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Ripple-linked Uphold faces withdrawal delays amid ‘bank run’ claims

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Ripple-linked Uphold faces withdrawal delays amid ‘bank run’ claims

Crypto exchange Uphold delayed many withdrawal requests this month, spooking customers and inciting social media criticism against the Ripple–linked company. 

Uphold’s status page shows withdrawal problems beginning around November 4 and mostly resolving today. Not everyone is convinced that the problem is over, however.

The company blamed a “service disruption at our third-party transaction monitoring partner,” declining to name that partner. Uphold said the issue was also affecting “Topper and other companies across the industry.”

Protos has reached out to Uphold for comment about whether all withdrawals are processing normally but didn’t receive a reply prior to publication.

Third-party monitors currently show Uphold withdrawals as current and normal, and the Uphold website itself discloses no current outages.

One day into the service interruption, on November 5, Uphold said about 80% of crypto deposits and withdrawals were processing.

On that day, a separate crypto exchange in Japan, Coincheck, suspended crypto transfers and blamed an external outage.

By November 9, Uphold cited “an uptick on transactions needing review,” yet reiterated, “Your funds remain safe.” Customers have been complaining on the outage tracker StatusGator about withdrawal delays as recently as yesterday, November 9. 

Those claims about withdrawal delays range from a few hours to up to four days.

Within the last 20 hours, Uphold admitted that certain withdrawals were still delayed.

I’m seeing a lot of people upset with @UpholdInc because they’re having trouble accessing or withdrawing their money. Some of these people have bills to pay and financial obligations they can’t put on hold.


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