Date Received: 2021-11-17
Issue: Fraud or scam
Subissue:
Consumer Complaint: I have been scammed with a company called XXXX i transferred money from coinbase to it but they did not take no action to help me out i lost XXXX the last time i sent money was XX/XX/2021
Company Response:
State: NJ
Zip: XXXXX
Submitted Via: Web
Date Sent: 2021-11-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-11-17
Issue: Fraud or scam
Subissue:
Consumer Complaint: My Coinbase account was hacked for XXXX BTC = over {$130000.00} in USD value on XX/XX/21 at XXXX XXXX. They have no humans available to help. Their customer service is nonresponsive and there is no way to call and review fraudulent transactions. All of their emails are automated and never get you anywhere. The days following the fraudulent transactions, the Coinbase server appeared to be down and frozen. There was a message that said We're having connection issues. We're looking into it right now. Please quit the app and try again. Your funds are safe. My Coinbase Pro account was locked and I was unable to access either of my accounts since I reported several help tickets telling them about the unauthorized fraudulent transactions. The entire time I thought that the lump sum of my XXXX were stored away safe in a separate " Coinbase Pro '' account. I had only received emails from the regular Coinbase account about the purchase of {$1000.00} worth of XXXX with my bank account attached which being held as a " security precaution '' for XXXX hours. I didn't receive any communications in regards to this much larger amount ( XXXX XXXX = over $ XXXX USD ) being moved or taken out of my otherwise inactive and dormant account. After going back and forth with the Coinbase automated emails to verify my identity I was back in my accounts where I then discovered that my Coinbase Pro account had a {$0.00} balance, which should have well over $ XXXX with XXXX Bitcoin. I reported this and was locked out of my account once again. Every time I try to report what happens they just lock my account. I've had the help tickets closed on me randomly forcing me to restart the process. They have been no help. Ive had to take selfies holding up the date and holding up my ID to upload on their app. Ive had to verify from both the app and get on a laptop to use the web browser to take a live webcam selfie of also a face match with both sides of my ID, which were then rejected for being too blurry after I attempted to retake the image six times to make sure it was as good as I could get it. Ive also had to take a picture of my ID front and back to upload to a third section for verification. They are making me complete all of these steps to verify my identity and even to start a new account. Yet the criminals that accessed my account one night managed to log in from a new unrecognized device and within 5 minutes managed to transfer out all of my assets without a single security precaution or verification step taken. Any other exchange requires a 48 hour hold period after a new device is connected as a security precaution. Coinbase does not care about the security of their customers. I've heard in the XXXX that Coinbase is responsible for losses up to {$250000.00} so it sounds like the XXXX needs to demand these same requirements from them. It doesn't make sense that a hacker can just log into my account from a new device one day and be able to just withdrawal over $ 130,000+ worth a Bitcoin with no questions asked without even an email verification, notification or warning from anyone or anything? Just my entire life savings vanishing instantly, no hoops, no protocols, no selfies, no ID scans, no webcam face matches, no nothing needed. This seems absolutely ridiculous to me. I had to discover on my own from my transaction history that this hacker transferred my money out of my COINBASE PRO account into my COINBASE account and then proceeded to withdraw my funds instantly in the amount of ( XXXX XXXX = $ XXXX USD ) at XXXX PM XXXX on XX/XX/21 as listed above. I did not receive a single email or notification from Coinbase mentioning anything about this entire transaction involving this VERY LARGE AMOUNT being taken from my account. I had no idea that anything other than the attempted purchase and transfer of {$1000.00} worth of XXXX had taken place on my account. I received several emails only pertaining to the {$1000.00} amount and none in reference to the over $ XXXX worth of XXXX XXXX So Coinbase decided to hold {$1000.00} for XXXX hours as a security precaution, yet let OVER $ XXXX get transferred out INSTANTLY without a single alert or notification to verify that this was in fact me. I didn't even receive a notification alerting me that my account was logged into from a new device in order to stop this in action or any means to dispute this