Date Received: 2020-11-20
Issue: Money was not available when promised
Subissue:
Consumer Complaint: I have been using Coinbase since XX/XX/2017 and two weeks ago, I got an email that they will no longer allow me to be their customer. They did not want to give me any reason or explanation why they are closing my account and the email just stated that I violated their rules. I was advised by Coinbase to log into my account and withdraw my funds as the process of closing my account has started. After I had withdrawn most of my funds in my account, soon, I realized that I am missing USD XXXX currency and also missing another currency which I had purchased in their site. My USD currency was somewhere around XXXX XXXX something dollars and my other cryptocurrency were exactly XXXX XXXX XXXX tokens. I write an email to Coinbase that I am missing some funds from my account which I don't see and I therefore I cant withdraw them and I would like to get my funds before they close my account. They have replied to me four times now and every email I get from Coinbase customer support is basically repeating the same thing that I have to login to my account and withdraw my funds. I have send emails with screenshots and have explained numerous times that what they are advising me is not possible, because my funds are not shown in my account therefore there is no way for me to withdraw my funds. The way they have edited my account is I can only withdraw my funds now since the account is pending closure, but my USD and XXXX funds are missing and I can't withdraw them. All of my other funds were there and were successfully withdrawn, but the missing funds are still with Coinbase and it seems they are not doing anything to provide me with information or support on how to get my funds available so I can withdraw them.
Company Response:
State: AZ
Zip: XXXXX
Submitted Via: Web
Date Sent: 2020-12-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-11-19
Issue: Unauthorized transactions or other transaction problem
Subissue:
Consumer Complaint: Dear CFPB, My name is XXXX XXXX XXXX. XXXX XXXX XXXX XXXX, FL XXXX cell : XXXX I would like to complain about Coinbase ; a company registered with XXXX. Coinbase , Inc . XXXX XXXX XXXX XXXX XXXX XXXX XXXX, CA XXXX I was contacted by XXXX who offered an attractive investment and claimed that my funds would be deposited into an investment account in my name, I did not receive a real investment account and I now understand that XXXX is not regulated in the United States where I reside. I now understand that XXXX does not have the ability to provide segregated accounts for investment purposes. I had opened an account with Coinbase to purchase and hold my cryptocurrencies. While Coinbase accepted my deposits, they completed transactions with a company called XXXX. This company took my cryptocurrencies and disappeared. I have attempted to contact both XXXX, Coinbase, as well as : Legal Department / Complaint Department Date : XXXX Coinbase XXXX, XXXX / XXXX XXXX, XXXX XXXX XXXX XXXX XXXX, XXXX XXXX, XXXX XXXX. mailto : XXXX All attempts to communicate with these entities are ignored or denied accountability. The institution ( s ) has been silent on the issues raised in the letter and refuses to respond after several attempts of communication. I would like to have my deposits returned to me. Attached, you will find a copy of my deposits and transactions, along with the account numbers ( wallet numbers ) involved in the scam. It is my hope that you can assist me in recovering my stolen funds. Thank you. XXXX XXXX
Company Response:
State: FL
Zip: XXXXX
Submitted Via: Web
Date Sent: 2020-11-19
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-11-17
Issue: Other transaction problem
Subissue:
Consumer Complaint: As of the morning of XXXX XXXX, 2020 I had the following crypto-currency in an account at Coinbase.org valued at this in U.S. dollars XXXX {$3700.00} ETH {$1200.00} EOS {$31.00} For a total of XXXX {$4900.00} I stored all my money in a " Vault '' on Coinbase.com. I tried to withdraw that money to put it back in a " XXXX '' at Coinbase.com. Each currency has a XXXX and a corresponding XXXX. This was all internal transfers within Coinbase. Coinbase uses 2 factor authentication, so to complete the transfer from the XXXX to the XXXX. First I used XXXX XXXX to put in a code. Then Coinbase sends me emails to my primary and secondary emails. I have to click on a link in these emails to validate the transaction. After that I am supposed to wait 48 hours, and I will have my money in the respective XXXX. The problem is that the secondary email validation does not work, only the primary. Since the secondary email validation does not work, the transfer request is never validated properly and as a result the request is cancelled in 24 hours. This leaves my money in the XXXX, where I can not access it. I can not transfer it out to another financial institution. This has been a known issue for 3 years, but nowhere on their website does Coinbase warn users about this bug. In fact, there are instructions of how to use the Vaults, as if there is no issue. Please see evidence that people have talked about this online for 3 years : XXXX XXXX XXXX XXXX XXXX XXXX & XXXX XXXX XXXX & XXXX XXXX XXXX Why has coinbase not resolved this issue? I have two support request open with them, but have heard from no person. I have no idea if anyone is working on my request or when it will be handled. Case # XXXX and Case # XXXX I have also tried to call, there is no possible way to contact anyone directly. It is all automated.
