Date Received: 2021-10-11
Issue: Other service problem
Subissue:
Consumer Complaint: Coinbase will not close my account and delete my login info. I have followed all the procedures that they have told me to follow and my account remains active. I am still able to login. My personal info remains on their site.
Company Response:
State: IA
Zip: 500XX
Submitted Via: Web
Date Sent: 2021-10-12
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-10-10
Issue: Managing, opening, or closing your mobile wallet account
Subissue:
Consumer Complaint: Hello I am experiencing problems using Coinbase Wallet. I have been in contact with their customer support but over several weeks now but so far they have not been able to help me. On XX/XX/2021, I created a Coinbase Wallet, linked it to my Coinbase profile, and wrote down my unique word combination ( password ). A few weeks later, on XX/XX/XXXX, I sent XXXX coins from my Coinbase account to my Coinbase wallet ( I got below message as an email from coinbase at the time ). Congratulations! You have successfully sent XXXX XXXX to XXXX. You can view transaction details in your Coinbaseaccount. To facilitate this transaction, you paid XXXX XXXX ( {$1.00} USD ) in network fees. Now, a few weeks ago I tried to log into my coinbase wallet using the same unique word combination that I wrote down in XXXX when I opened the wallet. However when tried to log in, it seemed like this created a completely new coinbase wallet account. I checked on XXXX, all my XXXX are still in the wallet ( XXXX ), but when I now go to active wallet in my Coinbase Wallet App, none of the " active '' wallets are the one that received my XXXX back in XXXX. Cleary my word combination is correct, but I wonder where the wallet is that received my coins? What happened to the wallet that I linked to my Coinbase account on XX/XX/XXXX? They should be able to see that the coinbase wallet XXXX is linked to my Coinbase account, correct. As mentioned, I have reached out to their customer support multiple times already, but so far the replies weren't very helpful. I am using the XXXX app ( XXXX ), but don't think this is a software bug but something more serious. Thanks XXXX
Company Response:
State:
Zip: XXXXX
Submitted Via: Web
Date Sent: 2021-10-10
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-10-10
Issue: Confusing or missing disclosures
Subissue:
Consumer Complaint: This complaint is in addition to another related complaint I have filed against Coinbase for discriminatory practices ( CFPB XX/XX/XXXXXXXX ). My husband and I invested in XRP on Coinbase 's main trading platform on XX/XX/XXXX and XXXX, 2021, and we were not notified at that time of Coinbase 's impending plans to suspend trading on XRP as a cryptocurrency, which took place on XX/XX/2021. While we understand that SEC has levied violations against XXXX XXXX XXXX XXXX that need to be honored, Coinbases decision to suspend trading on XRP was a decision they themselves had made, and one that demanded proper communication to their consumers. Instead, Coinbase decided to prevent trading of XRP on XX/XX/XXXX for customers on their paid subscription tier, Coinbase Pro, but failed to notify clients on their main trading platform ( where trading fees are higher ) of their plans to limit trading until nearly four weeks later. Due to Coinbase 's failure to notify their main platform customers, my husband and I would have had to pay both buy and sell fees to Coinbase to recover our investment. Coinbases freeze on trading for XRP has now been in place for almost nine months, and we have received no communication from Coinbase as to when this restriction will be lifted ( if ever ). As a result of Coinbases cherry-picking of which laws, regulations, and investigations they comply with and their intentional failure to disclose their plans to limit trading of XRP to their main platform customers in order to maximize their profits through fees, etc., my husband and I have been unable to sell our holdings in XRP for over nine months now. The only recourse Coinbase has suggested is to trade our holdings in XRP to another trading platform that permits trading of XRP an option that represents undue burden to us and potentially requires us to pay even more fees.