particularly large fraudulent transaction. I submitted a complaint to the FBI cyber crimes unit. I feel that Coinbase is responsible for the loss of these funds, but they have not had anyone reach out to me. They just keep freezing my account, having me unfreeze it, and closing my tickets without any help looking into what actually happened. I reported everything that same night telling them that I did not authorize ANY transactions when I received the notifications about the {$1000.00} purchase and transfer. I even received emails saying my " Account Recovery was Successful '' yet my entire XXXX balance of over $ XXXX in USD value today is completely gone. I saw over XXXX cases similar to mine where customers money was stolen on Coinbase. I demanded that they reimburse me, yet they are acting as if cyber security hackers are not their responsibility. Even though they are a multibillion dollar corporation in the cryptocurrency space that just went public. I have no clue what else to do. They have all of the technology in order to resolve this issue as all transfers on the XXXX are publicly visible and able to be tracked. You can see for yourself on the link below, the XXXX address that stole my XXXX has had numerous transactions valued at almost {$500000.00} all of which was most likely stolen from other people just like me through Coinbase. This link is the publicly available XXXX address were stolen funds were transferred to : https : XXXX I had the flow of funds looked by a XXXX XXXX XXXXXXXX through the address above. They stated that the largest portion of the funds go to XXXX designed for 'anonymizing ' or laundering XXXX. Coinbase has the technology and capabilities to trace 'through ' this. There are funds that flow to a variety of different entities as well, including a gambling service, as well as some other services & exchanges -- there are actually some funds that then go BACK INTO COINBASE via an intermediary address, which they found very interesting. Coinbase could seize these funds since they were stolen from one of their customers, but apparently they are choosing to do nothing. There are plenty of leads worth Coinbase pursuing and these types of leads could help law enforcement better identify, and ultimately pursue the hacker. When dormant funds are found, Coinbase could make a move on intercepting funds. They are capable of doing this and choose not to and would rather millions continue to be stolen from their customers with no solutions and nowhere to turn for help. I was under the impression that my account was safe and secure using a large well known corporation like Coinbase, but obviously I was wrong. They need to step up their customer service and provide sufficient staff to handle the large influx of complaints and fraudulent transactions. They are processing billions to trillions of dollars in transactions daily and are cutting corners on customer service just to profit as much money as possible. This is a very clear example of corporate greed. There are millions of dollars are being stolen through their exchange with little to no help since it's cryptocurrency. XXXX is here to stay and just as valuable as any other asset here in XXXX and needs to be protected equally. We have to pay taxes when we withdraw these funds just like stocks, so why are we not protected when something bad happens? How are criminals getting away with stealing millions of dollars with no penalties? Something needs to be done. Coinbase uses false advertisement claiming to be the safest cryptocurrency exchange, yet come to discover they are the most hacked and most vulnerable exchange. They are enabling criminals to hack them by making it so easy for them. They are advertising to new customers constantly that are new to cryptocurrencies and trying to make them feel like they are safe with Coinbase, but when something actually happens they are not there for you. You have nobody to speak with and they have a robot tell you over and over that there is nothing that they can do and that the security of your account is not their responsibility. How is this legal in XXXX yet other countries are not allowing this? Coinbase needs to be held accountable for these losses since they do not have proper security measures in place to protect hackers from stealing funds. They need to revamp their systems and protocols to protect hard working customers using their services. I just lost enough money to pay off my house if I had only cashed out sooner. Now nothing is being done as over $ 130,000+ just walked out of my life forever! All because Coinbase doesn't feel my case is important enough to resolve?! Please help me and the thousands of other Americans going through this same scenario right now with zero help or support from Coinbase or similar app based XXXX exchange sites.