Company Response:
State: MD
Zip: 20901
Submitted Via: Web
Date Sent: 2020-11-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-11-17
Issue: Other transaction problem
Subissue:
Consumer Complaint: On XX/XX/20 at about XXXX CT I received notification that an unauthorized attempt to access my Coinbase account had occurred. I immediately took action within the hour and contacted Coinbase to notify them that this was unauthorized to which they temporarily XXXX my account, presumably until they could re-verify my identity and have me complete certain steps to restore secure access to my account. I have every reason to believe my immediate action, in addition to Coinbase 's additional security features, ensured the security of my funds and the integrity of my account - although I haven't been able to get anyone at Coinbase to even verify those basic pieces of information. I was told in the documented email chain responses from their Coinbase Support team that this " recovery review process '' would take 4-5 business days. However, at this point it has been 13 business days ( 19 calendar days ) and I have yet to receive any response or action from Coinbase indicating what steps I need to take to restore access to my account. Im actually not even sure an actual person has even responded as the responses seem " automated '' or " generic ''. I have nearly one Bitcoin worth the current price today of {$16000.00} yet I am unable to access my funds even though I really need them, especially approaching the holidays. Not to mention the volatile market environment and that Coinbase 's lack of prompt attention to this urgent matter is subjecting me to market volatility that I am unable to control without restoration of my account access. To this end, I have also submitted a formal complaint to Coinbase ( in addition to my multiple attempts for support through their regular support team ) yet the only response seems to be automated, yet again, and simply says it may take 15 business days for a response. Then, they also say they may contact you for additional time, if needed. This is simply unacceptable and no other legitimate financial institution could get away with this kind of non-response, not acknowledging their support timeframes that are provided in their email responses, and essentially holding hostage client funds because they are not taking timely action to restore my account access. Not to mention subjecting me to an unreasonable amount of market risk due to a complete lack of timeliness in providing a resolution. We're talking over {$16000.00} ... not {$100.00}. Unacceptable. I have tried the appropriate avenues of resolution with Coinbase but the lack of response and lack of living up to the initial stated timeframe, in addition to the urgency and immediacy of this matter and the amount of funds involved ( {$16000.00} worth of Bitcoin ), has left me no choice but to take recourse with this complaint via the Consumer Financial Protection Bureau. I have had nothing but good experiences with Coinbase prior to this and I hate that I'm having to go to this length, but it seems necessary at this point. I expect immediate action from Coinbase to provide the necessary steps to restore access to my account and my funds ASAP. My current case number with Coinbase Support is XXXX.
Company Response:
State: TX
Zip: 77316
Submitted Via: Web
Date Sent: 2020-11-17
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-11-13
Issue: Fraud or scam
Subissue:
Consumer Complaint: On XXXX XXXX, 2020, at XXXX, I received an email notification that someone had initiated an unauthorized transfer of bitcoin from my Coinbase account in the amount of {$9.00} ( a trial transfer before more significant transactions ). I tried to login to my account only to discover that someone had changed the password, and I had no way of logging in to access it. I immediately attempted to call Coinbase to notify them of unauthorized access/transactions on my account and to have my account immediately frozen. Apparently, Coinbase does not answer calls. The only option available is to report suspicion of a compromised account to an automated system, but, in order to do so, you are required to enter a temporary code that they text to your phone. My phone was not in working condition, so I had no way of receiving the text. Frantically, I went on the Coinbase website to see how I could freeze the account and notify the company. To my dismay, there is nothing anywhere on the website that makes it clear how to take such action. I wasted much time trying to figure out how to contact Coinbase about the matter. Finally, I found a support submission page and proceeded to submit my complaint. I explained that my account had been hacked, I couldn't login, and someone was conducting unauthorized transactions, and I needed the account frozen immediately to prevent any more fraudulent activity. Upon submission, a message popped up that said Coinbase would look into it and I should get a response in 3 days. Feeling utterly helpless, I submitted 2 more support tickets reiterating the matter, desperately begging and then demanding that my account to be immediately locked down. Here are some facts of the matter : 1 ) Coinbase failed to protect my account with the 2-step verification required to login from my phone which was in my possession. 2 ) Coinbase failed to protect my account from access from unauthorized devices. Anytime a Coinbase account is accessed from a new device, an identity confirmation process is supposed to be required. Even when I went through the steps to recover my account, I had to verify my identity by providing the front and back of my driver 's license along with a live-captured photo showing it was actually me. I even had to do this a second time in order to change my password. It was this level of protection that made me trust opening an account with Coinbase in the first place. How in the world did someone successfully circumvent this security step?? 3 ) Coinbase failed to notify me that any account changes had occurred. I received no email that my login credentials had been changed. I only discovered the hijacking of my account after receiving an email showing only one of the unauthorized transactions. 