Mass exodus from Coinbase spawns Bitcoin withdrawal delays

Source: Inside Bitcoins

“Coinbase users are moving their funds to wallets and exchanges where they will be credited for Bitcoin Cash (BCC ) tokens, causing delays in Bitcoin withdrawals from the exchange. Coinbase, the world’s largest (and often highest-rated) Bitcoin exchange, has made it clear that they will not honor the new Bitcoin Cash (BCC) token created by the Bitcoin blockchain split set to occur on August 1. … The result has been somewhat predictable: Users looking to scoop up ‘free BCC tokens’ are now leaving Coinbase en masse and Bitcoin’s service has become degraded as a result. Coinbase’s status page now indicates that outgoing BTC transactions may be delayed by up to 12+ hours as they process their backlog.” [editor’s note: To be clear, what Coinbase is saying is that it’s going to steal its users’ BCC when that new coin is created by the coming hard fork. Just another of many reasons to never, ever, ever trust Coinbase with your stuff. As for the delays, Darryl W. Perry of Free Talk Live reported a delay of 30, not 12, hours – TLK] (07/30/17)