Coinbase Reported Error Preventing Cold Storage Access SOL

US-based exchange Coinbase has reported an issue affecting access to SOL.

In addition, managing partner Haseeb Qureshi of Dragonfly Capital said that custodians cannot move SOL into cold storage. The problem lies with the same “long-term nonce” bug that caused a severe 4-hour outage on June 1.

Currently, Solana is under increasing pressure after a series of losses of life. The June 1 incident is the 4th incident since the beginning of 2022.

Coinbase’s announcement updating the situation to users said that on-chain custodial transactions through Prime Vault and Custody were temporarily disabled, including functions including creating new wallets, withdrawing funds, and staking. However, deposits to existing wallets are not affected.

The company said the issue also affects other SOL custodial entities, not just Coinbase. And they are waiting for the Solana developers to re-enable the feature.

“We’re hard at work updating our systems as soon as the Solana network makes this feature available again.”

According to Solana, a long-term nonce is a network-specific function used in relation to the block hash of a transaction to transfer the rights of a nonce account to a new entity. This function forms the basis for the arrangement of account ownership. Quereshi noted that this feature has been disabled.

Some commentators on social media see this as proof that the project has problems.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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