Litecoin, Ethereum Investors Fuming as Trading Disabled on Coinbase

Litecoin, Ethereum Investors Fuming as Trading Disabled on Coinbase

It surely isn’t the meteoric price rally that’s got cryptocurrency investors fuming Tuesday, so what is it?

Traders can’t buy and sell litecoin and ethereum on Coinbase, one of the most popular wallet providers in service. Crypto traders using Twitter have been sounding off about Coinbase after the company disabled buying and selling for litecoin and ethereum sometime in mid-morning Tuesday, Dec. 12.

Investors have vociferously criticized Coinbase Tuesday for “shady” practices, as litecoin and ethereum are up 75% and 25%, respectively, over the past 24 hours. 

I don’t use @coinbase but come on….. You can’t just block people from selling when the price is high like some shady brokerage firm from the 80s. Unacceptable.

— Morpheus (@CryptoRedPill) December 12, 2017

@coinbase@CoinbaseSupport Why are LTC and ETH transactions disabled? Did you not just make upgrades last night to handle more volume? I wish I could jump on this ride.

— Matt (@MattStuartJr) December 12, 2017

@coinbase@CoinbaseSupport Completely unacceptable to keep having your site “conveniently” go offline when things are on the move.. Very unprofessional!

— Matt Price (@vMattPrice) December 12, 2017

Coinbase performed scheduled maintenance overnight, according to the company. By the early morning hours Tuesday, the maintenance was reported as complete.

Maintenance has been successfully completed and all services are operating as normal

– Coinbase (@coinbase) December 12, 2017

A few Twitter users said they were able to do some thin buying and selling, but far more spoke out about the site’s blocks set up Tuesday.

@coinbase It says that “Litecoin and Ethereum buys and sells are temporarily disabled.” Yet some buying and selling continues. Maybe if you are disabling trade disable all trade.

— Shawn Loftin (@SHLoftin) December 12, 2017

Y’all can’t verify my ID, can’t buy LTC or ETH. What are you good for? @coinbase

— Justin (@JCarpio_) December 12, 2017

Coinbase What a joke.

— R-F (@AlZombie1929) December 12, 2017

Several reported the issue is with verifying bank accounts. It’s unclear when trading will resume, as Coinbase had not issued a statement or update as of noon on Tuesday. TheStreet contacted Coinbase for confirmation, but had not yet heard back at the time of publication.

The slowdown comes as litecoin continues a wild rally. The cryptocurrency, which ranks fourth in market cap size among its peers, has surged over 120% since Sunday, Dec. 10.

Litecoin traded to $325.25 midday Tuesday to tally gains of over 7,200% since the start of this year. Ethereum traded to $610.29 Tuesday, up over 7,700% for the year. Both have experienced volatile trading over the past several days.

Amid the impressive rally, litecoin creator Charlie Lee on Monday offered a sobering warning to his followers: litecoin is “extremely risky.”

Ok, sorry to spoil the party, but I need to reign in the excitement a bit…

Buying LTC is extremely risky. I expect us to have a multi-year bear market like the one we just had where LTC dropped 90% in value ($48 to $4). So if you can’t handle LTC dropping to $20, don’t buy! ��

— Charlie Lee [LTC] (@SatoshiLite) December 11, 2017

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