Coinbase to Temporarily Suspend Stargate Finance V1 Transactions
It is reported that Coinbase Assets disclosed on social media that Coinbase will suspend the transaction of Stargate Finance V1 (STG) at about 12:00 a.m. EDT o…
It is reported that Coinbase Assets disclosed on social media that Coinbase will suspend the transaction of Stargate Finance V1 (STG) at about 12:00 a.m. EDT on March 14, 2023. At present, it only supports the sending and receiving functions of Stargate Finance V1 on the Ethernet network. The contract address is 0xaf5191b0de278c7286d6c7cc6ab6bb8a73ba2cd6.
Coinbase: Stargate Finance V1 (STG) transaction will be suspended on March 14, EST
Analysis based on this information:
Coinbase, one of the largest cryptocurrency exchanges in the world, has announced that it will suspend transactions involving Stargate Finance V1 (STG) on March 14, 2023. This temporary suspension is expected to start at around 12:00 a.m. Eastern Daylight Time (EDT) and will affect all trades, purchases, and sales of STG on the Coinbase platform. It is important to note that, at present, Coinbase only supports the sending and receiving functions of STG on the Ethernet network through the contract address 0xaf5191b0de278c7286d6c7cc6ab6bb8a73ba2cd6.
While Coinbase has not explicitly stated the reason for this temporary suspension, it is likely due to concerns surrounding the safety and security of STG trades. Cryptocurrency exchanges must constantly review and evaluate the safety and quality of the virtual assets they support, and Coinbase’s suspension indicates that they have identified a potential issue with the STG network. Such a move is consistent with Coinbase’s commitment to providing its customers with only the safest and most reliable digital assets for trading.
Unfortunately, this suspension will affect all Coinbase users who currently hold STG and the suspension is set to last for an indeterminate amount of time. The only action that Coinbase users can take at this time is to move their STG off the Coinbase platform before the suspension takes effect. Hence, any STG that remains on the Coinbase exchange after the specified time will be frozen until the suspension is lifted.
In summary, Coinbase has announced that it will temporarily suspend transactions involving Stargate Finance V1 on March 14, 2023. This suspension affects all trades, purchases, and sales of STG on the Coinbase platform. While no reason has been given for this suspension, it is likely due to concerns surrounding the safety and security of STG trades on the Coinbase exchange. Coinbase users with STG holdings are advised to move their STG off the exchange before the suspension takes effect.
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