Uphold Faces Backlash from Cypress Demanincor for Delaying Access to XRP Funds, Sparking Debate on Centralization and Transparency
Cypress Demanincor, the CEO of CYPRX Superior Trading, has recently ignited a discourse within the X community regarding Uphold’s transaction review process. Following a transfer of 7,639 XRP to the Uphold platform, Demanincor was dismayed to discover that his funds were placed under review, resulting in a delay in accessing his assets. This delay has prompted criticism of Uphold’s centralized control, which Demanincor believes undermines the fundamental principles of XRP and decentralization.
The Review Process Implemented by Uphold Comes Under Scrutiny
Demanincor expressed his frustration over Uphold’s control over his funds, emphasizing that the transfer of XRP itself was instantaneous, taking a mere three seconds to reach its intended destination. However, the subsequent review conducted by Uphold prevented him from accessing his assets, leaving him questioning the necessity of such a review process. Demanincor argues that this level of centralization contradicts the core values of cryptocurrencies like XRP, which are specifically designed to provide speed and transparency.
Reactions from the Crypto Community
The issue quickly gained traction within the crypto community, with one user suggesting that frequent large transactions may trigger reviews as part of stricter compliance measures implemented by exchanges. Demanincor vehemently responded to this suggestion, emphasizing that the primary concern lies in the control exerted over his XRP by a centralized entity. Other community members echoed this sentiment, describing Uphold’s hold and cooling periods as questionable practices.
Another commenter advised against using Uphold due to its high fees and perceived lack of security, suggesting that the problem lies with Uphold’s practices rather than with XRP itself. This sentiment highlights a growing sense of distrust within the community towards centralized exchanges and their operational transparency.
Uphold Responds to the Recent Claims
This controversy arises following Uphold’s recent clarification addressing misleading claims about XRP. The exchange felt compelled to address rumors suggesting that its CEO, Simon McLoughlin, had predicted that XRP would reach $10,000. Uphold categorically denied these claims, emphasizing that McLoughlin had never made such a forecast.
McLoughlin also emphasized Uphold’s role within Ripple’s ODL network, highlighting the use of XRP for significant cross-border transactions. Despite these assurances, the community remains skeptical about Uphold’s operational transparency and its alignment with the principles of decentralization.
Disclaimer: This content is provided for informational purposes only and should not be considered as financial advice. The views expressed in this article may reflect the author’s personal opinions and do not necessarily represent the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.
