Earlier this week and last month, faucets all over the internet have had their COINBASE accounts seized. The insane thing is that coinbase seems to be keeping all the revenue for themselves when they seize such accounts.
This might be the beginning of a concerning trend that had emerged across the internet as faucets, which are platforms that distribute small amounts of cryptocurrencies to users, experiencing their Coinbase accounts being completely taken away from them without warning or a reason!
Coinbase, is one of the leading cryptocurrency exchanges, and is also a crucial platform for many users who use it to store, stake, and play around with their RIGHTFULLY earned digital assets.
The alarming aspect is that when these accounts are seized, Coinbase appears to be retaining all the revenue generated through these faucets for themselves. Which is exactly what paypal had done in the past, and what they continue to do in the present day to random business they feel are receiving 'too much money'.
This practice raises ethical and legal questions regarding the rights of the people over at coinbase... The core principle of cryptocurrencies is decentralization, empowering users to have control over their funds without intermediaries' intervention. The unholy and unrightful seizure of faucet accounts and the withholding of revenues (with no way to get it back) goes against the whole idea of coinbase. It's going to just slowly transform into another paypal service.
The reasons behind these account seizures by Coinbase still remains unclear, due to how they haven't provided anhywhere near sufficient explanations to the hundreds of affected faucets, vendors, and traders... This is just snake-like behavior from the people over at coinbase. You'll even begin to start seeing closures posted publicly on PUBLISH0X which should serve to convince you of just how bad this is getting.
In response the affected faucet websites are seeking more transparency and accountability from Coinbase by urging the company to reconsider its stance and return the seized revenues to the faucets as it does also likely hold user revenues and account holdings. Additionally, this situation has fueled debates about the need for an alternative, decentralized platform to host faucets, and vendoring crypto ecommerce stores ensuring the users' control and protection of their assets since crypto shall not be under the control of the government or coinbase.
That's all for today.
