Friction With XRP Coinbase Users Heats Up Due To ‘Permanently Lost Destination Tags’, Aka Missing Funds


Coinbase Refuses To Retrieve XRP Funds To Users That Send Funds With The Wrong Tag

XRP has recently been added to Coinbase, one of the most popular digital asset platforms in the market. Users can now purchase the third largest digital asset directly from Coinbase. This was very positive for those XRP enthusiasts that were waiting for this for a very long time. However, there is a problem that XRP users are currently experiencing that might end up losing their coins.

Coinbase Refuses XRP Retrievals

There are a few virtual currencies that work with destination tags. These are bits of data that exchanges use to make sure that the funds go straight to the right user. That means that it is important for those sending this digital asset to the Coinbase platform to use the correct destination tag.

However, it is very easy to make a mistake and write a wrong tag. Thus, if the user sent the funds with a wrong tag, Coinbase might have issues finding the digital assets and where they ended up. According to Coinbase, the funds that are sent mistakenly with a different tag are permanently lost.

Coinbase Support wrote to a Twitter user that requested his funds back:

“If you used an incorrect Destination Tag with your XRP transaction, then Coinbase will not be able to recover your cryptocurrency as it is permanently lost. If you attempted to send funds to Coinbase without a Destination Tag, those funds will not be received by Coinbase.”

The platform then suggests the users contact the wallet owner or support team to get help.

This has clearly affected several users. The XRP community started to ask Coinbase to help users that were experiencing difficulties with their tags. Witse Wind, a recognized XRP developer, requested Coinbase to fix this issue.

According to Decrypt, users only need to prove that they own the address where the money was sent from making another payment from the same address. There are other exchanges that use this process to help users out solve this problem. Kraken, Wirex and Bitrue are currently helping users manually to receive their funds if they use the wrong tag.

Coinbase has been in the news during the last few weeks due to the fact that it has acquired a controversial company that had employees providing solutions to dictatorial governments to surveil their citizens. Because of this reason, Twitter users started to promote the #DeleteCoinbase hashtag.

https://bitcoinexchangeguide.com/todays-top-coin-market-price-prediction-bitcoin-btc-ethereum-eth-ripple-xrp-and-litecoin-ltc/

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