Date Received: 2023-07-14
Issue: Fraud or scam
Subissue:
Consumer Complaint: Commencing on or around XX/XX/2017, I fell victim to a multilayered scam operation orchestrated by XXXX, XXXX which involved me making deposits for a total amount of XXXX XXXX from my Coinbase account to fraudulent investment firms. When determining whats reasonable and fair, we should focus on the issue of liability ; common queries include, but are not limited to, the following ( i ) whether Coinbase did not take notice of any rule, law, or regulation, and/or possibly missed any material elements of the relevant bylaws or codes of conduct, that may have prevented them from protecting my financial safety ; ( ii ) whether by virtue of Coinbases custodianship over my funds or by its control over them, they owed a fiduciary duty to the me and if so, whether that duty was breached ; ( iii ) whether Coinbase promoted the transaction ( s ) in question despite being aware of the nature of the transaction ( s ) in question ( iv ) whether Coinbase was in compliance with its own policies and procedures ; ( v ) whether Coinbase owed duties to myself, what the scope of those duties was, and whether Coinbase did not uphold those duties ; ( vi ) whether Coinbases conduct was unfair ; and ( vii ) whether Coinbase has within its power the ability to, and should, compensate me for the harm that has befallen me
Company Response:
State: NY
Zip: 11003
Submitted Via: Web
Date Sent: 2023-07-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-14
Issue: Fraud or scam
Subissue:
Consumer Complaint: On XX/XX/2023 {$1800.00} in XXXX XXXX was stolen right out of my Coinbase XXXX wallet. Coinbase 's negligence led to the theft of my XXXX XXXX. Subsequently, the funds have disappeared and Coinbase has ignored all refund requests.
Company Response:
State: NJ
Zip: 07011
Submitted Via: Web
Date Sent: 2023-08-15
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-11
Issue: Fraud or scam
Subissue:
Consumer Complaint: Commencing on or around XX/XX/2022, I fell victim to a multi-layered scam operation run by XXXX which involved me making deposits for a total amount of XXXX USD from my Coinbase account to fraudulent investment firm ( s ). Once the transfer completed and investment began, I tried to withdraw and the withdrawal now a problem ( not allowed me to withdraw ) and gave me a sign of scam. I then began to work with Coinbase customer support to help me transfer back but Coinbase denied my request ( see attached complaint letter for more detail ). Thanks,
Company Response:
State: CA
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-07-11
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-12
Issue: False statements or representation
Subissue: Attempted to collect wrong amount
Consumer Complaint: Received email stating I had authorized a payment for a {$560.00} purchase I did not make. I called to dispute charge. They then said they needed to get into my computer to assist with refund/credit procedures. Once in my computer, he started the process for the refund. He had me complete a {$20.00} refund request to test that the connection was correct. That {$20.00} test immediately became {$2000.00}, which I believe he changed while in my computer remotely as I was not able to change or correct. So he demanded I obtain {$2000.00} worth of gift cards and take photos of the gift cards ( serial codes ) and send to him via text. He was then to refund the {$560.00} but claimed he could only send me {$2700.00} ( minimum amount his business account could give ), I would then have to get more gift cards to cover the difference between {$2700.00} & {$560.00}. He threatened me with putting my bank account on hold unless I did what he said. I sent him {$2000.00} of XXXX and XXXX gift cards, withholding the rest. He locked my computer and demanded {$500.00} to unlock. Email below : From : XXXX XXXX XXXX Date : XX/XX/2023 at XXXX XXXX EDT To : XXXX Subject : Thankyou for your order. XXXX XXXX We are thrilled to confirm the order you recently placed with us. Rest assured, our dedicated team is already hard at work, meticulously preparing your order to ensure it is delivered promptly and meets your expectations. As per the estimated delivery date mentioned in the order details, you can expect to receive your items on time. We take immense pride in providing exceptional customer service. If you have any additional requirements or questions about your order, or if you need to modify anything, please don't hesitate to reach out to us. Our friendly support team is always here and ready to go the extra mile for our valued customers like you. XXXX XXXX You authorized a payment of {$560.00} to Coinbase, Inc He said his name was XXXX XXXX, representing XXXX XXXX Phone number : XXXX
