Date Received: 2023-08-15
Issue: Other transaction problem
Subissue:
Consumer Complaint: I have submitted a previous complaint and Coinbase had reached out. However, all that Coinbase does is write an email and does not make the necessary efforts to fix my account. At the point, I am XXXX to Coinbase. I am unable to access my accounts or speak to anyone that can assist. Coinbase is refusing to assist and is hiding behind their automated system.
Company Response:
State: NJ
Zip: 07666
Submitted Via: Web
Date Sent: 2023-08-15
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-12
Issue: Fraud or scam
Subissue:
Consumer Complaint: I am a XXXX citizen on the down side to XXXX years old. On XX/XX/2023, I opened an email indicating that some sort of transaction was in progress or had been attempted in the amount of {$3400.00} ; the entity is " Coinbase ''. I did not respond in any way, as I feared that was only a ruse to provide them with more information. I have never, nor do I, engage is this sort of activity at all, whether on my laptop ( where I received it ) nor on my mobile device. I am not sure I even selected the correct area of concern when filling out this complaint because I do not know what sort of fraud is being attempted. I have copied the content of the email here, and will attempt to attach it. I may need some technical assistance, however, if my efforts do not give you sufficient information to act. I will also attach a file containing the page source from the email message. ~ ~ ~ ~ ~ ~ ~ Sender Data : XXXX XXXX XXXX XXXX To : XXXX Content of email : coinbase A withdrawal has been delayed You initiated a withdrawal of {$3400.00} from your Cash ( USD ) account. {$3400.00} will arrive in your citi bank ending with XXXX by 3 working days. If you don't any action, the request will complete on XX/XX/2023 at XXXXXXXX XXXX PDT. Amount : {$3400.00} USD Date and time : Sat, XX/XX/2023 XXXXXXXX XXXX Browser : Android XXXX ( XXXX XXXX XXXX ; XXXX ; XXXX ) XXXX ( XXXX, like XXXX ) XXXX XXXX Withdrawal reference : XXXX Approve Now I didn't Authorize This Activity If you didn't initiate this request or not your bank account? Review transaction Sincerely, The Coinbase Team
Company Response:
State: MI
Zip: 499XX
Submitted Via: Web
Date Sent: 2023-09-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-13
Issue: Other service problem
Subissue:
Consumer Complaint: Coinbase has locked my account and made myfunds unavailable to withdraw, ive contacted support multiple times now and they never give me an answer on why it has happened. I need to withdraw my money
Company Response:
State:
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-08-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-11
Issue: Problem with a lender or other company charging your account
Subissue: Transaction was not authorized
Consumer Complaint: XXXX XXXX XXXX XXXX XX/XX/2023 To : The Consumer Financial Protection Bureau ( CFPB ) 1700 G Street NW., Washington , DC 20552 This is my response letter to the utter incompetence, irresponsibility, and unaccountability shown in handling complaints by absolutely choosing to ignore my earlier letter dated XX/XX/2023. You ought to have analyzed to distinguish thereafter between what may be normal activity and that which might suggest an illegal enterprise. This ethical standard of industry practice plays a substantial role in preventing criminals from liquidating and laundering the public 's funds. With todays technology and the vast intelligence network of the banking industry, I strongly believe that all banks would have a list of blacklisted companies or merchants involved in fraudulent businesses, and would thus have alerted their customers against fraud when such a transaction was made. Unfortunately, Coinbase has taken the easy route, by blinding itself to the obvious, highly alarming red flags mentioned herein. As previously advised, Coinbase should have known, suspected, or have reason to suspect that the transaction ( or pattern of transactions ) : involves funds the ultimate purpose of which was to fuel an illegal enterprise ; is intended to disguise funds the ultimate purpose of which was to fuel an illegal enterprise, in an attempt to avoid and thus violate regulations ; is intentionally designed to defraud the customer ; serves no legitimate or lawful purpose ; and involves the use of their services to facilitate criminal activity There are so many other ways in which fraud prevention and mitigation measures could have been useful. To the extent to which Coinbase was inconsistent therewith, they are liable to me for damages. Financial firms need to consider guidance published by international financial regulatory bodies, which is taken into account when deciding whether to take action again a financial firm for not carrying out due diligence. It is incumbent upon financial institutions to carefully assess all information available about their customer, including vulnerability, needs, and customer type. There is a wide range of transactions that, although legitimate, should raise a red flag simply because you are inconsistent with the customers typical and ordinary activity. What constitutes reasonable grounds to flag transactions varies according to the facts and circumstances of the particular matter being investigated and the effectiveness of the anti-fraud processes. Upon identification of such unusual or suspicious activity, it is crucial that the relevant staff member adequately describe the factors making an activity or transaction suspicious, thoroughly depict the extent and nature of this activity and properly communicate to the customer that such activity meets the relevant criteria of fraud. I would have hoped that Coinbase would have realized that my funds managed to slip through their fingers and into the hands of criminals. A very serious crime has been committed here, and we must work together to set things right. Especially since the wallet that the crypto was going into was probably receiving even more crypto at the time and they failed to