Date Received: 2023-02-13
Issue: Unauthorized transactions or other transaction problem
Subissue:
Consumer Complaint: Some unknown entity stole {$7400.00} from my Coinbase account. They have informed me that coinbase takes no responsibility for this theft. I have contacted coinbase and their response is : We understand that unauthorized activity in your account can be quite distressing. Coinbase can not cancel, reverse, or recover these funds on your behalf thus we can not provide any possible reimbursements for loss incurred. I have had an account with them since XXXX and like coinbase I do all my banking and financial transactions online. None of my other accounts have been compromised, none of my devices, soccial media accounts or my email have been compromised. Only the coinbase account has been hacked. My last log in to coinbase was XXXX to just check the current balance. That is when I noticed all the money except for XXXX dollars was gone. I have not made any trades or any other activity for at least a year. To the best of my knowledge none of my passwords or any other authentication methods have been compromised. Coinbase Case # XXXX Amount stolen : {$7400.00} I did not make this transaction : Timestamp - XXXX Transaction Type - Send Asset- ETH Quantity - XXXX Spot price - USD Spot Price - XXXX Sent to XXXX I checked all my devices and they are all up to date. I did not see any suspicious activity. After that I chaned all my passwords.
Company Response:
State: MN
Zip: 553XX
Submitted Via: Web
Date Sent: 2023-02-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-02-13
Issue: Fraud or scam
Subissue:
Consumer Complaint: Good Morning, this is XXXX XXXX, hope all is well. Last year in XX/XX/2022 someone with the name of XXXX contacted me through XXXX and he said he is a professional investor and he asked that I know anything about XXXX XXXX. He messaged me couple times and I didn't pay attention and then he showed me how I can make money easily with XXXX XXXX if I invest in this specific company which was " XXXX ''. He said I should try with little money then deposit it more in order to see more profit. I believed him, I signed up in XXXX, I desposited first {$100.00} then when couple thousands. And the graph was showing how my money was growing and then I desposited more through coinbase, XXXX XXXX XXXX XXXX. I deposited {$13000.00} and my money was showing that growing very well. My money reached up to {$75000.00} and when I asked the customer service that I want to withdraw they said I can not because I have to deposit more up to {$15000.00} and then I can withdraw. I started cmplaining and emailing but there was no luck. And then I noticed that XXXX XXXX was big scam and I trapped into. I have all the screenshots of scammer conversation and transactions from the beginning that I can provide. Thank you
Company Response:
State: CA
Zip: 91344
Submitted Via: Web
Date Sent: 2023-02-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-02-13
Issue: Money was not available when promised
Subissue:
Consumer Complaint: I have been unable to access my Coinbase account for over 11 days now due to problems with two-factor authentication. It is stuck on using XXXX XXXX as the two-factor authentication. Unfortunately, my old mobile phone stopped working before I could setup Authenticator on my new phone. I learned that there is no way to setup XXXX XXXX on your new phone without having access to your old phone. I spoke to Coinbase customer support on XX/XX/XXXX, XXXX, XXXX, XXXX and XXXX. I asked them to switch the two-factor authentication back to using SMS messaging since I have access to my phone number and email account. I sent a picture of myself and my driver 's license which were confirmed. I was told I had XXXX hours to change the two-factor authentication. However, I was unable to change the two-factor authentication from Authenticator to SMS message like customer support said I should be able to do. I was prompted to enter an Authenticator code to switch back to SMS message as my two-factor. After multiple attempts, including while speaking to a representative live on the phone, the same problem kept occurring. I was told there was no way for Coinbase to make the change for me, I could only do it myself. On XX/XX/XXXX, I was told that Coinbase actually could change on the two-factor authentication on the backend. I was sent a link to upload a selfie picture while holding a sheet of paper with the date written on it. That was XXXX week ago, and I have not heard back from them. This has not only been frustrating ; however I have also lost confidence that I can access my money in the form of cryptocurrency on this exchange. I told them to just switch the two-factor authentication back to SMS. I am tired of excuses and just want access to my account restored. I have attached screen captures from my email inbox showing some of the customer support communication. While a significant amount of time and effort has been spent, these efforts have not achieved access to my account to change the two-factor authentication.