Company Response:
State: FL
Zip: 33556
Submitted Via: Web
Date Sent: 2023-07-12
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-10
Issue: Fraud or scam
Subissue:
Consumer Complaint: Hello, I have been a victim of an online scam. I need your help to bring them to justice. This person used this name ( XXXX XXXX XXXX, she changed her name to ( XXXX XXXX XXXX or ( XXXX XXXX XXXX after she was done taking my money. She contacted me through social media and had me use XXXX to chat. This is the number she used ( XXXX ). I believe she is still using that number to scam other people. XXXX should be able to tell us who she/they are. She told me that I could make money through an investment platform called XXXX. Which was probably a fake website. She slowly built my confidence up using the platform to show me how it worked and then she put a lot of pressure on me to take out several loans and use my personal savings of ( {$100000.00} ), and I also took money out of my XXXX ( {$110000.00} ). I put the money into the XXXX system. They made believe that I had made a bunch of money on the platform ( {$800000.00} ). When I tried to withdraw my money they would not let me. They said I had to pay taxes on the money I made and would not let me withdraw my money. Please help me recover my money. She used the App Coinbase XXXX to take my money and put it into XXXX XXXX exchange ( Fake website they set up ). My Coinbase XXXX XXXX account ID is ( XXXX ). I need you to ask Coinbase what bank or account did they have me send my money to. Then ask that bank to give the money back from the scammers account. There is no money in my Coinbase account for them to return my money so please dont ask them for the money. Make Coinbase tell us where the money went. I have uploaded just some of the screenshots I took during the process. Let me know if you need more. Thank you for your help! XXXX XXXX XXXX These are the web addresses they used to steal my money. XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX
Company Response:
State: NM
Zip: 87111
Submitted Via: Web
Date Sent: 2023-07-10
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-10
Issue: Fraud or scam
Subissue:
Consumer Complaint: Commencing on or around XX/XX/2022, I fell victim to a multi-layered scam operation run by XXXX which involved me making deposits for a total amount of XXXX USD from my Coinbase account to fraudulent investment firm ( XXXX ).
Company Response:
State: OR
Zip: 97080
Submitted Via: Web
Date Sent: 2023-07-10
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-08
Issue: Fraud or scam
Subissue:
Consumer Complaint: Dear CFPB, I am writing to bring to your attention a situation that can only be characterized as disgusting greed void of humanity. I know that Im not the first person who has experienced mind-boggling, blatant theft, and diversions, and lies from Coinbase. All you have to do is look at the thousands of reviews on the XXXX XXXX XXXX website, under Coinbase , Inc . The score is very fairly an F, and if you quickly read over some of the reviews, they will sound very very similar to what Im about to tell you. Almost shockingly. And somehow are federal government has allowed them to continue to operate and steal from consumers, then get a slap on the hand with a civil lawsuit. This just can absolutely not stand anymore. Over the course of two years, I have been repeatedly misled and deceived by Coinbase regarding the existence and status of my life savings held in my Coinbase account. It started off as over {$40000.00} and XXXX, however, once that money was in there, Coinbases shielded me from ever being able to see it. And when I asked him where it was, they acted like I didnt know what I was talking about most cases. I have meticulously documented every conversation, capturing screenshots and other evidence that clearly demonstrates their consistent lies and deflections as well as documentation showing that the company store {$30000.00} for me and then another XXXX and maybe even more. Between XXXX and XX/XX/XXXX, I entrusted Coinbase with my hard-earned money, believing that it was being securely held in my account. However, thanks to a third-party app called XXXX, which directly connects to my Coinbase account, I was able to corroborate that my funds were not being properly managed by Coinbase. This revelation has left me devastated as I have potentially lost out on hundreds of thousands of dollars due to their negligence. On XX/XX/XXXX, I discovered that not only had Coinbase stolen {$30000.00} from my account but they also later took an