question it. I maintain that Coinbase failed to adequately investigate the circumstances surrounding the transactions in question and willfully blinded itself to obvious red flags concerning what was happening to the account. It is of significant concern that compared to the usual activity-taking place in the account Coinbase should have noticed the very unusual activity-taking place in the account. Responsible financial institutions shall be working hard and committed to the markets future and the security of all customer funds. Coinbase must recognize that they play a critical role in the funds they hold as assets for their customers. Coinbase also had the duty to stop those crimes, yet they refused to do so because they were more interested in enriching thereof, even if it meant furthering those crimes and allowing them to cause massive financial losses to plenty of victims many of whom suffered as a result of your wrongful conduct. Therefore, it is clear that they did not have in place adequate security measures to properly safeguard the public assets hence, they have irreparably harmed me and, if not enjoined, will continue to irreparably harm other victims and your various associates and loved ones. They have irreparably harmed the general public and, if not enjoined, will continue to irreparably harm the general public, which has an interest in being free from confusion, mistake, and deception. Conclusion I believe there is no ill-intend on Coinbases part but simply hoping that they will assume their share of responsibilities and be there for the customers when needed most, especially in protecting them against injustice that should have been done sooner enough when Coinbase got my first dispute letter, rather than leaving me with a feeling of being abandoned. Desired outcome : Coinbase put things into the right perspective for me by reversing the total amount of XXXX USD paid to the Fraudster as my losses are substantial and I have suffered a great loss because of this scam, it had affected me personally, emotionally, and financially and I am struggling to make ends meet. I look forward to your response. Sincerely, XXXX XXXX
Company Response:
State: CT
Zip: 06704
Submitted Via: Web
Date Sent: 2023-09-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-09
Issue: Other transaction problem
Subissue:
Consumer Complaint: Good Afternoon I'm customer of Coinbase. Since 2023 XXXX I can't to access into my personal account. When I introduce the XXXX digits generated with the XXXX XXXX XXXX I can't to access to my account. I have been a customer for a long time and this has never happened to me. I have complained many times to Coinbase but unfortunately I still can't to access to my account. Thank You very much
Company Response:
State:
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-08-09
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-09
Issue: Fraud or scam
Subissue:
Consumer Complaint: Hello, My wife and I have been victims of identity theft. Our accounts were used by an unauthorized individual completing transactions without my ( and our ) knowledge or permission. I have discovered in excess of {$5100.00} in illegal charges to my Coinbase account. They were sent to wallets I do not know, or recognize. I do not know how the woman we believe did this, gained access. We worked with her, and had sent standard identification and wire transfer information when we began work as contractors. We discovered the thefts after receiving a press release detailing her indictment from the Department of Justice. She appears to have impersonated both my wife, and I. She used both our bank account, and my Coinbase account to send large amounts of XXXX to unknown addresses. Today I received a letter from Coinbase that stated I would not receive any recovery as all transactions are final. I did not give this woman permission, nor did I provide my passphrase, private key, recovery phrase, password, or login. I have been told it is possible there was remote software installed on my system, but I do not understand how this happened, and personally have no knowledge of how this would be possible. This woman impersonated me, and decimated all of our accounts, including my Coinbase. She deposited and immediately withdrew the funds in an apparent effort to avoid detection. She is now in custody. My wife has filed police and an IC3 complaint with the FBI. As Coinbase, and not I, was the agency in control of my account at the time, I filed a claim for Coinbase for crime related insurance recovery ; as a result of the unidentified security breach, at the suggestion of law enforcement. Today, Coinbase evasively glossed over this, and did not confirm such insurance was available or existed. To imply that any person could gain illegal access to accounts without protection is illogical, and frustrating. I have sent police reports, FBI and department of Justice reports, and ample evidence of serious identity theft that apparently allowed this woman to gain access. I am asking for relief, and help in what has been a catastrophic event in the life of my family. Thank you
Company Response:
State: AZ
Zip: 85750
Submitted Via: Web
Date Sent: 2023-08-09
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-09
Issue: Fraud or scam
Subissue:
Consumer Complaint: Coinbase attempted to do a XXXX check. I questioned the link they sent. The sent another suspicious link. But it was from coinbase compliance. I provided all the information they needed. I had close to $ XXXX in the account when this all started and needed to withdraw to pay for medical bills, etc. They have had my account locked for XXXX now. I cant speak to anyone. I've used their online chat about XXXX times only to get nowhere. I cant tell if there is an active issue logged, or whether they are working to clear the account for trading. In the meantime, the account is down 50 % and I cant do anything about it. Please help me. All I have is a reference # : XXXX and the email from compliance, compliance-kyc @ coinbase.com. I really need assistance here.
