©Reuters
SAN FRANCISCO – Cryptocurrency platform Uphold experienced technical difficulties that caused delays in cryptocurrency withdrawals, including for digital currency. Uphold first acknowledged these issues on Monday, and the company quickly informed its users via X (formerly Twitter) of the ongoing issues.
Withdrawal delays appear to be part of a broader pattern of transactional congestion. Today, reports emerged of a Coinbase (NASDAQ:) user facing a seven-hour wait, at the time of disclosure, for an Ethereum transfer, highlighting customer frustration with transaction delays extended on the different platforms.
Although Uphold has not specified the exact cause of the current withdrawal delays, the company’s previous service outages have been attributed to an increase in demand following favorable legal rulings regarding XRP. It is speculated that the current issues could be related to the registration process for the Evernode airdrop, which involves over two billion qualified XRP tokens. Waiting for this event could contribute to higher than usual traffic and subsequent stress on the system.
Cryptocurrency exchanges like Uphold and Coinbase are no strangers to the challenges posed by sudden spikes in activity. Users of these platforms are often reminded of the volatile nature of digital asset markets, not only in terms of price, but also operational performance during periods of high demand.
This article was generated and translated with the help of AI and reviewed by an editor. For more information, see our T&Cs.