep track of what has happened over the past few months. As a result, some of the projects that were once on the top may no longer be worth anything at all.
This is because in the meantime those amounts have either been converted into Bitcoin or have been transferred to an external wallet. Kassfy bought 13 million tokens at a cost of about $118,000, which dropped 40% in value. Coinbase has been sued by customers who allege the crypto exchange misled them about the gyen stablecoin’s stability. Unfortunately, for GYEN crypto, things got worse when the price began to plummet, as Coinbase Pro disabled trading, deposits and withdrawals for GYEN.
It is llegal to move a decimal point and reduce the amount of coins someone owns . Please let me know when this lawsuit is because there are many of us who have been effected by this. It makes me question trading on coinbase at all and their legitimacy. If this can happen with these coins what’s to stop coin base doing it to others. – Coinbase lists ‘stable’coin GYEN, which immediately proves it’s clearly not pegged to anything. – Allows trading to continue, collecting exorbitant fees on trades for ‘stable’coin that’s clearly, massively inflated.
Again, JMHO. Standby, this could get interesting. “I bought some, felt good, read the description on it 30 mins later, googled Yen to USD, traded it quick with a tad profit. This is going to end ugly for some” User 4 wrote. Help.coinbase.com needs to review the security of your connection before proceeding. Lucas Bauer, an Army captain and physician’s assistant, said his investment was small – only about $400 – but what happened infuriated him. “Once realized they had made a mistake, they locked everyone else to protect themselves,” Peacock said.
Despite that statement, several Coinbase customers reached by CNBC on Tuesday evening said their holdings on the exchange were still frozen. The Coinbase cryptocurrency exchange app pictured on the screen of an iPhone on February 12, 2018. Digitalcoin is a bit more positive with the website expecting Gyen to climb to .013 cents in 2021 and roughly 4 cents in 2028. Adding GYEN to MetaMask allows you to view your token holdings, trade on decentralized exchanges, and more.
This is not right, it’s not a bank they can ask us for the shares back but we own them. The whole basis of crypto currency not to be controlledlike a bank. Coinbase messed up and not paying their mistakes.
If there is a lawsuit against Coinbase I would like to be included. Everyone counts when it comes to this thievery. On November 22, 2021 Multiple Coinbase users reported that GYEN cryptocurrency have disappeared from their account. Following this, Coinbase issued a statement citing Technical issues.
Kenneth Donovan and Hussien Kassfy filed the potential class-action lawsuit Thursday, accusing the largest US crypto exchange of misleading customers about the stability of the gyen. Coinbase is facing a lawsuit that alleges customers suffered millions of dollars in losses over the crypto exchange’s role in trading and promoting the gyen stablecoin. I try to convert which I still got the email but they denied me. U need to catch it when it’s high and sell.my account was frozen until this morning.
Therefore, each and every coin’s value including the GYEN crypto is always at risk of falling. On November 16, Coinbase Pro launched GYEN crypto on its platform. Following the launch, the GYEN crypto skyrocketed by 347% to $0.0313 in just 2 days. But as time went by, the value of GYEN crypto began to drop. On November 19, the coin price dropped by 298% to $0.0105.
“In doing so, Coinbase saved themselves and threw customers like myself under the bus.” “They held my money ransom for two weeks. I could have invested in other coins and had potential gains,” Fleming said. “They need to give some solid, concrete answers, and they need to refund every single person who invested in this and lost money.” Overall, it looks like investors might want to stay away from Gyen for the time being. While the Coinbase listing could see the crypto eventually gain momentum, there’s no denying that it’s a risky investment right now.
Huett said he bought about $75,000 worth of GYEN on Nov. 18 and 19, but at one point his balance showed 100 times more than he purchased. A screenshot of his account shows a current GYEN balance of about $67,000, which he said he can’t trade or transfer. And it shows that stablecoins – which are marketed as being pegged to outside assets to avoid the huge price volatility in other crypto currencies – are not always as stable as their name implies. Remedy the erroneous transactions, particularly with those who had received 100 times the amount purchased.
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These funds need to be returned to your clients. Twitter users also say that some of them were given free GYEN, in a ratio of 20 to one of what they owned. I owned just $400 worth of GYEN, but it suddenly was worth $8800, after someone sent me around 1 million GYEN. “My loss was solely caused by Coinbase locking all the users out while they fixed their 100 times glitch,” he said.
How does the price performance of GYEN compare against its peers?
I traded all my 1,600 and put on gyen as I seen the pump. I don’t even want the gyen now, I just want my money back! I’m not giving gyen or Coinbase a free 1300 for their mistake. And I bet money Coinbase is going to say sorry.
The price problem with GYEN
The latest news about Bitcoin, ICO, trading, blockchain and fintech. Phishing attack that saw hackers emptying the accounts of some users, which Coinbase compensated. “We have seen customers speculate on social media that this incident was somehow related to this break in parity. We have also seen customers speculate that this break in parity was somehow caused by Coinbase. These allegations are false and reflect a misunderstanding about what GYEN is and how Coinbase works”.
Those who were given less funds than they purchased received the equivalent in Bitcoin of the highest exchange rate on the day of the incident. The amount owed was determined by quantifying it in US dollars at the lowest exchange price of GYEN and POWR at the time of the incident, in order to ensure that users would not be overcharged. Apparently, the bull run of GYEN crypto didn’t last any longer. The price has dropped considerably over the past week. The cryptocurrency market is known to be very volatile.
But maybe it is our mistake, we thought Coinbase was a legit company. Those who had already moved their balances out of Coinbase and had not left enough money to take back what they had mistakenly paid in were contacted and cooperated with Coinbase. Soon after Coinbase started trading the gyen in November, the ethereum-based token lost its peg. Its price jumped to several times higher than the Japanese currency, before plummeting in value.