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Coinbase users lose Wormhole LUNA, UST after sending it to the exchange

3 d ago3 min readOther
Coinbase users lose Wormhole LUNA, UST after sending it to the exchange

During the recent death spiral of UST and LUNA, many tried to send their tokens to their Coinbase wallets, and they ended up losing them altogether.

The problem emerged from the main Terra bridge’s tendency to transfer wormhole LUNA and UST automatically. As Coinbase does not support wormhole LUNA and UST, users’ tokens disappeared.

It was quickly discovered that many had the same problem when the predicament was posted on social media.

Anyone else out there try to send UST (wormhole) to your $UST account on coinbase recently?If so, please contact me so we can organize and work with the necessary parties to find a way to resolve [email protected] @CoinbaseSupport @wormholecrypto— Radiofriendly123 (@radiofriendly12) May 10, 2022

Coinbase refuses to help

The problem first went public on May 10. Since then, Coinbase didn’t make a statement regarding the subject.

Most posts on both Reddit and Twitter mention that Coinbase refuses to add wormhole LUNA and UST or refund its users. A Reddit post states:

“Coinbase is telling me that they will not do anything about this and the funds are locked while also claiming that if they happen to list Wormhole LUNA/UST one day, the funds will automatically show up…They are obviously able to remediate the situation, but are choosing not to on their own accord. They also are unwilling to escalate this further.”

The first Reddit post on the subject mentions that Binance can recover lost funds in return for a small fee in a similar situation.

It will be enough to solve the problem if Coinbase adds wormhole LUNA and UST to access the ERC-20 wallets. A full-scale update, including the trading of wormhole assets, is not needed.

So far, individual experiences seem hopeless, and Coinbase’s CEO Brian Armstrong avoids the problem.

Can you return the $UST erc-20 (wormhole) that was received but not credited to my account. Was told it won’t cause it’s wormhole but when deposit it’s doesn’t say anything about not taking $ust just ethereum type which wormhole is— Haile Selassie I (@FlyHigh407) May 11, 2022

Community is mobilizing

In an effort to raise attention, affected users are mobilizing under a Twitter account named Radiofriendly123. The account tags all Coinbase accounts, asking them to fix the problem every day. For now, it has not received a response.

Day 1 asking coinbase to support UST (wormhole)@brian_armstrong @wormholecrypto @coinbase @CoinbaseSupportI know I'm not the only one that was unaware/unfamiliar with the changes made to $UST— Radiofriendly123 (@radiofriendly12) May 10, 2022

Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.

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