4 ) Coinbase failed to notify me that new ( unauthorized ) accounts were being linked to my account. And, in my experience, it takes days for such changes to be completed. 5 ) Coinbase failed to provide any timely actions to freeze activity on my account. As part of the support ticket submissions, I was required to check a box acknowledging that the account would be locked down upon submission ( 3 separate submissions ). Still, Coinbase allowed unauthorized transactions involving thousands of dollars to occur even as recently as XX/XX/XXXX ... XXXX days after I notified Coinbase and requested an account lockdown 3 times. 6 ) Coinbase allowed the hijacking party to initiate multiple transfers of large sums of money ( {$300.00}, {$10000.00}, {$15000.00} XXXX from our linked personal bank account. Luckily, we were able to intervene in time with our bank before funds could clear. 7 ) On XX/XX/XXXX, I received an auto-generated email from Coinbase telling me that, due to suspicious activity on my account, they increased the holding time for withdrawing funds by 9 days. So, 3 days after doing everything possible to report to Coinbase of theft in progress, they still didn't pay any notice, provide any assistance, nor take the matter seriously whatsoever. 8 ) Even after my repeated notifications to Coinbase of fraudulent activity XXXX days prior, on XX/XX/XXXX, at XXXX, they sent me three emails demanding payment and threatening that, on XX/XX/XXXX, they were going to proceed with " recovering funds '' from me for the three unauthorized transfers that failed to go through. So, XXXX days after notifying Coinbase of the breach, they still act as if nothing happened. 9 ) On XX/XX/XXXX, at XXXX XXXX, I received an auto-generated email from Coinbase telling me that they had ( 6 days later ) received my request to disable sign in to my account and had taken steps to secure it. 10 ) I pleaded, requested, and then demanded that a Coinbase representative call me immediately to address the fraudulent activity and ensure proper steps were taken to protect my funds. To this day, XX/XX/2020 I have received no such call nor any email that isn't automatically generated. Coinbase has ignored me and this situation completely. Even after using the only means available to communicate fraudulent activity to Coinbase, multiple times, nobody from the company has even tried to communicate with me. 11 ) Even after my explicit instructions to immediately lock down my account from all further activity ( until I had a chance to speak to a coinbase representative ), the system allowed me to go through the account recovery steps and regain access to my account which should not have been allowed per my demands. In total, at the time of the incident, we had over {$10000.00} in our account. {$4500.00} was sitting in the account as US Dollars, not invested in anything. The remaining was in .5 Bitcoin, then valued at over {$6100.00}. All of it, GONE! To make matters worse, I had a preset Sell order in place that would have triggered just days after the account was hijacked which would have sold half of our bitcoin and added significantly to our total holdings. Not only did Coinbase fail to ensure the efficacy of the very security methods clients rely on to protect their holdings, they failed to provide the appropriate notifications of account changes ; they failed to make available any effective and timely means of intervening or notifying/communicating with Coinbase at all regarding suspicious/fraudulent activity ; they allowed unauthorized access from unauthorized devices that should have required both sides of my driver 's license and live-capture photo of me to authenticate ; they ignored my frantic requests and demands to lockdown my account to protect from further unauthorized activity ; they allowed access and unauthorized transfers to occur with our personal bank account ; they allowed large transactions ( as high as {$15000.00} ) to continue even up to seven days after notifying them of the security breach ; they allowed me to regain full access to my account even after my explicit instructions to block all further activity until I speak with a representative ( which they have ignored entirely ) ; they repeatedly demonstrated through auto-generated emails that they had not paid any attention to my urgent situation ; and, they have threatened by email to take action to recover large amounts of money from me, the victim. I have never experienced such blatant disregard for fiduciary responsibility. And by the way they have treated the entire situation, I am suspicious that Coinbase could be in on the scam. They effectively allowed unauthorized access to our account, made it impossible for me to intervene in any way, disabled all practical means for contacting them, and ultimately allowed the criminals plenty of time to steal all of our funds. What makes things particularly suspicious is the fact that the only email I ever received regarding the unauthorized activity was ( according to Coinbase ) the last of four transactions that occurred. I received zero email notifications of the three initial ones. According to the Coinbase report, these were the suspicious transactions : XXXX XXXX XXXX : XXXX XXXX XXXX XXXX XXXX : XXXX XXXX XXXX XXXX XXXX : XXXX XXXX XXXX XXXX XXXX : XXXX XXXX This has financially devastated us and has put us through tremendous XXXX and emotional distress. We are deeply disturbed by how Coinbase facilitated this crime and how little they show any concern or offer any assistance whatsoever. And we are willing to take any and all action necessary to hold them accountable.
