Date Received: 2022-11-09
Issue: Fraud or scam
Subissue:
Consumer Complaint: Commencing on or around XX/XX/2022, I fell victim to XXXX multi-layered scam operations run by XXXXXXXX XXXX XXXX which involved me making deposits for a total amount of XXXX USD from my Coinbase account to fraudulent investment firm.
Company Response:
State: NY
Zip: 10037
Submitted Via: Web
Date Sent: 2022-11-09
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-11-08
Issue: Fraud or scam
Subissue:
Consumer Complaint: Late last year I was contacted via XXXX using the name XXXX XXXX. She/he persuaded me to go to XXXX and continue chatting using the phone number : XXXX XXXX XXXX. After a short time, she/he convinced me to open a coinbase wallet and join a mining pool run by XXXXt. Over the next 9 months I 'invested " over XXXX XXXX USD buying Ethereum but when I tried to sell the Ethereum XXXX XXXX disappeared along with all my money. All monies were sent to this XXXX. I have contacted Coinbase who absolutely refuse to take any action repeating over and over again that the only way for anyone to access my Coinbase Wallet is if my 12-word recovery phrase has been compromised and that did not happen. Furthermore Coinbase was made aware of fraudulent dapps operating on their platform as early as XX/XX/2021 as shown in : XXXX XXXX XXXX XXXX XXXX XXXX XXXX. XXXX XXXX COINBASE WALLET, COINBASE, INC., AND COINBASE GLOBAL , INC.
Company Response:
State: CA
Zip: 95825
Submitted Via: Web
Date Sent: 2022-11-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-11-09
Issue: Fraud or scam
Subissue:
Consumer Complaint: the Coinbase XXXX app is a fraud. It looks lke a coinbase wallet, but it's not. It seems like a foreign entity has done a masterful job at creating a web site that would resemble a wallet. But it's a scam
Company Response:
State: TN
Zip: 37013
Submitted Via: Web
Date Sent: 2022-12-01
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-11-07
Issue: Fraud or scam
Subissue:
Consumer Complaint: Commencing on or around XX/XX/2019, I fell victim to a multi-layered scam operation orchestrated by Fake XXXX support which involved me making deposits for a total amount of XXXX USD from my Coinbase Inc. account to the fraudster.
Company Response:
State: GA
Zip: 30066
Submitted Via: Web
Date Sent: 2022-11-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-11-04
Issue: Fraud or scam
Subissue:
Consumer Complaint: I have spent months ceaselessly trying to inform and alarm Coinbase regarding the fraudulent activities of a company called XXXX. Unfortunately, Coinbase company continues to brush off all my attempts. Their staff is mistaking me for a fool by repeating the same nonsense sentence over and over. I provided the scammer account screenshot to your staff from the XXXX platform and pleaded with them to contact XXXX freeze the accounts on coinbase platforms and tip the FBI, law enforcement, and the Attorney General of Kansas. I provided all my case numbers and any information I could to the coinbase staff. The company continues to provide no useful action against the scammer and wastes valuable time. Now this scammer has withdrawn all her money and fled the country. Since XXXX XXXX and its agents have started scamming people and there is several useful evidence from late XXXX and XXXX that Coinbase has been aramid and informed about this scam company. Unfortunately, the platform refused to take any action against this scam and block them. If Coinbase would have acted earlier, I and countless others wouldnt have been scammed in XXXX. I am holding the conibase company liable for the loss of my assets. I had a few deposits done from your platform to the XXXX site, but the platform didnt alert me until the last transaction, on the last transaction all they did was restricted my account for two months without any explanation even though I contacted the company 's staff several times. Since the Coinbase platform didnt give the reason for the restriction on my account I went ahead and opened an account with XXXX.XXXX and deposit more money to scam XXXX XXXX If Coinbase 's useless staff would alert me about risky and fraudulent transactions to XXXX then I wouldnt open an account with XXXX and wouldnt deposit more money to the XXXX site. Its all on them. The coinbase institution is the one who enabled all the maneuvers in this scam. It is utterly tragic that your XXXX exchange did not sufficiently protect me from this fake investment. Coinbase had all the data and knew these were very high-risk transactions. It is possible that you requested authorization for the transaction, but in my eye, you failed in your basic fiduciary responsibility to protect me. The scam companies know the Coinbase companys weaknesses and use them perfectly. Coinbase companys setup is perfectly designed for scammers and frauds. Look like Coinbase company is assisting and aiding this scam and fraudulent company for a measly profit. It is very shameful that no one on the platform is doing any research or investigations on this fraudulent business. This company XXXX is scamming hardworking people like me and hiding their money at Coinbase company. Coinbase company 's action is very similar to the XXXX XXXX XXXX using XXXX money in their banks and gaining profit while poor innocent XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. My current life goal is to bring down the XXXX and end their fraudulent activities and regain my lost money. I would appreciate any help from CFPB. Sincerely XXXX XXXX
Company Response:
State: KS
Zip: 66049
Submitted Via: Web
Date Sent: 2022-11-04
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-11-01
Issue: Problem getting a card or closing an account
Subissue: Trouble closing card
