Date Received: 2021-11-28
Issue: Managing, opening, or closing your mobile wallet account
Subissue:
Consumer Complaint: Dear CFPB, If you can further investigate and help me resolve my issue, it would be greatly appreciated. As you can see from the attached correspondence with Coinbase support, they only respond with a generic message rather than making an effort to help you with your specific situation. As you can see, Coinbase support stopped responding and they do not offer live support. Here is the situation that I'm in, 1. I opened a Coinbase account. 2. I transferred {$30000.00} from my bank account to Coinbase account. 3. I purchased {$30000.00} worth of bitcoins on XX/XX/2021. 4. Upon discovering Coinbase XXXX, I transferred all my bitcoins from my Coinbase account to Coinbase XXXX account on XX/XX/2021. 5. After completing the transfer, I decided that there was no need for Coinbase account as I planned to use Coinbase XXXX as my primary account. Therefore on XX/XX/2021, I deleted my Coinbase account not knowing Coinbase and Coinbase XXXX share the same account. 6. I tried to log into Coinbase XXXX and learned that everything was deleted ( including all the bitcoins that I transferred from Coinbase to Coinbase XXXX ). 7. The Coinbase website cites the following, " You'll need to have a XXXX balance before you can close your account. If you still have a remaining balance in any of your wallets, you'll need to send your funds to an external wallet or fellow Coinbase user. '' Although my account had bitcoins, it never prompted me to transfer my bitcoins to an external wallet. Based on the aforementioned statement, my account should NOT have been able to be deleted because it still held bitcoin balance. Thank you in advance for your help.
Company Response:
State: NJ
Zip: 08816
Submitted Via: Web
Date Sent: 2021-11-28
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-11-29
Issue: Fraud or scam
Subissue:
Consumer Complaint: XXXX sold XXXX coin at inflated rate and didn't allow users to sell or convert their assets by freezing their money ( while the coin was crashing ) over XXXX users were involved in the same issue. They kept our money hostage for over a week now without any explanation
Company Response:
State: CA
Zip: 92111
Submitted Via: Web
Date Sent: 2021-12-14
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-11-28
Issue: Other service problem
Subissue:
Consumer Complaint: Coinbase closed my account and They are not responding to my emails. I have over XXXX dollars and I cant access my account. Last time I contaccted them, they did sent a few emails to verify the account however I can not open those emails.Also I asked for someone to call me or aomething but nothing.
Company Response:
State: MA
Zip: 02131
Submitted Via: Web
Date Sent: 2021-12-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-11-27
Issue: Wrong amount charged or received
Subissue:
Consumer Complaint: i have contacted Coinbase 3 times about the situation. There customer service is non existent, not helpful, mostly bots with automated messages that are sent. they launched a stablecoin called GYEN a XXXX yen to USD peg on the XXXX on there platform. i purchased it as i felt the crypto market had become unstable. i initially purchased quite a few coins the moment it was available. the coin was anything but stable as the price had fluctuated quite rapidly all the way to {$.00}. so there is a possibility that coinbase could have purchased the coins at XXXX and sold them at XXXX a XXXX profit in as little as 2 days, perhaps they hadnt sold off all of the purchased shares. the situation is still ongoing as they had locked accounts and locked gyen accounts. they noticed people had purchased at the amount of XXXX where the actual value of the yen is XXXX this let to coinbase shutting doen trading. i purchased more coins as the price had fallen from its XXXX high back to XXXX immediately after it had fallen back down they shut down trading, locked peoples accounts and then began manipulating peoples accounts, which states in the user agreement they will not do as the coins are property of the consumer. i had my account locked for 2 days. i then calculated the total amount of coins in my wallet and noticed that i was XXXX coins short about {$4800.00}. an accounting error. i contacted the company to open a report. what transpired from that was nothing. i contacted again the response was they would look into it. they ended up selling off my remaining shares in other cryptocurrency that i owned, i owned 12-15 other crypto coins they liquidated my portfolio. i felt everything was shady about the whole situation from day one, so i screenshotted every single transaction reciept. i am glad i did that because they later went back and changed every single transaction reciept that i had. this is highly illegal on its own terms. after they had done that i went in and created a tax report that also states the original amount of coins i owned, this is a pdf document from the company that shows every single purchase for the price and amount of coins you own. the pdf shows what i originally purchased. coinbase is illegally going in and changing reciept history as they have either oversold too many coins or are running a scam. when i go to my GYEN wallet it now shows the alterred amount of coins. but i also have screenshots of the original amounts. i have the entire original history with