Company Response:
State: VA
Zip: 22204
Submitted Via: Web
Date Sent: 2023-02-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-02-12
Issue: Other transaction problem
Subissue:
Consumer Complaint: On the morning of XX/XX/2022, a third party gained unauthorized access to my Coinbase account. Despite having, by the website 's own definition, extra strong security options chosen for Multi-Factor Authentication options, Coinbase did not ask for the secondary authentication via temporary app code. Using this access, the third party proceeded to make several transactions converting virtual currency into US Dollars, which were then instantly sent via bank transfer to a bank account that had never been associated with my account before. The site ( supposedly ) forces a wait time of 3 days for Crypto addresses being added to an account, but allowed this new bank account to be instantly added and transferred to without verification. I was made aware of this breach within the hour and locked my account, notifying Coinbase of the breach at the same time. It took them 2 weeks to respond, claiming they locked my account ( which I had already done ). It took some time to restore my account access, and the communication with their support takes days to weeks in between emails and the responses seem to be form letters instead of specific to what I've asked for. They seem to be in violation of Federal Regulation E in their lack of responsiveness, and refusal to do anything about the unauthorized bank transfer that they processed. As far as I'm aware, I'm supposed to be protected from unauthorized ACH bank transfers. Whenever I bring it up, their " support '' emails only mention the immutability of crypto transactions, and refuse to address that they moved US dollars via INSTANT ( which the third party paid more of my money for ) bank transfer. On top of the transaction fee of {$440.00} to process the sale of my digital currency, and the {$0.00} instant bank transfer fees, XXXX Coinbase made money off this theft. All told I'm out, {$25000.00}. Plus any fees it would take to regain my original assets ( which have now gone up in value while I've been out of the market ). They refuse to provide me with the full bank account number the stolen funds were sent to : All I can see from the XXXX is XXXX XXXX XXXX XXXX. I have submitted what data I could to the FBI cyber crimes division. The following transactions and times : {$4900.00} XX/XX/2022 XXXX XXXX {$4900.00} XX/XX/2022 XXXX XXXX {$4900.00} XX/XX/2022 XXXX XXXX {$4900.00} XX/XX/2022 XXXX XXXX {$4900.00} XX/XX/2022 XXXX XXXX
Company Response:
State: OH
Zip: 431XX
Submitted Via: Web
Date Sent: 2023-02-12
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-02-12
Issue: Getting a line of credit
Subissue:
Consumer Complaint: https : //www.coinbase.com/borrow Coinbase Borrow offers an individual the opportunity to borrow money using bitcoin as collateral. It doesn't work, at least not for me. It tied up my bitcoin as collateral and provided nothing in return. Coinbase has been unresponsive and hasn't returned my bitcoin despit me informing them that I no longer want a line of credit. There was an error at the end of the Coinbase borrow process. There was no loan confirmed. It simply said error. Afterward I noticed my XXXX was locked up as collateral. However, I never received anything in return. I didn't receive anything ( loan, a line of credit, cash, etc. ). I've told Coinbase I no longer want the loan and I've asked them to return my XXXX and unlock it as collateral as I never received anything in the first place. Support has been unhelpful. There has been no word around my complaints. Coinbase shouldn't be offering loans using XXXX as collateral given the service doesn't work properly and due to the fact that they are tying up user assets without giving them anything in return.
Company Response:
State: IL
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-02-12
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-02-10
Issue: Problem adding money
Subissue:
Consumer Complaint: Coinbase gift card # XXXX was redeemed but it wasn't added to the balance. Customer service seemed to be unable to solve the problem.