Company Response:
State: KY
Zip: 41042
Submitted Via: Web
Date Sent: 2021-11-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-11-17
Issue: Other transaction problem
Subissue:
Consumer Complaint: On Saturday XX/XX/XXXX my Coinbase account was hacked, I received a strange phone call and ignored it 3 times before answering and when I answered they wanted me to confirm or deny a transaction on Coinbase and then sign in, I received the 2-factor authentication code and was immediately locked out. While locked out of my account my Coinbase portfolio was drained of all my XXXX and {$1400.00} more of XXXX was attempted to be purchased through my bank account. While being locked out I was in constant communication with someone at Coinbase support trying to restore access to my account. It took until last night XX/XX/XXXX, to get full access to my account. Upon gaining access it shows that the transactions for {$1400.00} were denied, because I issued stop payment thru my bank, but Coinbase says i owe them money and need to make a payment! I have lost {$600.00} and had to pay {$76.00} to my bank to stop payment on the {$1400.00} and I simply want my money back so I can close the account and walk away from that company!
Company Response:
State: NC
Zip: 28734
Submitted Via: Web
Date Sent: 2021-11-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-11-17
Issue: Other transaction problem
Subissue:
Consumer Complaint: I had {$1000.00} of Bitcoin stolen out of my coinbase account. I received a text saying my password was changed the morning of Sunday, XX/XX/XXXX. I did not get an email, strangely. When I went to sign in, my password and e-mail no longer worked, and I couldn't reset my password either. I called Coinbase who finally froze my account, but it was too late and my funds were stolen. Coinbase alleged that the hacker had my e-mail, my phone, AND MY XXXX AUTHENTICATOR CODES, which is the highest form of security they offer. However, When logged into my gmail and looked at logged-in accounts. There were no unfamiliar IPs that logged into my account. XXXX looked up my SIM and informed me that I have no been the victim of a sim-swap. And, of course, my XXXX Authenticator is on my phone and was in my pocket. They dismissed my case and told me I had given hackers all of my personal information. This is an impossibility considering the layers of protection.
Company Response:
State: MO
Zip: 64014
Submitted Via: Web
Date Sent: 2021-11-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-11-17
Issue: Managing, opening, or closing your mobile wallet account
Subissue:
Consumer Complaint: i have been trying to verify my id and it will not accept any photo no matter how clear it is.
Company Response:
State: MI
Zip: 48214
Submitted Via: Web
Date Sent: 2021-11-17
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-11-16
Issue: Other service problem
Subissue:
Consumer Complaint: COINBASE. I have been using this app to trade with virtual currency and after using it for several months this message appeared suddenly : " YOUR ACCOUNT IS CURRENTLY BEING REVIEWED AND WE NEED SOME TIME TO VERIFY YOUR INFO. DURING THIS REVIEW, YOU WON'T BE ABLE TO USE COINBASE. REVIEWS GENERALLY TAKE A FEW DAYS, SO SIGN IN EVERY DAY OR TWO TO CHECK YOUR STATUS '' It has been over three months ( not just a few days ) that i havent been able to use my account therefore I can not get my money back because my account is always being reviewed. This company, COINBASE, is reviwing my account after it had already been verified and properly working, so now I do not have access to my money. Do please help me to get my money back because they are my savings. If I can not use the app I should be able to get back my money so please I would very much appreciate your help. It is not the first time they block my account.
Company Response:
State:
Zip: XXXXX
Submitted Via: Web
Date Sent: 2021-11-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-11-16
Issue: Confusing or misleading advertising or marketing
Subissue:
Consumer Complaint: On XX/XX/XXXX, I transferred {$100.00} worth of IOTX crypto ( XXXX tokens ) from XXXX to my Coinbase account. IOTX was trading much higher on Coinbase so I wanted to sell from their platform. I have made plenty of transfers in the past and they normally take 10min to an hour to process. After appx 6 hours and not receiving the transfer I began to XXXX what the issue could be. I found a XXXX page with people expressing their same frustration regarding the exact same situation ; transferring IOTX from XXXX to Coinbase. The consensus was, the money was lost. I first reached out to Crypto who immediately responded saying, Upon checking your account, I can see that your withdrawal request was completed on our end. With that being said, please contact the Coinbase support team for further investigation in a case that you haven't received your IOTX tokens yet. So I then reached out to Coinbase and received this response. It appears this transaction was performed using a network that Coinbase currently does not support. Since we dont support this network, the funds did not arrive in your Coinbase account and we do not have the ability to recover these funds. So although token transfers are permitted, and both sites used the same IOTX code, somehow my tokens ( real money ), were lost into oblivion. Coinbase went on to say they recommend transferring a small amount first to make sure it works. I am honestly not sure how money can just disappear, and not just for me, but for enough people there was even a XXXX thread about it.