screenshots and timestamps. i also have the modified screenshots with timestamps. so after locking peoples accounts down and readjusting peoples total coins ( stealing property from customers ) they transferred the gyen coins from one wallet to 80 different wallets in equal amounts, as can be seen on XXXX people bought into this coin paying 2-6x what the value of the yen is, then coinbase locked these accounts down stole the coins and readjusted their coin totals to suit coinbase to hide what they did. some people are out XXXX bucks, some are out XXXX dollars with no recourse as the company has not updated anybody of the ongoing situation. i firmly believe coinbase knew what they were doing with this scam as it had happened on XXXX just months earlier and profited heavily off of its userbase, all while claiming they lost money etc. all of the coins can be tracked and traced and where they ended up was back in coinbases wallets where they own 80 percent of the total coins minted from XXXX according to XXXX so the accounting error can also be found in my gyen wallet as the accounting of coins does not add up. as well as total dollar amount
Company Response:
State: ME
Zip: 040XX
Submitted Via: Web
Date Sent: 2021-11-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-11-27
Issue: Fraud or scam
Subissue:
Consumer Complaint: I bought XXXX coin on XX/XX/XXXX for {$21000.00} and they gave me certain amount of shares of this coin when I tried to sell on XX/XX/XXXX they canceled my transaction and locked my account so I couldnt control my account and lost most of my money when I contacted them they said there was an error happened so they stopped trading on this coin till they fix it but after XXXX days they logged to my account and changed the amount of XXXX and the price in the transaction history and got most of them and said this is the right amount I should have so how come this happen when we agreed to buy we should see how many shares we will get and I have the receipt for that and email with the cancellation for the transaction and a screenshot of my buying transaction before they change it if we said there was an error happened so they shouldnt accept me to buy this coin from the beginning and cancel my buying transaction not to lock my account and force me to lose them
Company Response:
State: FL
Zip: 32905
Submitted Via: Web
Date Sent: 2021-11-27
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-11-27
Issue: Fraud or scam
Subissue:
Consumer Complaint: The following information is supported by the .zip file of the XXXX chat along with screenshots. I was the victim of a cryptocurrency scam that happened on XX/XX/XXXX, several days before XXXX XXXX. The scam began on XX/XX/XXXX, when I matched on the XXXX XXXX XXXX. In the early conversations, I felt pressured to talk on XXXX instead of the XXXX site. We began talking on XXXX for a week and I shared that I was going to be out that weekend for a wedding. We talked about meeting up after the wedding. During that time, my match began sharing some photos like selfie photos and cryptocurrency " deals. '' I was curious but not too interested. The match said that she'll teach me about cryptocurrency. We tried using crypt.com to purchase cryptocurrencies but luckily XXXX does not allow cryptocurrency purchases with debit cards. Instead, we went onto the coinbase app to do a wire transfer from XXXX bank to XXXXoinbase which uses the XXXX XXXX Bank. The following is the information to which the wire transfer was sent on XX/XX/XXXX : Account number from which the wire transfer was sent : XXXX Name on the account : Coinbase Inc Date : XX/XX/XXXX Wire Amount : {$5000.00} TRN : XXXX The match and I did some XXXX foreign exchange using a fake company XXXX hosted on an open-source web server on the evening of XX/XX/XXXX. Next, the match showed me how to cash out and asked me to put in more money by suggesting ideas such as pulling loans or whatnot. I was firm with my stance that $ 5k is what I am comfortable with. After this conversation, we wished goodnight and the match went offline. This was when I realized that I was scammed out of $ 5k. I looked at the XXXX website again and realized that the website was fake. At XXXX, XX/XX/XXXX, I immediately froze all my credit scores and sent a secure message to XXXX XXXX recalling the wire transfer because I was scammed and the wire transfer was pending. XXXX tried to recall the money from XXXX XXXX Bank. The wire transaction/reference number : XXXX The following reply from XXXX is as follows XXXX XXXX was opened on XX/XX/XXXX. We received ad fed service message from XXXX XXXX Bank stating " DEBIT AUTHORITY DENIED BY CREDITING PARTY AS FUNDS CAN NOT BE RECOVERED FOR RETURN. ACCOUNT BLOCKED FOR FRAUDULENT ACTIVITY. THIS CASE IS NOW CLOSED. '' As your other option, please consult law enforcement and try to settle the matter directly with the beneficiary. What I don't understand is why I was denied because obviously, I was a victim of a scam/fraud. I have the XXXX chat saved which I forwarded to XXXX, contacted Hinge about this account, reported to the FTC, and sent a scam complaint to the FBI. I want to use CFPB to start a complaint about XXXX XXXX Bank and get clarity if the $ 5k wire transfer can be recovered. I will also send an email to Coinbase Inc as well to see if a resolution can be arrived. This scam was a week-long process that happened on Tuesday, XX/XX/XXXX.
