The crypto exchange Coinbase
$1.87B
has shared that it is making real progress in fixing one of its long-standing problems, the unnecessary account freezes.
According to CEO Brian Armstrong, Coinbase has managed to reduce these incidents by 82%, with more changes planned in the coming months.
Armstrong shared in a June 7 post on X that the issue had been around for too long and needed serious attention. He said improvements were already underway and encouraged users still facing problems to contact Coinbase Support directly.
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Coinbase credits much of the recent progress to Dor Levi, a product team member who joined in April. He was brought in to focus on fixing the freezing problem. Levi said the team had made strong progress by improving Coinbase’s internal systems. That included changes to the way the platform uses machine learning to detect risky behavior.
He explained that by making the models more accurate, the system is better at deciding when a restriction is truly needed. This means fewer accounts are being frozen by mistake.
However, both Armstrong and Levi pointed out that Coinbase will still block accounts when required by law, including court orders and sanctions.
This update follows a recent incident in which the personal data of over 70,000 users was exposed in a security breach.
Coinbase learned in January that user information had been compromised by one of its support contractors but did not disclose the incident until May. How did it happen? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
