Jump to content

Class Action Lawsuit Against Uphold?


 Share

Recommended Posts

Uphold support contacted me today, ~24 hours after freezing my large XRP deposit:

We need your help processing one of your transactions. Please provide us with the following information so that we can review it as quickly as possible:
Employer Name

Employer Address

Please note that if we don't receive the information within the next 7 days we'll have to restrict your account. We'd really like to avoid this so that we don't inconvenience you.

This, after providing them with full copies of my state drivers license + SSN when opening the account. I under stand KYC rules, etc., but my employer name?  What on earth does that have to do with anything?

Link to comment
Share on other sites

15 hours ago, Neurotoxin said:

Wait, so I can sell on Bitstamp being a US resident? How does this workaround work? Is there a thread with a guide to this? Would be very much appreciated :) 

Yes you can.

The steps:

  • Withdraw XRP from bitstamp to an XRPL address which you have the control (wumm wallet, paper wallet, gatehub)
  • Trade XRP for whatever you like on XRPL. I think in your case you can trade XRP for USD.Bitstamp. To trade you can use different tools. Probably the best easier now is gatehub.
  • Deposit USD IOUs from XRPL to Bitstamp
  • Done.

The biggest problem now is having an UI to trade on XRPL. And some other basic tools to submit transactions correctly.

EDIT: probably the best way is with hardware wallet and xrptoolkit

Edited by tulo
Link to comment
Share on other sites

It looks like I got hit with the same issue with Uphold ( @Upholdinc ?).  I purchased and traded XRP on numerous occasions on Uphold, but with the massive hype pump a few days ago, I saw an opportunity to sell all my XRP and buy back at a significantly lower price. I transferred my 19,000 XRP to Uphold which at the time was worth $12,000, only to have it instantly locked as I watched the value drop to around $7500.  What a blow.  I have enjoyed the features of Uphold so far, but this policy of freezing accounts including previously approved purchases I made with Fiat, seems dubious and shady.  It makes me feel unsafe.   I hope they work this out quickly; this issue has made me nervous and has made me aware of others who have had difficulties and financial loss.  
 

I was just looking to see if there were any existing lawsuits I should know about.  
 

I will definitely update this post when things get worked out.

Edited by TPalmer
Added @ mention.
Link to comment
Share on other sites

On 2/4/2021 at 8:20 AM, TPalmer said:

I will definitely update this post when things get worked out.

Update:  Uphold released the XRP transaction, but simultaneously froze my account as it is "In Review", which means they are ok with the XRP transfer, but are still investigating my account.   In short, I gained nothing, as I can still not move value outside of Uphold either by transfer or to fiat.   I imagine the XRP transfer hold was to allow Uphold to investigate, but the account hold is to allow "The Man" to investigate.   I could be wrong.   Clarification from anyone is welcome.   Thanks!

Link to comment
Share on other sites

  • 2 weeks later...
5 hours ago, MsKat141 said:

Is this why they restricted my account after depositing all my xrp? I wish I had known this? What other exchanges are doing this?

Hard to say without knowing the specifics, but it sounds like that's what could've happened to you. I know that they've mentioned making changes in dealing with KYC/AML/compliance and I think it will end up a more 'up front/when you set up the account' type of process that would result in less unpleasant 'surprises' in the form of forced compliance checks on an 'as you go' basis. Hope you got sorted out :drinks:

Link to comment
Share on other sites

  • 3 weeks later...

Uphold has had my account "restricted," marked as "under review," for a month. I signed up and was able to make purchases prior to sending them my ID and selfie confirmation, and still can make purchases, but I cannot withdraw or move crypto to another personal wallet. A few days after my first ticket to customer service, four weeks ago, they sent an email saying that someone had been assigned my case. I have since opened two new tickets, and received an email stating that it appears that I keep trying to address an issue for an open matter...as if I was unaware of that fact. When I verified my identity for Coinbase, I was cleared immediately, and I'm approved to move $20K+ a day. It's funny that I had been on Coinbase since 2017, and it was only last year that they asked me for a selfish while holding my ID. That said, I am very much for organizing litigation against Uphold.

Link to comment
Share on other sites

  • 2 months later...
Posted (edited)

Although I have not purchased xrp but dogecoin instead it's still from the same shady company-- Uphold. A few weeks ago I bought dogecoin on Uphold no problem but when I sold it and tried to transfer my funds into my bank we suddenly had a problem. It says institution does not exist, or security code invalid, or no available accounts when I know for a fact it exists because that's where they took thr money from to fund my dogecoin purchase. @Rsmods, I'd really like to be part of a class action lawsuit!

Edited by AnneDavis
Link to comment
Share on other sites

Posted (edited)

I want in on this if possible, I waited the 65 days and still cannot access my money. I regret moving it there. I originally moved it from coinbase but when I tried to trade back they say it is unrecognized an the security codes are always invalid, the Same thing happens

when I try to move it to my bank, I just want to close it an take whats left of my money

Edited by ACUTABOVETRACY
Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.