Coinbase Freezes Verge (XVG) Founder’s Account

Justin Sunerok, lead developer at privacy-focused cryptocurrency Verge (XVG), has found his funds frozen at cryptocurrency exchange Coinbase.

In a post on Reddit (since removed, but archived) Sunerok wrote that Coinbase had prevented him from withdrawing funds since September 2017, despite his repeated attempts to escalate the issue.

Sunerok says that he has a feeling “I am not the only one who has been unable to withdraw their funds” and that he is “honestly concerned they [Coinbase] are insolvent” or else “completely negligent”.

As “taxes are due here in the states in less than 3 weeks” his need for the funds is becoming more pressing. He suggests that anyone in a similar position should join with him in raising a lawsuit against the exchange.

Though intended as a way of mobilising Redditors to band together around the issue, his post attracted little sympathy.

Emotions are currently running high in the Verge community due to the postponement of what had been described asthe largest cryptocurrency collaboration to hit the market”.

Verge had approached its community for donations to secure a partnership with a “global organization with a vast network of high traffic sites”; the global organization in question would not be revealed until after the funding goal was met.

However, despite achieving the funding, the partner’s identity has been kept under wraps and will apparently not be unveiled until the middle of April. This has to led to anger in the community and concern that the promised “largest cryptocurrency collaboration to hit the market” may have very little behind it.

Many in the community speculated that Sunerok’s account freezing had little to do with Coinbase’s negligence, and was instead due to an investigation on Sunerok himself. Sunerok is known to have had legal issues in the past, and some commenters have suggested that they are coming back to haunt him. Others postulated that the long-promised partnership was between Verge… and the IRS.

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