Company Response:
State: VA
Zip: 22314
Submitted Via: Web
Date Sent: 2021-10-10
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-10-12
Issue: Other transaction problem
Subissue:
Consumer Complaint: On the XXXX I received a notice from coinbase saying my bank had reversed a transaction and that I needed to pay them. All ability to send or receive crypto was halted. I confirmed with my bank that no such transaction occurred, I also provided the bank statement to Coinbase. There is no such transaction in my coinbase account, the only mention is the banner across the top of my accounts page and emails stating such from coinbase support. I attempted multiple times to prove that no such transaction occurred with bank statement, image of most recent transactions and a request of proof from Coinbase. These facts do not support their claim, 1. no such transaction in my statement 2.no such transaction in my coinbase account XXXX. I mentioned that indeed on their end when I tried to make a purchase of a XXXX dollars it failed due to their side saying my bank XXXX canceled the transaction due to insufficient funds. I then attempted a lesser amount after confirming on the XXXX that I had sufficient funds. 4. I was charged {$29.00} dollars by Coinbase for returns which were reversed when the bank sided with me on the fact there wasn't a reversal due to insufficient funds 5. I was able that same day to successfully conduct a transaction in the amount of {$780.00} on my ledger wallet account 6. After showing all this today I received an email stating they were having their account department look into it. With all this provided and an email from Coinbase making me aware, an investigation was finally being conducted, they went ahead and liquidated my assets later today. My complaint is they have provided no proof of the transaction, their very account does not show this and they violated policy for handling debt, by liquidating my assets while an investigation is being conducted.
Company Response:
State: CO
Zip: 80831
Submitted Via: Web
Date Sent: 2021-10-12
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-10-11
Issue: Fraud or scam
Subissue:
Consumer Complaint: On XX/XX/2021 I attempted to fund my coinbase account with my XXXX brokerage account. By XX/XX/2021 I was informed that the {$1000.00} was backed out. At this point I attempted to correct the deficit by funding with my bank account then my debit card of which both were frozen. I reached out to the customer support and they responded with a variation of pay your debt or we will have to pay it by liquidating other assets in your account. Now that my account is still frozen I am unable to fund the account and they still plan to charge me for their service charge. I believe in this situation if their company knew that accepting XXXX from XXXX was not a viable provider then they should take a service charge. They did roughly {$20.00}. It is a small sum, but amplified over how many transactions they convert daily applied to even a minimal error and you can imagine the compound effect could be absolutely massive. I want refund and I want them to correct this for future clients of theirs if they continue to conduct business.
Company Response:
State: MI
Zip: 49686
Submitted Via: Web
Date Sent: 2021-10-11
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-10-11
Issue: Fraud or scam
Subissue:
Consumer Complaint: Someone hacked into my account and sold shares of my crypto on XX/XX/XXXX. I didn't get a notification from Coinbase that a transaction was made ; the only notification I received was that there was suspicious activity on my account ; specifically, there was an attempted ETH trading. So I received a text from Coinbase that if its not me I should let Coinbase know so they " delay '' the transaction. I did so right away and told them I havent done any kind of transaction on my account. Despite letting Coinbase know that the transaction attempt was not made by me, and that my account was " /disabled, the transaction was nevertheless not delayed ; it was completed although you knew it was fraud. On XX/XX/XXXX, I received an email from Coinbase acknowledging that my account was indeed hacked and accessed through an IP address. But, you explicitly assured me in the email that " your funds is still in your account since no external sends and withdrawals were made from the said IP address. '' Now we know that Coinbase 's assurance of account security was false. Once I recovered my account by providing private information and changing my password, I noticed that my account balance went from around {$27000.00} to {$1800.00}. So, clearly, you could understand why I'm completely suspicious of Coinbase 's actions