Coinbase Pauses ETH Staking Reward Withdrawals for Up to Three Days

Coinbase, the largest cryptocurrency exchange in the United States, has temporarily halted the payout of ETH staking rewards. The company said that the suspension is due to a “minor technical issue” and that it expects to resolve the issue within 48-72 hours.

ETH staking is a process of locking up ETH tokens in order to participate in the Ethereum network’s proof-of-stake consensus mechanism. Stakers are rewarded with ETH tokens for their participation in the network.

Coinbase launched its ETH staking service in November 2020. The service allows users to stake ETH tokens and earn rewards without having to manage their own validator node.

The temporary suspension of ETH staking reward payouts is a setback for Coinbase and its users. However, the company has said that it is working to resolve the issue as quickly as possible.

Here are some additional details about the issue:

• Coinbase said that the issue is a “minor technical issue” and that it does not affect the security of user funds.
• Coinbase said that it expects to resolve the issue within 48-72 hours.
• Coinbase said that it will provide updates on the issue as they become available.

Here are some of the implications of the issue:

• The issue could lead to some users losing out on ETH staking rewards.
• The issue could damage Coinbase’s reputation.
• The issue could lead to other exchanges suspending their ETH staking services.