Company Response:
State: TX
Zip: 78634
Submitted Via: Web
Date Sent: 2021-11-16
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-11-16
Issue: Problem adding money
Subissue:
Consumer Complaint: My name is XXXX XXXX I've been using coinbase for quite some time never had a problem until Sunday XX/XX/XXXX I made an attempt to purchase a XXXX XXXX XXXX in order to use this XXXX to purchase another XXXX on my coinbase wallet after several attempts the money never tranfered to my portfolio on coinbase under etherium at first I thought there system was down and if I gave them a while things would set it self straight I waited until the next day still no etherium posted to my portfolio I called the bank and several transactions were sent to coinbase that never show up so the bank reimbursed me and I had to go to the local XXXX branch to to do a security transformation were they gave me a new routing number and account number ok now that was done I'm still not able to buy any XXXX on coinbase or tranfer money from my coinbase wallet which I have thousands of dollars connected with both coinbase and coinbase wallet tried many different ways to connect with coinbase only to be told things are in review I'm getting the run around need help
Company Response:
State: NY
Zip: 11207
Submitted Via: Web
Date Sent: 2021-11-16
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-11-16
Issue: Problem with a purchase shown on your statement
Subissue: Card was charged for something you did not purchase with the card
Consumer Complaint: Thank you for investigating my claim. Briefly, on XX/XX/XXXX my Coinbase account was hacked for XXXX separate transactions totaling {$250.00}. The individuals who withdrew this money immediately spent this money on fraudulent transactions and began to make further attempts to withdraw money and initiate more fraudulent transactions. Luckily, I was able to lock my account from further withdrawals. I called Coinbase immediately after the first transaction notification and spoke to XXXX, who assured me that the unauthorized withdrawal would be reversed immediately within XXXX hours. After it was not reversed, I called the next morning on XXXX and spoke to XXXX, who denied that the transactions would be reversed immediately and stated that an investigation would take up to 30 days. On XXXX I called again in the morning and spoke to XXXX, who then stated that the timeframe was XXXX days but I could expect an email with more details from the supervisor/investigation team. I have never received any communication from Coinbase. I made another good faith effort on XX/XX/XXXX and spoke to XXXX, who repeated that I would have to wait 90 days. I have tried in good faith to resolve this issue with Coinbase to reverse the unauthorized charges, but I have lost trust in their dispute resolution. I feel that they are stringing me along and have no intention to correct their unauthorized debit.
Company Response:
State: DC
Zip: 20007
Submitted Via: Web
Date Sent: 2021-11-16
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-11-15
Issue: Managing, opening, or closing your mobile wallet account
Subissue:
Consumer Complaint: I have had my account frozen in Coinbase for well over a year. I have tried to contact Coinbase well over a hundred times, literally! Unfortunately, they refuse to help me resolve the issue. The oldest email to date is from XX/XX/XXXX. I have about {$500.00} stuck in my account which may not seem like much to some. I couldve used this money to invest in other coins/ stocks and it could have been worth much more than {$500.00}. Also, for me that is a lot of money as I am a college student that works very hard for each dollar I earn, not to mention I have a substantial amount of debt. Any help is very much appreciated!
Company Response:
State: CA
Zip: 920XX
Submitted Via: Web
Date Sent: 2021-11-15
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A