Coinbase yesterday evening announced it was suspending ETH staking reward payouts. The crypto exchange has been having some issues with ETH staking recently and the exchange expects to resolve the issue within 48 to 72 hours.
In a statement issued on the exchange’s website on May 16, Coinbase announced that it was temporarily pausing issuing Ethereum (ETH) staking reward payouts. The exchange is currently investigating the issue following the temporary halt.
There was an issue on Coinbase with ETH rewards Last week. ETH rewards became stuck because of the lack of support for ETH addresses from external validators in its systems. The hiccup made the crypto community frustrated with a majority venting their anger on social media platforms. Besides issues with ETH staking rewards, a significant number of withdrawals were also stuck in the withdrawal queue.
While the recent Ethereum Shapella upgrade had a number of positive implications for ETH holders, the ability to withdraw staked ETH seems to be putting pressure on most ETH-staking platforms. Coinbase has recently received over 53,400 ETH deposits with a significant portion of these deposits coming from Coinbase’s cbETH deposit address. The address witnessed a withdrawal of 44,000 ETH, which was transferred to the Coinbase 10 wallet address, according to CryptoQuant data.