Company Response:
State: NC
Zip: 287XX
Submitted Via: Web
Date Sent: 2020-11-13
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-11-13
Issue: Fraud or scam
Subissue:
Consumer Complaint: I have 3 major issues with the company Coinbase. On XXXX I purchased XXXX $ of XXXX and on XX/XX/XXXX another XXXX $ worth of XXXX. The following day when I wanted to sell my coins for a profit several issues arose : 1. The sell max function- which allowed you to automatically sell you maximum coins was not working at all, it was up to me to roughly calculate how much money I wanted Inevitably leaving some behind in their wallet. 2. As soon as I sold my requested amount of XXXX $ they cancelled my transaction! This resulted in me losing money, they did not let me sell when I wanted and I was stuck selling when their system permitted me to. I sold on XX/XX/XXXX XXXX $ worth of XXXX XXXX, leaving XXXX $ worth behind, again because their sell max function doesnt work. I lost hundreds of dollars and there is no one to talk to. They do not have customer service. I filled a form and revived a reply via email it will take them 5-7 days to look into this. But Im the meantime they took my money and I want it back. 3. After filing a complaint with the XXXX on XX/XX/XXXX, they are not letting me withdraw my funds out in the amount of XXXX $ and holding my money hostage for no reason. When I try to complete the transaction the system shows a message saying I have no funds available.
Company Response:
State: NY
Zip: 11216
Submitted Via: Web
Date Sent: 2020-11-13
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-11-11
Issue: Other service problem
Subissue:
Consumer Complaint: Hi I faced a problem with Coinbase cryptocurrency exchange. And not only me as I found out. I have sent USDT cryptocurrency to Coinbase USDC wallet of my account. Then I have contacted the both companies and had the replies : XXXX- we are not able to help you with the recovery unless Coinbase will send us a direct message confirming your deposit and address along with the permitiin to recover the funds for you. XXXX regards, XXXX Coinbase automated answer- Coinbase is unable to retrieve this cryptocurrency because we currently do not support it. Regards, Coinbase support. As we can clearly see, it is easy to recover the funds. It just depends of attitude to the customers and authorities who bond cryptocurrency exchanges to follow the standard business practices. There never was just adequate response from Coinbase and they feel free to ignore the customers keeping customers money on their account. You are the part of the Gov what we elected. Please act to protect fair people.
