Coinbase Chaos: Solana Withdrawals Freeze as Users Demand Answers

Coinbase is once again under fire—this time, for holding users’ Solana (SOL) hostage.

Across X (formerly Twitter), angry customers are demanding answers after hours-long delays trying to withdraw their SOL tokens. And in a market still haunted by FTX’s collapse, the rumors are flying.

Panic Spreads: “Is Coinbase Insolvent?”

Crypto YouTuber Wendy O kicked things off, asking her 412,000 followers:

“What’s the drama with Coinbase and Solana?”

Investor Curb didn’t hold back either, tagging CEO Brian Armstrong directly:

“After dealing with insolvency last cycle, we demand answers. Why is it taking 9+ hours to send/receive SOL when it takes less than a second on-chain?”

Others straight-up accused Coinbase of running out of Solana, with users posting screenshots of transactions stuck in limbo for nearly a day.

“Literally never using your platform again. Moving to Gemini,” one user wrote after claiming they were down $1,000 while waiting.

No Coincidence?

Adding fuel to the fire, Coinbase just listed the TRUMP meme coin as a Solana SPL token—on the same day as the meltdown. The timing left users wondering: is Coinbase overwhelmed, underprepared, or both?

Venture capitalist Will Clemente offered a different theory:

“They probably haven’t prioritized Solana’s infrastructure… especially since Coinbase is pushing its own chain, Base.”

Coinbase hasn’t issued a formal explanation yet, but this isn’t its first rodeo with technical hiccups during market spikes.

Solana’s network, to be fair, also has a history of outages—but this time, users aren’t buying the excuses.

SOL Price Nosedives

The drama coincides with a sharp 13% drop in SOL’s price, falling from $272 to $234 in less than a day. That’s a 20% decline from its $293 all-time high just two days earlier.

Meme coins didn’t escape the bloodbath either.

• TRUMP is down 20%
  
• MELANIA crashed nearly 50%
  
• Others like Fartcoin, Dogwifhat, Mog Coin, and Freysa AI are also deep in the red.
  

The Bottom Line

Between delayed withdrawals, crashing prices, and fuming users, Coinbase is in hot water—again. And in a market as fast-paced (and emotional) as crypto, nine hours might as well be nine years.