Consumer Complaint: Someone has made an unauthorized access on my Coinbase account. My account email is XXXX The unauthorized person tried to transfer {$5000.00} from my bank account at XXXX XXXX. The transfer failed due to insufficient funds, but Coinbase credited my account with {$5000.00} anyways. The fraudster purchased $ XXXX in XXXX XXXX this credit. While doing this, the fraudster set up a Coinbase debit card in my name. I know this because I received a copy of the debit card. I saw in another bank account that a fraudster had set up an external account with XXXX and tried to activate an external transfer using verification deposits. I deleted this account from XXXX direct. They tried to make a transfer from my XXXX account, but XXXX caught on and shut the account down. I logged into Coinbase and immediately locked the account. I then called Coinbase to try and resolve the situation. After XXXX minutes of prodding, the agent eventually said she blocked the card. I was not able to shut down the fraudulent account because the agent could not do it. She said I had to contact the Coinbase card line. She could not connect me. She said hang up, call bank and press an option to verify my account through email. I used this option but an email was never sent. The agent said she would send more verification emails, but they were never received. She said I could not speak to the Coinbase debit card team without using the email verification. No other option to speak to this team is available. I am not receiving their verification emails, and because of this they said there is no other option available to speak to the Coinbase debit card team. I assume that if I am never able to reach the team, the fraudulent account will remain open. I presume that the fraudster was trying to use this account to transfer money from me, either through my bank accounts or Coinbase, so it needs to be shut down immediately to prevent further damages. I asked the agent if she could change my email to another address to try and receive message that way, but she said that could only be done by me after logging into my account. My account is locked though, so I am unable to do this, leaving with no options. My account needs to remain locked to prevent further fraud. Once the transfer from XXXX XXXX failed, Coinbase said I owe the deficient balance from the failed transfer and {$5000.00} XXXX purchase and they would confiscate funds to do so after a few days. I said I do not owe this as I did not make this transfer or purchase. They said I do according to their policy. They apparently have no fraud protection. I told them to go ahead and confiscate the XXXX to mitigate any further damage. The agent on the phone said they can not do that, that there is a grace period that has to resolve. Therefore if the price of XXXX drops substantially in the meantime, I will be liable for that drop. Note that when speaking to Coinbase, I can not speak directly to the resolution team. All of my communications with them are through email. I can only speak to an agent with limited knowledge and power. No supervisor exists to be transferred to. The party responsible for resolving this can not be reached by phone. I have messaged them through email several times today as this is an urgent situation and they have not responded after hours of attempts.
Company Response:
State: VA
Zip: 22407
Submitted Via: Web
Date Sent: 2022-11-01
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-11-01
Issue: Fraud or scam
Subissue:
Consumer Complaint: i start too doing business with the company in the XX/XX/XXXX with XXXX, next in XX/XX/XXXX XXXX, XXXX XXXX XXXX, when i try to start doing trading the company not allow me too buy or sell any curency, next the unlinked my bank account and not allowme to conect again and making imposible too withdraw or recover my fund. i send at least 3 email and i have provided any document they want and need. the just dont want too give me my money back
Company Response:
State: FL
Zip: 33178
Submitted Via: Web
Date Sent: 2022-11-01
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-10-26
Issue: Other service problem
Subissue:
Consumer Complaint: During the pandemic I decided to open up a XXXX account. I decided that I would use coinbase since it is was a publicly traded company and the largest in the industry. When I signed up for the account they offered a wallet to store my funds. I figured since I was using them to buy crypto it would only make sense for me to use there wallet for security reasons. Over the last 2 years I been buying crypto and moving the funds to my Coinbase wallet until just recently when I upgraded my new iphone. When I recently went into the wallet I noticed that the app had been updated and it was not allowing me to login like I used to. It was now asking for a 12 word phrase which I do not recall ever getting and that I needed to retrieve from my icloud backup. When I did that it give me a 12 letter password that I use for most of my logins for other things. However, Coinbase wallet said it was incorrect. When I contacted Customer Support they claim that they dont support the wallet and if I do not have the 12 letter phrase I would lose all the money in the wallet which I estimate is {$12000.00}. I don't understand how this is possible especially for the least sophisticated crypto user. It seems criminal to me that I can be out all this money because they updated their app or I updated my phone. I don't know which of the 2 reasons is true. Maybe both. I really need help with this I can not afford this money that I invested. When I went online it seems that many people have experienced this exact issue with coinbase wallet. Now peoples hard earned money is floating around in the crypto universe. Please help.
Company Response:
State: NH
Zip: 030XX
Submitted Via: Web
Date Sent: 2022-10-26
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-10-26
Issue: Fraud or scam
Subissue:
Consumer Complaint: Commencing on or around XX/XX/2021, I fell victim to two multi-layered scam operations run by XXXX XXXX XXXX XXXX which involved me making deposits for a total amount of XXXX USD from my Coinbase account to these fraudulent investment companies.
Company Response:
State: NC
Zip: 27028
Submitted Via: Web
Date Sent: 2022-10-26
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-10-20
Issue: Fraud or scam
Subissue:
Consumer Complaint: Commencing around XX/XX/2021, I fell victim to a multi-layered scam operation orchestrated by XXXX XXXX ( the Company ), whose actions are designed to achieve the goal of robbing and defrauding innocent people in the equivalent of XXXX USD which were transferred from my Coinbase wallet.
Company Response:
State: OR
Zip: 97124
Submitted Via: Web
Date Sent: 2022-10-20
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A