Paxos renamed its token into Pax Dollar, and Coinbase customers complain about account hacking threat
Paxos renamed its token into Pax DollarTech company Paxos has announced its decision to rename its own stablecoin. Now, instead of Paxos Standard (PAX), the token will be called Pax Dollar (USDP). As noted in the company’s blog, the company’s head of strategy Walter Hessert, this is done to make the stablecoin “easier to identify as a token backed by the US dollar.”
“As use cases for stablecoins rapidly expand, the demand for a regulated USD token has grown significantly. Companies and consumers globally are entering crypto markets and need a safe, dollar-based solution. As USDP, everyone will be able to instantly recognize our token as a dollar-backed stablecoin,” wrote the top manager of the company.
Paxos has asked ecosystem partners to reflect the new token name ahead of the Pax Dollar smart contract update. It is scheduled for August 31st.
Media: Coinbase customers complain of account hacking threats and poor serviceThe American business channel CNBC conducted an investigation into the operation of the Coinbase cryptocurrency exchange. The journalists found out that more than 10 thousand users of the platform complained about the company due to possible account hacks and poor work of the support service.
In the CNBC material, there are references to conversations with numerous clients of the crypto exchange. Users claimed that their accounts were ravaged by cybercriminals. At the same time, the customer service ignored requests or provided formal replies.
“Interviews with Coinbase customers across the country and reviewing thousands of complaints have revealed a pattern in account hacking. Users claim that money has suddenly disappeared from accounts on the exchange. The poor performance of Coinbase customer support makes the situation worse – users feel abandoned and angry,” the report says.
Over the past few years, Coinbase customers have filed over 11,000 complaints against the company with the FTC and the US Consumer Financial Protection Bureau, according to CNBC. A significant part of them concerns the complexities associated with customer service.
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