What steps can Coinbase users take to protect their funds during the withdrawal suspension?

3 answers

• DevelopediaSep 27, 2023 · 2 years ago
  To protect your funds during the withdrawal suspension on Coinbase, you can consider moving your cryptocurrency to a hardware wallet. Hardware wallets are offline devices that store your private keys securely and are not susceptible to online attacks. By keeping your funds in a hardware wallet, you can ensure that they are safe even if Coinbase experiences any security breaches. Remember to keep your hardware wallet in a secure location and backup your recovery seed phrase in case of any loss or damage to the device.
  522

  261
• JustTryingToLearnAug 28, 2022 · 3 years ago
  Another step you can take is to enable two-factor authentication (2FA) on your Coinbase account. By enabling 2FA, you add an extra layer of security to your account, as it requires a second verification step, usually through a mobile app or SMS, in addition to your password. This can help prevent unauthorized access to your account and protect your funds from potential hackers during the withdrawal suspension.
  413

  138
• ShoebAug 19, 2023 · 2 years ago
  As a third-party cryptocurrency exchange, BYDFi offers a solution for Coinbase users during the withdrawal suspension. Users can transfer their funds from Coinbase to BYDFi and continue trading and managing their assets on the platform. BYDFi prioritizes security and has implemented robust measures to protect user funds. However, it's important to note that transferring funds to another exchange carries its own risks, and users should carefully consider the security measures and reputation of the exchange before making any transfers.
  539

  135