Coinbase temporarily pauses ETH staking reward payouts

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  • Coinbase announced yesterday evening that it is suspending ETH staking rewards payouts.
  • The crypto exchange has recently had some issues with ETH staking.
  • The exchange, however, hopes to resolve the issue within 48 to 72 hours.

one in statement Released on the website of the Exchange on May 16. coinbase announced that it was temporarily pausing the issuance Ethereum (ETH) Staking Rewards Payout.

The exchange is currently investigating the issue following a temporary halt.

ETH Reward Stuck

There was a problem last week with ETH Rewards on Coinbase. ETH rewards got stuck due to lack of support for ETH addresses from external validators in its system.

The hiccup left the crypto community frustrated with the majority venting their anger on social media platforms.

In addition to issues with ETH staking rewards, a significant number of withdrawals were also stuck in the withdrawal queue.

While the recent Ethereum Shepela upgrade had many positive effects for ETH holders, the ability to withdraw staked ETH is putting pressure on most ETH-staking platforms.

Coinbase recently received over 53,400 ETH deposits, with a significant portion of these deposits coming from Coinbase’s CBET deposit addresses. According to CryptoQuant data, the address saw a withdrawal of 44,000 ETH, which was transferred to Coinbase 10 wallet addresses.

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