Date Received: 2021-09-13
Issue: Other transaction problem
Subissue:
Consumer Complaint: Very poor handling of compromised accounts. My account was compromised and I immediately took action to block the account when notified by text. Txn 1 Date XX/XX/2021 {$2500.00} Txn 2 Date XX/XX/2021 {$2500.00} Nonetheless Coinbase allowed unapproved purchases to go through and get transferred out of my account. I did not even have that much in the account to buy anything. I had maybe {$500.00}. My bank rejected the request to transfer the money so the bank acted responsibly. Coinbase DID NOT. They still want to hold me accountable for purchase that I did not authorize. Coinbase is absolving themselves of responsibility since it is digital and they have no way to trace. This is a weak excuse and frankly poor business practice. At this point I simply want to close my coinbase account and never deal with them again. I can only imagine others have had similar issue. See below for message I received from Coinbase. Thanks in advance for assistance. Regards, XXXX XXXX Here was message I received from Coinbase when I asked to close my account. I find this to be unacceptable since I did not have enough money in my account to do these purchases and as soon as I received message of invalid activity I reported my account as compromised. We are unable to close your account due to reversed transactions with your bank and an outstanding balance owed to Coinbase. We understand that your account may have been compromised and unauthorized activity occurred. Customers are responsible for the security of their devices and passwords used to access their email and Coinbase account, and as such are responsible for any activity that occurs when those devices or passwords are compromised. Please visit our security page for more information : https : XXXX We do recognize the difficult position this puts you in. However, this does not change the current status of the account. We can not reimburse or credit for this outstanding balance owed to Coinbase because once digital currency is purchased or sent off the platform, we do not have a way to reverse these transactions. Please note : In order for Coinbase to delete your account or consider restoring the purchasing ability for your Coinbase account in the future, you will need to first resolve the outstanding balance owed to Coinbase.
Company Response:
State: PA
Zip: 191XX
Submitted Via: Web
Date Sent: 2021-09-23
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-09-12
Issue: Other transaction problem
Subissue:
Consumer Complaint: My problem is that for months I have my account in Conibase blocked. The only message received from the company is : " Account under review. Your account is currently being reviewed and we need some time to verify your information. During this review, you will not be able to use Coinbase. Reviews usually take a few days. Log in every day or every other day to check your status " I have opened a ticket with Coinbase to resolve the problem but all they do is suggest information checks that lead nowhere. All my information is OK and I told them. This case is similar to many other users who are in a similar situation. For me, it is specifically posing a serious financial problem as I can not have the money I have invested in Coinbase. Please I need your help so that Coinbase unblocks my account and can use my money. Thanks!
Company Response:
State:
Zip: XXXXX
Submitted Via: Web
Date Sent: 2021-09-12
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-09-12
Issue: Money was not available when promised
Subissue:
Consumer Complaint: Good morning, I created my Coinbase account in XX/XX/2020. A few months ago I passed an XXXX from my digital wallet ( XXXX ) and since two months ago my Coinbase account appears as " account under review ''. Nobody gave me an explanation, I have uploaded my identity documents several times, I have contacted the technical support on XXXX and via email and they do not offer me any help. They open case tickets and close them without answering me. It's embarrassing. I read on the internet that there are thousands of people in the same situation as me. They hold people 's money and don't give any explanation. I hope you can help me, thank you very much.
Company Response:
State:
Zip: XXXXX
Submitted Via: Web
Date Sent: 2021-09-12
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-09-12
Issue: Other transaction problem
Subissue:
Consumer Complaint: I had taken some money out of my retirement account to purchase a lot for my son, The deal did not worked out, and the money was sitting in my checking account at XXXX XXXX XXXX. A friend told me about crypto investing and Coinbase as the exchange of choice. I did a little research and on XX/XX/XXXX purchased my first XXXX token, Then on XX/XX/XXXX two more token for a grand total of {$7700.00}. According to Coinbase, the first payment was denied by my bank for insufficient funds. My bank statement shows payment for the 3 tokens to Coinbase and my wallet shows i do owe them as of today. The problem is a couple of days later, I tried to purchase some more tokens and now my account is restricted to trade, or to transfer my money out of this wallet. I e-mail customer services since they do not have live personal help to find out what the problem is and all i got was a genetic letter saying they are working on my problem. Since I do not owe money to Coinbase, i figured maybe they needed ID verification, so I tried to send my ID to them. The next e mail I recieved was and i quote " to explain my intended use of the account, why did i sign up with Coinbase, if some else knew about my account. " i tried to answer all the questions and received another mail saying they are working on it. I have been waiting for a month for them to lift the restriction or to provide me with a reason for it and a way to resolve it. I get nothing more than an e-mail saying they are working on it. Out of frustration, I was going to cancel the account, but instead opted to transfer out of the Coinbase wallet. Well, I am restricted to do so. In other words, they have full control of my investment and the money it is generating.The value of my account at the present is {$11000.00}, I will like to transfer to another wallet and I need Coinbase to release its grip on my money asap. This Company have the worst customer support. We are talking a month e-mailing back and forth and I am still in the dark not knowing why my account is restricted and I am unable to move the money out. I want people to know about their bad business practice, luck of support and use of others people money to profit themselves.