Company Response:
State: TX
Zip: 77845
Submitted Via: Web
Date Sent: 2023-02-10
Company Response to Consumer: Closed with explanation
Timely Response: No
Consumer Disputed: N/A
Date Received: 2023-02-10
Issue: Problem with a purchase or transfer
Subissue: Card company isn't resolving a dispute about a purchase or transfer
Consumer Complaint: I used my Coinbase debit card to attempt to make 2 transactions. First transaction was XX/XX/28 at XXXX at XXXX XXXX attempted ) {$2400.00}. Coinbase took my money out of my account but the merchant did not process the transaction. Created on : XXXX XXXX The second transaction was XXXX at XXXX also at XXXX for the same attempted amount {$2400.00}. The same issue occurred where coinbase took my money out of my account but the merchant transaction was not completed. I have lost {$4900.00}
Company Response:
State: NC
Zip: 28110
Submitted Via: Web
Date Sent: 2023-02-10
Company Response to Consumer: Closed with explanation
Timely Response: No
Consumer Disputed: N/A
Date Received: 2023-02-09
Issue: Fraud or scam
Subissue:
Consumer Complaint: Unauthorized transfert of my money XXXX from my Coinbase account XXXX $ I reached the customer service directly by phone them by email to reverse the transfert but unfortunately they just improperly and unreasonably stops my account and wasnt able to access anymore to my accounts and funds, ... I file a complain to the FTC & CFTC XXXX
Company Response:
State: FL
Zip: 33138
Submitted Via: Web
Date Sent: 2023-02-09
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-02-09
Issue: Problem with a purchase or transfer
Subissue: Card company isn't resolving a dispute about a purchase or transfer
Consumer Complaint: I have a Coinbase Card, which I used to purchase 1 night at a hotel. However, I cancelled this order with the hotel and they processed a refund. But the refund never got credited to my Coinbase Card balance. Here is a summary of events : 1 ) I cancelled a transaction with a hotel on XX/XX/XXXX. The amount was {$170.00}. 2 ) After several weeks, no refund. I contacted the hotel and they said it could take 6 weeks or 2 months to receive refund. 3 ) After 2 months of waiting, I contacted Coinbase about refund. Case number # XXXX on XX/XX/XXXX. 4 ) They replied that transaction was reversed on XX/XX/XXXX and that will be credited to my account as USD. 5 ) I saw no record of the refund, so I contacted again and was advised to call XXXX ( XXXX ) XXXX and speak with " XXXX ''. 6 ) I called on XX/XX/XXXX and she said that this issue was already escalated by me on XX/XX/XXXX ( I had never contacted Coinbase about this issue before XXXX, so I don't know where that came from ). 7 ) XXXX said I must wait another 90 days ( from " escalation date '' of XX/XX/XXXX, or from now ... it's ambiguous ) for the money to be credited to my account. She did not have great English skill, and went for long pauses ( 30-seconds plus ) without saying anything. 8 ) I contacted them again on XX/XX/XXXX and still have not received any kind of meaningful assistance.
Company Response:
State: RI
Zip: 028XX
Submitted Via: Web
Date Sent: 2023-02-10
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-02-09
Issue: Other transaction problem
Subissue:
Consumer Complaint: As power of attorney ( POA ), I have been trying to get access to my fathers accounts for months. On XXXX XXXX Coinbase emailed asking that I use their secure site to upload copies of the POA and my state issued drivers license. They told me that I must create a separate POA account and the assets would be transferred to that account. On XXXX XXXX I confirmed to Coinbase that the documents had been successfully uploaded and submission ID # was XXXX and that an account had been created using my email. Hearing nothing, I confirmed that I had completed the requested steps again on XXXX XXXX XXXX XXXX XXXX On XXXX XX/XX/XXXX I was told to verify my ID for the new POA account through Coinbase. While I had received confirmation from Coinbase that my ID had been verified when I set-up the account on XX/XX/XXXX, I completed this for a second time on XX/XX/XXXX and again received a note from Coinbase saying the ID was verified. On XX/XX/XXXX, and XX/XX/XXXX I contacted Coinbase to follow-up as the assets had not been transferred. Their case # is XXXX.
Company Response:
State: OH
Zip: 452XX
Submitted Via: Web
Date Sent: 2023-02-09
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A