Anyone else keeping an eye on Uphold? Not saying it's over(for now), but the last few months are a bit too much.

I want to start by saying that I'm not trying to cause panic. There's no clear evidence they're insolvent(for now) and they keep saying funds are safe. But I went back trough the timeline and it looks different when you put it all in one place.

April: NY's Attorney General got $5M+ out of them over CredEarn. The AG's settlement says users lost over $34M when Cred collapsed. Uphold admitted some of the findings but disputes how it's described in its own blog post, saying Cred deceived them too.

July: EU deposits paused while they finish MiCAR licensing, per Uphold's support page. Withdrawals there are supposedly still fine. Same month, CoinDesk reported 17% layoffs(around 85 people) which Uphold frames as a shift to enterprise.

End of October: they're leaving Brasil with a Nov 30 deadline for customers to withdraw.

And here's where it gets more interesting - Now 4: withdrawal problems start, according to Uphold's own status bage. Uphold's X account blamed 3rd party transaction monitoring partner and didn't name it. On Nov 5th they said about 80% of deposits and withdrawals were processing. On Nov 9th they cited an uptick in transactions needing review and said funds remain safe. People on StatusGator reported delays from a few hours up to four or more days. Then Uphold's CPO posted on X that the majority of the transactions are cleared and he doesn't expect the massive delays anymore(trust me bro).

Every one of there has a boring explanation. Licensing takes time, layoffs happen in a downturn, vendors go down. And third-party monitors like servicealert currently show withdrawals as normal, which is not the reality. The biggest red flag for me is the lack of communication. A week in and we still don't have the vendors name or any number on how many transactions are stuck. Majority could mean all.

Chainalysis had an outage the same day, but Uphold are clear thats a coincidence and not proof its the vendor(trust me again bro). Same with the "bank run" posts surfacing around X - denied by Uphold, but easy to find under their own posts and separately by just typing uphold/delays/withdrawal.