Company Response:
State: NY
Zip: 11590
Submitted Via: Web
Date Sent: 2020-11-11
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-11-09
Issue: Fraud or scam
Subissue:
Consumer Complaint: Good Day to you HELP Reference for family protection & support : Coinbase XXXX XXXX XXXX # XXXX, XXXX XXXX, CA XXXX Coinbase, Inc. XXXX XXXX XXXX. XXXX XXXX. XXXX XXXX, CA XXXX Well you have to be XX/XX/XXXX before you can be smart! I feel XX/XX/XXXX Got scammed from a 3rd party acting as a coinbase customer service XXXX XXXX XXXX XXXX XX/XX/2020 was the date of occurrence ) and remotely trick us out of all our Cryptocurrency acting as coinbase and remotely stole Over ( {$11000.00} US Dollars ) Not even a wear of programs that can allow others to access your account acting as coinbase. How are we to know and over 1.5 years never any communication of security breaches, compromises and scams to be a wear of, be wear updates and protection. Not being able to speak directly with coinbase, no live chat. unknowing and with out any warning the ability to communicate was taken away. Countless amount of attempts to contact in any and all means. Complete compromise. Knowing this I would at least had a decision to cease or continue to do business. No protective measures in place, no customer service, no live chat, taking responsibility and or the notification of the deletion of phone support which was once in place. Customer service are key in financial matters. Thank you for your time and any assistance for our family would be grateful. It was a lot of money and needless to say no sleep as late. XX/XX/2020 was the date of occurrence XXXX, XXXX XXXX XXXX ) XXXX XXXX : /XX/XX/XXXX XXXX & XXXX & XXXX & XXXX & XXXX & XXXX & XXXX & XXXX & XXXX -- -- - Forwarded Message -- -- - From : XX/XX/XXXX XXXX XXXX To : XXXX XXXX ; XXXX XXXX ; Thank you for your interest. XXXX Sent : XX/XX/XXXX XX/XX/2020, XXXX XXXX PST Subject : Scammed XXXX acting as coinbase
Company Response:
State: UNITED STATES MINOR OUTLYING ISLANDS
Zip: 920XX
Submitted Via: Web
Date Sent: 2020-11-09
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-11-06
Issue: Fraud or scam
Subissue:
Consumer Complaint: My coinbase account got hacked and all funds were stolen and transferred to several unknown crypto coin addresses. Also funds from my checking account were extracted and transferred to coinbase and cryptocurrency was bought without my knowledge nor authorization with said money. Coinbase claims I have to pay them the amount of {$2300.00} USD which is the money extracted without my knowledge from my bank account. I opened several claims with Coinbase but to no avail, coinbase claims that it was not their fault my account was hacked and my funds stolen. I claim that my account was secured by utilizing the security methods they recommend. Also the funds that I had stored over the years in Coinbase for the value of XXXX USD got stolen and removed from my account. Coinbase Balance XXXX XXXX XXXX XXXX XXXX XXXX USD Value : XXXX XXXX USD Amount Value at transaction TOTAL : XXXX USD XXXX BTC XXXX XXXX XXXX BTC. Coinbase Opened cases # : XXXX, XXXX, XXXX Total Amount including Coinbase Funds Claim : XXXX USD. https : //www.coinbase.com/about
Company Response:
State: FL
Zip: 33130
Submitted Via: Web
Date Sent: 2020-11-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-11-03
Issue: Unexpected or other fees
Subissue:
Consumer Complaint: I've created an account with coinbase.com with the plan to do some trading with XX/XX/XXXX. I've made a wire transfer in the amount of {$24000.00}. They have deposited my funds and after that they restricted my account. They said : " Your account is temporarily suspended from sending cryptocurrency off the Coinbase platform - this is to protect against loss, because once funds are sent off our platform, we have no way to reverse those transactions. This feature will not be re-enabled until XX/XX/2020 at the earliest. Due to the current restrictions on your account, if you would like to send this crypto from Coinbase, you must first convert the crypto to XXXX and then withdraw the XX/XX/XXXX funds to your verified bank account. '' So I said ok, it's to protect me, lets wait one week and should be fine. After the date of XX/XX/XXXX nothing happened. I've emailed them again and they replied after 36 hours and said : " Hello XXXX, Thanks for reaching Coinbase Support. We've documented the information you have provided and have escalated this case to a specialist. We will follow-up with you as soon as we have an update. Please note, these reviews are typically completed within 5-7 business days but may take longer. '' I replied, I've answered as they needed and again waited for another 3 or 4 days to receive an answer from them. They replied and they said : " Thank you for your patience while we reviewed your Coinbase account. All account restrictions have been removed, and you may resume using your Coinbase account immediately. '' but surprise, my account was still restricted, I couldn't do anything, so I've contacted them again and they replied after 3 or 4 days again stating " In order to properly investigate this issue, we will need you to provide an official bank statement in PDF form proving ownership of your linked bank account. Upload your documents through our secure SendSafely portal https : //coinbase.sendsafely.com/dropzone/cx-files/XX/XX/XXXX. " this is completely insane, why do they send me an email, after all this waiting and losing nerves, that my account is good and than is not good, send XXXX XXXX statement. I'm still waiting for their answer, because I already sent the Bank statement as requested. They should be restricted so they can not restrict customers without reasons!
Company Response:
State: FL
Zip: 33837
Submitted Via: Web
Date Sent: 2020-11-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A