Company Response:
State: NC
Zip: 28278
Submitted Via: Web
Date Sent: 2023-08-09
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-08
Issue: Other transaction problem
Subissue:
Consumer Complaint: On Sunday, XX/XX/XXXXXXXX XXXX XXXX XXXX XXXX I receive an email from Coinbase informing me that my account has been blocked. I follow their instructions to recover access, which I recover on XXXX, XX/XX/XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX I check if there are any changes or modifi cations and I realize that my cryptocurrencies ( XXXX and XXXX ) were converted to USD and withdrawn to two bank accounts that I do not recognize, I process to find a way to contact coinbase as soon as possible and start a chat, in which they confirmed the withdrawal of the funds in 3 transactions and without giving me any solution they block my access to the account again, and start the process to recover access to the account and I hope to recover access today at XXXX XXXXXXXX XXXX to obtain more information The withdrawal of the funds was sent to 2 XXXX XXXX XXXX accounts whose last digits are XXXX and XXXX
Company Response:
State: CA
Zip: 94112
Submitted Via: Web
Date Sent: 2023-08-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-09
Issue: Fraud or scam
Subissue:
Consumer Complaint: I got in contact with an ad on XXXX with a girl looking for a friend and a relationship, we changed phone numbers on XXXX. She told me I teach how to make money in Cryptocurrency step by step through downloading and opening an account on a XXXX XXXX, Coinbase. I started to follow her texting and advice and screenshots of every step I do and sent it and sent me back the instructions. She asked me to put in as much money as possible to get a great income by swapping cryptocurrency. I shared my screenshots RQ code without paying attention she will scam me and compromised my wallet. she keeps asking me to put more money in my wallet and screenshots to her. when I stopped to do. she interrupted the contact with me, and after that, every transaction I do in my XXXX XXXX will disappear. I contacted Coinbase support in many chats they said all your transactions went through with success but they don't help me to find out who's the receiver. Scammer Name : XXXX, Phone Number : XXXX XXXX XXXX Second Phone Number : XXXX There are pictures we shared on XXXX and videos. My Wallet ID : XXXX and there are transaction hash numbers, dates, and times. Everything in the transaction history in XXXX XXXX.
Company Response:
State: NY
Zip: 11368
Submitted Via: Web
Date Sent: 2023-08-09
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-05
Issue: Fraud or scam
Subissue:
Consumer Complaint: XX/XX/01 I received a text that my password had changed, moments after I received a message that my 2-factor security settings had been changed. I spoke with a rep at Coinbase moments after receiving the messages who told me the transactions equaled {$4000.00} and that my account was locked. I called the following day to follow up and was told that my account was not locked and that the transaction had gone through and I owed coinbase {$5000.00}. It has been 4 days since this has happened and coinbase has not helped me to regain access to my account. I have sent in my ID per their request 3 times. The last email I received coinbase stated that they are clearing out my holdings to recover their loss and stated there is still a balance that I owe for the loss. They acknowledge the security breach and have provided me with information about the breach. Coinbase has failed to keep my account secure, failed to block a fraudulent transaction, and failed to protect me as a consumer.
Company Response:
State: CA
Zip: 91730
Submitted Via: Web
Date Sent: 2023-08-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A