SoFi says a technical issue at its crypto vendor is delaying customer deposits and withdrawals. The company says funds are secure, but it has not named the vendor or given a restoration deadline.
SoFi said a technical issue with its crypto vendor is delaying deposits and withdrawals, leaving customer crypto transfers to and from external wallets and exchanges pending.
The company's verified @SoFi account acknowledged the problem at 2:21 p.m. ET on Nov. 4, stating "Your funds are secure" while deposits and withdrawals face delays or stay pending. Then the verified @SoFiSupport account repeated the warning at 8:59 a.m. ET on Nov. 5, saying no customer action was needed.
Incoming transfers await review
At 11:50 a.m. ET on Nov. 5, SoFi specified that the issue affected transfers to and from other wallets and exchanges. Incoming crypto transfers have arrived and are pending review, and outgoing transfers will be processed once reviewed. Customers would see those transfers marked as pending in Recent activity.
However, the public acknowledgments span more than 21 hours. The replies did not identify the vendor, specify when the disruption began or provide a restoration deadline.
SOFIE status remains unclear
The notices do not say whether customers can still redeem SoFi Earn (SOFIE) for dollars or convert it into SoFiUSD. SoFi launched SOFIE on Oct. 22 as a tokenized bank deposit accessed through its crypto interface.
According to the bank's launch announcement, each SOFIE represents $1 deposited at SoFi Bank and can be converted 1:1 into the separate SoFiUSD stablecoin. Under the account agreement terms, SOFIE cannot be sent directly to an external wallet.
Source: The Defiant
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