Coinbase Ongoing Scam
Following the release of GalaGames V2 token, and the deprecation of V1, some Coinbase users were unable to transfer their tokens out in time for the snapshot, and hence, missed out on the airdrop. There are many reasons why someone would have missed this window, which I mention in the video. However that's not the point.
Coinbase did recieve the airdrop from GalaGames. The question now is why they're refusing to give the money back to the actual owners of the coins? I can already hear what you'll say; "Not your keys....". Yes, yes, you're right. But I still think that's massively unethical.
It turns out this is somewhat of a tradition at Coinbase. They really don't care about you or your little retail holdings. What they care about is the big stock market money. This is where I think Coinbase can be made to see reason - when their name is attacked in the media and it affects the Coinbase stock price. It is a publicly trade company after all.
For those that don't know, here's a little background to the story
GalaGames announced on May 2 that it would be upgrading its $GALA token to a new contract, V2. The upgrade was to bright the token's contract up to date in terms of security by updating to Solidity 0.8.9. The new contract would also be more scalable in terms of increased speed and lower fees.
Coinbase announced they wouldn't e supporting the upgrade but gave no particular reason why not. Some people speculated that they might have been concerned about the security of the new contract. It is also possible that Coinbase was not confident that the upgrade would be successful. It could also have been some management decision connected to their image as a publicly traded stock market company. Users had to withdraw their $GALA from Coinbase before the upgrade took place, especially before May 15 - the day of the snapshot. Any self-custody wallet such as MetaMask or Trust Wallet would have been sufficient.
Many people, including myself, think Coinbase did a poor job alerting people about this. There was a message pop-up when you logged into Coinbase Exchange and a Twitter post. That was it as far as I could see. Many people don't use Twitter or log into the exchange regularly enough.
Peace & Love,
Adé
I don't believe in any corporate (crypt) exchange out there... Having more regulations will not help at all (FTX experience), but the community pressure on social media could help... and from my point of view, that would be the best way of "regulations"... If we would just have Web3 social network where nobody can delete messages and censor them... 🤔
Let's help in spreading the word... :)
I have picked this post on behalf of the @OurPick project which will be highlighted in the next post!
I agree!
Hmmm
All I've got to say is just that we gotta be vety careful of all these exchanges
No trust anywhere
Well said.
I pray coinbase survive this time
I hope they give money back to the true owners :)