Company Response:
State: CA
Zip: 92646
Submitted Via: Web
Date Sent: 2021-11-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-11-27
Issue: Fraud or scam
Subissue:
Consumer Complaint: Invested {$33000.00} on Coinbase in a cryptocurrency XXXX and Coinbase halted trading soon after my purchase. They claim they have an internal glitch. Now they have frozen thousands of accounts that hold this coin. They have provided no customer support no timeframe to fix the problem and will not allow me to have access to my money. My coins have been frozen along with thousands of other people. They are a multi billion dollar publicly traded company how can they get by with this. XXXX days now with XXXX communication from them. What can I do? Please help me.
Company Response:
State: IL
Zip: 622XX
Submitted Via: Web
Date Sent: 2021-11-27
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-11-26
Issue: Other transaction problem
Subissue:
Consumer Complaint: I bought a small amount of XXXX cryptocurrency on the Coinbase app. The purchase was complete. Several days later, they went into my account and significantly reduced the amount of XXXX coins that I had bought. Now it is worth much less than the initial amount of money that I had paid.
Company Response:
State: CA
Zip: 95062
Submitted Via: Web
Date Sent: 2021-11-26
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-11-26
Issue: Other transaction problem
Subissue:
Consumer Complaint: Hi. I would like to lodge a complaint against Coinbase Global Inc. Coinbase is a Cryptocurrency exchange and is a publicly listed business. I opened an account and started investing with Coinbase since XX/XX/2021. I had invested XXXX XXXX, worth more than {$20000.00} until XX/XX/2021. On that day my account was hacked and all my cryptocurrency amount transacted out of my account through XXXX transactions within a few minutes. While my account was hacked, I claim that Coinbase was the main contributor to this event as the hacking started after I responded to an email from their Customer Service. The email from Customer Service had been sent to me XXXX days prior to the hacking event ( XX/XX/2021 ) in response to a problem in my account that I had raised with them earlier. I trusted that Coinbase Customer Service email was legitimate as it had clear reference to my previous history and my complaint, so there was no reason for me to believe that it was fake. All I know is that once I clicked on the link provided in the Customer Service email my account was accessed and unauthorised transactions started. I was devastated and raised a complaint with Coinbase and received a complete rejection of my compliant and any responsibility for my account theft that was triggered through their own email. I understand that a lot of scams happens to people through scam emails but I believe the way my account was hacked is clearly a fault within the Coinbase customer service system. There is no ability to escalate the matter in Coinbase organisation, no phone response or direct email and I am really hopeful that you could help me getting my money recovered. I have also filed this matter with California Attorney General and Internet Crime Complaint Centre, XXXX. I would be more than happy to provide more information and evidences supporting my claim and looking forward to hearing from you about how I could get my money back from them. Kind Regards
Company Response:
State: CA
Zip: 91364
Submitted Via: Web
Date Sent: 2021-11-26
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-11-26
Issue: Overdraft, savings, or rewards features
Subissue:
Consumer Complaint: I'm wondering if this is a legal practice. The company Coinbase has a debit card that they say they issue rewards for your purchases. This is not entirely true. I have multiple purchases from weeks ago that I have not been issued the rewards. I've contacted Coinbase several times and never get anything other than the standard auto response saying it takes up to 5 days and if it takes longer to contact them, but when you do they send you the same response. Recently they've stopped sending the auto response to me which I'm not happy about. It's obvious they could care less about scamming their customers. Can a company say they will give you rewards for using their product but they don't have to? It's very frustrating. I've reached out on twitter as well since they obviously have zero concern from their so called customer service department ; no response. I have no doubt I'm not the only person experiencing these issues but there's no place im aware of to be able to speak on or address the subject. If they would at the least say they're aware of the issue I'd have some kind of peace of mind but they think ignoring their customers and giving them no guidance or feedback with their auto response system is ethically okay. I have no clue who to turn to. Please help if you can. Thank you for your time and concern.
Company Response:
State: KY
Zip: 410XX
Submitted Via: Web
Date Sent: 2021-11-26
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A