here if my account was purportedly restricted as of XX/XX/XXXX, as you explicitly assured me. If my account was truly restricted and any external sends were " delayed '' and " disabled, '' then obviously the hacker should not have been able to access my account through XX/XX/XXXX and completely liquidate my entire account balance. I am filling a complaint with the SEC regarding the events that have unfolded and the false security and suspicious activity on Coinbase 's end. I have proof of all the emails and texts you have sent me regarding the assurance regarding my account security. To make the matter worse coinbase took my XXXX $ remaining balance in my account to cover for unpaid funds for the cryptocurrency the hacker bought from my account and when I mentioned to them that it was the hacker not me, they acknowledged it but they still took my remaining balance. my
Company Response:
State: CA
Zip: 90035
Submitted Via: Web
Date Sent: 2021-10-11
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-10-11
Issue: Unauthorized transactions or other transaction problem
Subissue:
Consumer Complaint: I Have an account in Coinbase with XXXX XXXX XXXX. Since 2 months I cant sell, transfer or buy cripto currencies because the account is under revision. I Have tried to speak with coinbase and its impossible, no answer. Calls, email... but no solutions. I would like to send my cripto currency. Thanks
Company Response:
State:
Zip: XXXXX
Submitted Via: Web
Date Sent: 2021-10-11
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-10-09
Issue: Other transaction problem
Subissue:
Consumer Complaint: On XX/XX/2021 I made a purchase of XXXX dollars in virtual currency XXXX using the XXXX application, cod. XXXX, Amount XXXX XXXX, Commission XXXX, account XXXX, which hours later XXXX canceled, not knowing the reason. The next day, I needed to repeat the purchase operation, buying the {$170.00} again, and this operation had no problems. The problem was registered when the XXXX card that is linked for the charge in my XXXX account, reported the charge of both purchases without having been canceled or reversed to the card the amount of the first purchase that XXXX canceled. I made several reports of the problem using the pre-made forms from the same application, without result. Subsequently, the first week of XXXX, I made use of the contact through the telephone that XXXX informs XXXX ( XXXX ) XXXX giving an account of the situation and delivering the required information, informing me that the amount would be restored within the next XXXX XXXX days later, but to date it has not been made effective.
Company Response:
State:
Zip: XXXXX
Submitted Via: Web
Date Sent: 2021-10-10
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-10-11
Issue: Fraud or scam
Subissue:
Consumer Complaint: On XX/XX/2021, I purchased just under {$35000.00} worth of Shiba Inu ( SHIB ) coins on the Coinbase Pro application. After making multiple purchase orders, my SHIB holding totaled XXXX at an average of {$.00} per coin. Fifty minutes later upon checking my account, I tried liquidating my entire SHIB holding at {$.00} per coin. As I repeatedly pressed the sell button, which wouldn't work, I watched my account balance go from {$34000.00} to roughly {$4500.00} in less than five seconds. The price of SHIB significantly dropped and dropped my account balance by roughly 90 %. I immediately contacted Coinbase customer support via email, and this is their response pertaining to the abnormal adjustment of my portfolio : Hello Anonymous, Thank you for contacting Coinbase Support regarding SHIB orders and trades on Coinbase Pro. I am happy to help explain some of the price differences you may have encountered on the day we listed the asset. The prices of any new asset listings are determined by supply and demand and are not set by Coinbase. However, when we disabled deposits for SHIB to address a technical issue and then re-enabled deposits, the SHIB market experienced a period of abnormal supply and demand, causing a temporary dislocation in SHIBs market price as seen on the price chart in Coinbase Pro. Your valuable feedback will be taken into consideration for future improvements. To better explain what happened, Coinbase Pro listed an inaccurate price of SHIB on XXXX XXXXmore than 10x the real market price. They permitted deposits and transfers to come in initially to provide liquidity conditions but shortly after, and without proclamation, they halted transfers within one hour of launch. This created a small, isolated and illiquid marketplace where there were extremely few sellers and an immense amount of buyers, causing the price to skyrocket from its original listing. The following day on