additional {$15000.00} after falsely claiming that my account was in a negative balance. Despite providing evidence that I had followed all the necessary procedures and abided by their policies, Coinbase refused to refund the stolen funds, citing their policy not to reimburse customers. They also tried to tell me that the money was stolen, which shouldve been covered under the insurance under Coinbases one that I was paying and later found that I was not eligible for stolen funds reimbursement. Ive been told that the money is still in my account, but they wont tell me where it is and Ive been told that it was my error and that I sent it to an outside wallet and so therefore Im responsible for it. That is also very very false. When I was questioning him about all of this, there was even a point where email where they asked for all of my bank statements so they would have all the necessary information to make a decision as to whether or not I was worthy of receiving my money back. This was very interesting to me as their policy clearly states that if Coinbase ever asked that question to you, you promptly report it. So I did and they told me that they just wanted me to do at this time and not to worry about that. This situation has caused significant financial hardship and emotional distress for me. I trusted Coinbase as a reputable platform to safeguard my life savings, only to be betrayed by their actions. The loss of such a substantial amount of money has had a profound impact on my financial stability and future prospects. It is cost me hundreds and hundreds of hours on the phone and email and their stupid chat with their customer support who is without a doubt the worst Ive ever dealt with ever in the history of customer support. I would ask to speak to a supervisor and 100 % of the time they would always tell me that there was no one else I could talk to. I implore the CFPB to thoroughly investigate this matter and hold Coinbase accountable for their deceptive practices and failure to protect customer funds. It is crucial that appropriate action is taken to ensure that no other individuals fall victim to similar injustices at the hands of this company. Thank you for your attention to this matter, and I hope that the CFPB will take swift action to rectify this situation and provide me with the justice and restitution I deserve.
Company Response:
State: IL
Zip: 60660
Submitted Via: Web
Date Sent: 2023-08-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-06
Issue: Money was not available when promised
Subissue:
Consumer Complaint: I established an account with Coinbase several years ago and established their two-factor verification system in my cellphone. Later, when I upgraded to a new phone, the verification system stopped working and, since then, I have been locked out of my account. I have communicated with them numerous times and received detailed instructions about sending pictures of my ID and face but nothing has worked. I am completely locked out of my account and fear I have lost my investment.
Company Response:
State: MS
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-07-06
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-05
Issue: Wrong amount charged or received
Subissue:
Consumer Complaint: I created a Coinbase account a made a transfer for {$550.00}. My funds said they would be available immediately and the fees were {$8.00}. My account only received {$530.00} and has a 10 day hold I was not told about. It was also advertised you would get to spin a wheel for up to {$200.00} but they never let me do that, so theyre also false advertising. I tried to contact them to cancel the transfer and to get them to delete my banking information but they refused
Company Response:
State: AL
Zip: 35806
Submitted Via: Web
Date Sent: 2023-07-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-04
Issue: Fraud or scam
Subissue:
Consumer Complaint: Between XX/XX/2022 and XX/XX/2022, I fell victim to a multi-layered scam operation run by XXXX which involved me making deposits for a total amount of XXXX XXXX ( XXXX USD at the time ) from my Coinbase account to fraudulent investment firm ( s ). When determining whats reasonable and fair, we should focus on the issue of liability ; common queries include, but are not limited to, the following ( i ) whether Coinbase did not take notice of any rule, law, or regulation, and/or possibly missed any material elements of the relevant bylaws or codes of conduct, that may have prevented them from protecting my financial safety ; ( ii )
Company Response:
State: TN
Zip: 372XX
Submitted Via: Web
Date Sent: 2023-07-04
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A