Coinbase Pro Fails To Impress, Draws Severe Criticism From Frustrated Users

  • Cryptocurrency exchange Coinbase's new PRO Version has been called "garbage" by its users, while some users are questioning whether the company's developers have quit their jobs.
  • Coinbase Pro, an institutional grade digital asset trading platform, appears to have serious issues as its hogging up large amounts of users' CPU resources. One user has recommended a "Coinbase Pro boycott."

Cryptocurrency exchange Coinbase shut down GDAX, its digital asset exchange for institutional investors and professional traders, on June 29th. The San Francisco based exchange also recently launched Coinbase Pro, a rebranded version of GDAX. Coinbase Pro’s new user interface has been promoted as an upgrade, however, many users are not happy with the company’s new product.

Moreover, Coinbase has received a lot of criticism due to bad customer service, and now the company has reportedly attempted to address these issues by setting up a new office in Portland, Oregon. According to an official blog post by Coinbase, it is planning to hire people for "customer support, finance, compliance, IT, and HR” positions for its Portland office. The exchange also recently launched a new office in Japan in order to “accelerate the global adoption of cryptocurrency.”

While it appears that Coinbase is trying to expand its operations to cater to the rising interest in cryptocurrencies, the company has been heavily criticized for mismanaging user funds, and now more recently for seemingly serious issues with its new Coinbase Pro product.

David Farmer, General Manager of Coinbase Pro, noted that the exchange’s developers have created a new interface for the rebranded digital asset trading platform, which has reportedly been built by using the older GDAX trading engine as its base. Farmer added that GDAX’s API would remain operational until December 31st, 2018, and requested users to gradually migrate their API usage over to Coinbase Pro.

"Not a Step for the Better"

Although a new and improved product offering would seem like the right move for the exchange, the company has been receiving numerous complaints regarding Coinbase Pro. Many users have voiced their concerns on social media channels, with one Twitter user Nuno Dias saying that the new trading platform is “not a step for the better.” The user, who’s an Apple developer, even asked if Coinbase’s developers had quit their jobs.

Meanwhile, Twitter user tvitzer tvitzerovich stated that Coinbase Pro’s GUI is “bloated” and that their system “is slowing down” by using it. In fact, as soon as the user switched to Pro, their CPU utilization increased dramatically to over 25%.

FBI Arrests Russian Rapper for Crypto Laundering After Flaunting Wealth on Instagram

  • The FBI arrested Russian rapper Maxim Boyko on charges related to cryptocurrency laundering.
  • Authorities say Boyko, who has ties to now-defunct exchange BTC-e, was flaunting "substantial" sums of money on social media.

The Federal Burea of Investigation (FBI) has arrested a Russian rapper in the United States on charges of cryptocurrency laundering. 

According to a report by The Moscow Times, authorities arrested Maxim Boyko, 29, in a Miami condo on Friday. Boyko first came to the US with his wife and January and told customs agents his earnings came from bitcoin investments and rental properties in Russa. Boyko also operated several social media pages promoting himself as a rap artist under the alias Plinoffiical. 

The report claims Boyko’s Instagram page showed him flashing large sums of money, giving authorities a tip-off. 

In a request for an arrest warrant on Mar. 27, an FBI agent wrote, 

[Boyko’s] Instagram social media and Apple iCloud accounts include photographs of him with substantial sums of U.S. and foreign currencies dating back as far as 2015.

Authorities were able to trace the Russian rapper’s iCloud account to now-defunct crypto exchange BTC-e. According to the report, Boyko’s account had received almost $388,000 and withdrawn 136 bitcoin until the exchange was seized by authorities in mid-2017. 

The FBI alleges that Boyko is linked to an organized crime group by the name QQAAZZ which has facilitated the theft of “tens of millions of dollars.”

Boyko faces up to 10 years in prison if convicted. 

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