Well, the response that was given on the reddit thread didn't actually solve the issue. It seemed more like an automated response than anything else.
But yeah, I'm also curious as to why this guy would entrust an exchange to a 7 figure sum. For me at least, that is absurd. I wouldn't even store $10k with most trustworthy exchange out there, because there is a possibility of so many things going wrong (whether account getting frozen, them asking for more identification/source of funds, etc.). It's just not worth the risk.
My personal attitude towards exchanges is that don't store anything over $1k on them. Because once you deposit, the money isn't yours anymore. It's an IOU owed to you by the exchange, while they have complete control over your funds. Especially coinbase, which has terrible support.
Topic: GDAX (coinbase) Froze 7-figure amount without explanation (Read 135 times)
I'd be pure OTC and if I did want to trade I'd be spread all over the place.
Who says he didn't use several exchanges to distribute his trading balance? I'm not at all shocked about people trading these amounts per exchange, especially so when you consider that even these amounts could be pocket change for wealthy individuals. Coinbase as a group is one of the most regulated exchanges that we have in this industry. People shouldn't be surprised when these things happen in a time where the exchange itself and the authorities are exploring what the best ways are to deal with these cases.
The reason they are so quick to respond on social media is because they don't want to ruin their reputation to new users. I would give them a break though, they have had to deal with many regulations this past year. They also have been overwhelmed with all the new customer sign ups as well. I believe coinbase is more of a positive than e negative for the crypto world.
What I find doubly incomprehensible about this is that the user has been frozen before and it took an age to get it sorted. Despite that he came back and still had seven figures on there? Is he off his tits?
If I had that sort of money I wouldn't be going anywhere near exchanges. I'd be pure OTC and if I did want to trade I'd be spread all over the place.
If I had that sort of money I wouldn't be going anywhere near exchanges. I'd be pure OTC and if I did want to trade I'd be spread all over the place.
Interesting fact, exchanges are quite quick to reply on Reddit thread rather than answering issue on tickets 
http://altcoin.media/2018/06/26/gdax-coinbase-froze-7-figure-amount-without-explanation/
We do really come into these situations when we are really in a rush when we do face up problems and posting in all sorts when they arent answering on their own site tickets or just simply on their support. http://altcoin.media/2018/06/26/gdax-coinbase-froze-7-figure-amount-without-explanation/
So now, we are already aware that they are fast on responding when complaints are being post up on social medias and other famous forums.
They dont like for thousands of users to know on their current user experience.
Well, Coinbase is horrible when it's time to get support and famous for this, so why do you want it to be different on GDAX
Nowadays you often get faster support on social media than on the website itself. And this for a lot of domains like e-commerce, ISP/Phone, banks, etc.
The guy must have the level of stress of "super sayan"
Nowadays you often get faster support on social media than on the website itself. And this for a lot of domains like e-commerce, ISP/Phone, banks, etc.
The guy must have the level of stress of "super sayan"
Interesting fact, exchanges are quite quick to reply on Reddit thread rather than answering issue on tickets
http://altcoin.media/2018/06/26/gdax-coinbase-froze-7-figure-amount-without-explanation/
http://altcoin.media/2018/06/26/gdax-coinbase-froze-7-figure-amount-without-explanation/
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