Coinbase has recently announced that the exchange is temporarily pausing the ETH staking reward payout. The announcement was made by the exchange on May 16, and the team is now currently investigating the issue.
Coinbase updated the status, sharing that the root cause of the temporary pause is a technical issue that they are trying to resolve. The exchange assured the safety of the staked ETH and rewards, saying that there will be a resolution in the next 48–72 hours.
Coinbase experiences a significant influx of ETH deposits
Coinbase has recently received a notable amount of ETH, with over 53,400 ETH being deposited. A significant portion of these deposits originated from Coinbase’s cbETH deposit address. On Monday, the cbETH deposit address 0xc7…a019 experienced a substantial withdrawal of 44,000 ETH, which was transferred to the Coinbase 10 wallet address, according to CryptoQuant data.
Is ETH staking facing recurring issues at Coinbase?
Last week, there was an issue on Coinbase where ETH rewards became stuck due to the lack of support for ETH addresses from external validators in its systems.
This situation prompted the crypto community to express their frustration through various social media channels. As a result, a significant number of withdrawals were stuck in the withdrawal queue.
The recent Shapella upgrade also had a number of positive implications for ETH holders. With the ability to withdraw staked ETH, ETH holders now have more flexibility in how they manage their assets. Additionally, the increased scalability and security of the Ethereum network make it more attractive to developers and users, which could lead to increased adoption of ETH.
When the Shapella upgrade went live on April 12, 2023, the community experienced a mass sell-off. However, quite the opposite happened as Ethereum breached the $2,100 price post-upgrade, indicating a positive run for ETH.