Company Response:
State: FL
Zip: 34689
Submitted Via: Web
Date Sent: 2021-09-12
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-09-12
Issue: Fraud or scam
Subissue:
Consumer Complaint: At the beginning of XX/XX/2021 I bought {$1800.00} of Bitcoin at Coin Base Pro when Bitcoin was {$31000.00} per bit coin. A week later I went to transfer the Bitcoin to XXXX, because they have lower commissions. When I requested a transfer of my bitcoin to XXXX Coin Base refused to do it and froze me out of my account. For the last 3 months I've sent in my driver 's license and a selfie as requested about every week now for 3 months and they do nothing, but do admit each time that they've received my drivers ' license. I keep emailing them to ask why they insist on stealing my money, but they keep responding week after week that they're looking into to it, and it's been over 3 months now. I've been finding out that Coin Base a public company has done this to many people to steal their money. A lawyer recommended that I get all of these people and start a class action law suit. Please don't allow Coin Base to steal my money.
Company Response:
State: NV
Zip: 89178
Submitted Via: Web
Date Sent: 2021-09-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-09-12
Issue: Fraud or scam
Subissue:
Consumer Complaint: A scammer met me on social media through XXXX and shared his investment gain on Coinbase. He mentioned that Coinbase is one of the most secure crypto storage. I was not aware that my information was compromised. He asked me to download a fraudulent platform called XXXX XXXX ( a stock trade and exchange trade fund app ). This app was created to access victims like me of my personal information such as ( phone number, email, DL, bank information ). The scammer used this method to steal my CoinBase account. I have reported this incident to IC3, the local police department. I contacted Coinbase and they locked my account, but I wasn't able to trace any of my money back.
Company Response:
State: NY
Zip: 10027
Submitted Via: Web
Date Sent: 2021-09-12
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-09-11
Issue: Unauthorized transactions or other transaction problem
Subissue:
Consumer Complaint: I have been purchasing crypto on Coinbase pro since around XX/XX/2021. My investment total should be well over {$8000.00}. My portfolio is not showing the right balance.. I reached out to there support and they have not tried to rectify the situation.
Company Response:
State: AR
Zip: 72076
Submitted Via: Web
Date Sent: 2021-09-11
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-09-11
Issue: Fraud or scam
Subissue:
Consumer Complaint: This complaint is directed towards CoinBase global. Full disclosure I was not materially affected by this situation, but I did witness this situation take place and am submitting a complaint on behalf of everyone who was harmed because I want to add my voice to a call for CoinBase to do the right thing and make their loyal customers and investors whole. CoinBase recently listed the crypto token Shiba Inu on their CoinBase pro trading platform. Due to their botched rollout of the token, the price tanked and cost those buying the token on their platform most of their investment within seconds. Specifically what happened. CoinBase allowed purchase of Shiba Inu on their platform but not the inbound transfers of shiba Inu from other exchanges or external wallets. This caused the price of shiba into to become inflated far beyond its market value as traded on other exchanges. CoinBase stated that there was a technical problem with inbound transfers of shib, but failed to protect their customers in any way, by closing trading while the technical issues were fixed or closing their traders positions before they took actions which would crash the price -698 % in 1 hour. Eventually CoinBase would announce that inbound transfers of Shiba Inu would be accepted and the bubble in price of shiba Inu that exited on CoinBase popped as shiba Inu tokens flooded into coinbases exchange from outside exchanges and wallets. I do not believe that CoinBase intended for their customers to experience losses in this way, but it was their actions that appear to have caused significant pain for many people. As soon as I witnessed the price drop on my CoinBase pro account I went to CoinBase pros XXXX account and read a litany of complaints from people who lost a significant amount of money. If CoinBase does not compensate these people commensurate with their losses then CoinBase is contributing to a negative image of crypto as a whole. I continue to use CoinBase for my trading activities and as stated previously did not personally suffer materially losses from this situation. I simply want to call on CoinBase to DO THE RIGHT THING! And make people who were ensnared by this situation whole.
Company Response:
State: FL
Zip: 33702
Submitted Via: Web
Date Sent: 2021-09-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-09-11
Issue: Fraud or scam
Subissue:
Consumer Complaint: XX/XX/2021 at XXXX EST I attempted to make a purchase for {$50.00} usd of the crypto ETH. It has not shown up in my account and I have not received my money back. I have reached out to coinbase thru XXXX, XXXX, email, and phone but no one is giving me any answers. All I get is " we are aware of the problem and working to fix the issue ''. I sent transaction numbers, receipts and all the proof needed to show I made the purchase. I even had one coinbase operator ask me to fill out yet another form then block me. I have tried for 4 days to get my money back. They've already costed me so much in profits. This company needs to be shut down! There's no customer service or fruad department at all
Company Response:
State: KY
Zip: 40701
Submitted Via: Web
Date Sent: 2021-09-11
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-09-11
Issue: Money was not available when promised
Subissue:
Consumer Complaint: Coinbase has disabled all functionality and does not allow me to withdraw my money
Company Response:
State:
Zip: XXXXX
Submitted Via: Web
Date Sent: 2021-09-11
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A