XX/XX/XXXX, Coinbase Pro XXXX on XXXX : We have re-enabled sends and receives for SHIB. Our SHIB-USD and SHIB-USDT order books remain in limit-only mode at this time. Limit orders can be placed and cancelled, and matches may occur. Market orders can not be submitted. They proceeded to open the floodgates for SHIB holders to transfer their coins to Coinbase Pro from other exchanges, resulting in a massive selling at hugely inflated prices, originally caused by their technical error. As a result, the price of SHIB fell by 90 % instantly, as SHIB holders from other exchanges were aiming to make a 900 % profit by performing a boomerang transfer ( taking advantage of the cross exchange arbitrage ). Per Coinbases user agreement, they will make all reasonable efforts to restore all Traders to the position they would have been in had the error not occurred. Since then, no reasonable efforts were made to restore Traders to the position they would have been in had the error not occured. Had this been done, my SHIB balance would be {$180000.00} at the time of this writing. Prior to SHIBs launch, Coinbase Pro XXXX that it would not fully open trading unless the market was assessed to be healthy and orderly. This was not the case upon SHIBs launch. Coinbase should not have allowed this coin to be traded while transfers were haltedcreating an imbalanced and unhealthy market. On XX/XX/XXXX, XXXX weeks after this happening, Coinbase Pro XXXX : Coinbase Exchange is launching price auctions. When launching new assets on the Coinbase Exchange, well be using a price auction to help price discovery which creates a healthier market when trading starts. Why didnt Coinbase announce this prior to the SHIB launch? Theyre admitting that launches have been mishandled, and yet they aren't willing to take responsibility for the millions of dollars lost. This loss experienced by the masses was the result of a serious technical error, which artificially manipulated the order books. Coinbase loves to reference their user agreement yet they violate it many times, even demonstrating a violation of section 2.6 : Market Manipulation Prohibited. Coinbase demonstrated market manipulation by disabling the sell ' button, halting transfers which artificially controls volume, as well as listing a ridiculously inaccurate price of SHIB. From the surface it appears as though there was a technical error or perhaps Coinbase made a vital mistake by listing the wrong price. However that is not the case here ; this is sheer market manipulation at its finest. With no explanation so far, I am forced to question the ethics and integrity of this global enterprise. In lieu of these copy and past responses, Coinbase owes their users an explanation, which since has not been a priority. If trading was disabled then who did I buy SHIB from? Why weren't slippage warnings present at the time of transaction ( Coinbase notifies a user when theyre purchasing outside the 2 % range )? Why is there no transaction history on the total price paid? How does Coinbase Pros price of SHIB differ from Coinbases price when theyre essentially one single exchange? On second thought, why was SHIB only listed on Coinbase Pro and not Coinbase as well? Why were market orders restricted but limit orders werent? Coinbase is supposed to be the most trusted cryptocurrency trading platform and yet they are the most nefarious. With Coinbase not being regulated by the SEC, they will continue to hide behind their user agreement. With all this being said, this constitutes fraud and should be dealt with accordingly by legislation. Below I have provided links from XXXX and XXXX engagement regarding this affair. XXXX XXXX XXXX XXXX : XXXX XXXX : XXXX XXXX : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX
Company Response:
State: IL
Zip: 601XX
Submitted Via: Web
Date Sent: 2021-10-25
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-10-11
Issue: Money was not available when promised
Subissue:
Consumer Complaint: In Mid XXXX of this year I opened an account with Coinbase. Being new to their site I went through the steps of practicing a withdrawal from my vault to my wallet. The withdrawal was cancelled on XX/XX/22 and I have the emails showing the cancellation. Now Im trying to send to my wallet and it states a withdrawal is in progress but thats not the case. I have reached out to Coinbase through multiple occasions and followed their steps. After replying that did not fix the issue, they send me the same generic instructions which has yet to resolve the issue. Im not able to access my money in my account.
Company Response:
State: VA
Zip: 241XX
Submitted Via: Web
Date Sent: 2021-10-11
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A