Date Received: 2022-08-18
Issue: Unauthorized transactions or other transaction problem
Subissue:
Consumer Complaint: Date of Transaction : XX/XX/2022 XXXX Amount {$480.00} Unauthorized transaction. Have contacted Coinbase account support and card services too many times to count since XX/XX/XXXX. I bought a plane ticket om XX/XX/XXXX with my Coinbase card and then requested a refund from the merchant the same day which was credited to my account XX/XX/XXXX for the amount {$480.00}. This charge and refund was reconciled and balanced my account on XX/XX/XXXX. However, nearly 2 months later, I noticed a charge in the amount of {$480.00} on my account on XX/XX/XXXX. I did not initiate this charge. I called the merchant ( XXXX XXXX ) to determine if they for some reason charged my account but their investigation determined not. I suspect this is an internal error on Coinbase 's system. I have been told on every instance of contacting Coinbase that an account specialist will review my case. Not a single time have I been contacted by an account specialist so no resolution has been given. I have every email thread regarding this issue and I know Coinbase screens and records all calls. I have provided screen shots related to the complaint and charges. Here are a list of Case numbers related to this issue ranging from XXXX XXXX to XX/XX/XXXX : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX I have already attempted to not only resolve this issue with the company directly but through the XXXX as well. It led to some communication but was poor communication on behalf of Coinbase as they have yet to resolve the issue and communicate promptly.
Company Response:
State: CA
Zip: 95928
Submitted Via: Web
Date Sent: 2022-08-18
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-08-17
Issue: Fraud or scam
Subissue:
Consumer Complaint: i am victim from a scam... i spoke to Coinbase and XXXX XXXX about it..
Company Response:
State: NY
Zip: 11221
Submitted Via: Web
Date Sent: 2022-08-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-08-16
Issue: Unexpected or other fees
Subissue:
Consumer Complaint: I recently joined a Coinbase program called XXXX, for XXXX XXXX XXXX. I joined this program based on the recommendation of XXXX XXXX XXXX, an expert in this field and a corporate officer if Coinbase. I am an account holder and stockholder of Coinbase. I was advised to reserve some special programming ( a bot ) to move from one level to the next within the XXXX. I had done so on two previous occasions. At the time of this writing I have approximately {$63000.00} invested in the XXXX XXXX tier of this program. I was further advised that the higher level of investment, the longer the lead time required to secure this bot. I gave myself two weeks. Two unfortunate things happened : 1. The bot was expected to arrive within days, not weeks as was previously advised by XXXX XXXX. 2. The funding I expected was no longer available. I immediately moved to cancel the reservation. Only then was I informed that was not possible. I was advised that the smart contract for the software was non-cancelable. After some text exchanges with the parties involved, Customer Service and XXXX XXXX herself, I was then informed if I could not produce the funding for the next tier, XXXX to XXXX, I would be considered in breach of contract. At that time I asked for a copy of this contract to which they referred. I have since discovered this agreement I was supposed to have violated has never been published, much les referred to. The threatened penalty could be {$7500.00}. I was never informed this was even possible. Coinbase allowed me to make this reservation knowing I did not have the capital at the time of making the reservation, No disclosure, no prior notice, nothing. Coinbase refuses any compromise, and XXXX XXXX has referred to me in extremly unflattering terms. Please advice possible protections and courses of action available to me. Best, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, FL XXXX
Company Response:
State: FL
Zip: 34957
Submitted Via: Web
Date Sent: 2022-08-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-08-16
Issue: Other transaction problem
Subissue:
Consumer Complaint: On XX/XX/2022 someone hacked into my coinbase wallet and stole BTC XXXX at approximate {$250000.00} XXXX etherium at approximately {$35000.00}. Coinbase sent me the following response and offered no assistance. Looking on the internet it appears this to be pretty common. They need to be shut down! " If you did not confirm any outgoing transactions from your Wallet, we regret to inform you that this means the funds and the seed phrase are now compromised. We are unable to provide specific details on how your Wallet was compromised. Cryptocurrency transactions are part of an external process, outside of the control of one entity. They can not be reversed once they are confirmed on the blockchain, therefore Coinbase can not recover the funds in these instances. ''
Company Response:
State: AZ
Zip: 85395
Submitted Via: Web
Date Sent: 2022-08-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-08-15
Issue: Managing, opening, or closing your mobile wallet account
Subissue:
Consumer Complaint: I have held an account in Coinbase and Coinbase Pro for 3 years. In XX/XX/2022, upon logging in to Coinbase Pro, I received a message that Coinbase Pro is being phased out and that I should tranfer the funds to Coinbase. Upon doing so, I received an email on XX/XX/2022 titled " Your account is being reviewed '' by Coinbase, which advised that " Account reviews usually take a few days. During this time, you wont able to trade crypto or withdraw funds from your portfolio. '' Upon logging in to Coinbase, I was prompted to perform an " enhanced due diligence '' verification due to the " high volume of transactions '' ( despite having made 1 transaction in 1 year ). I performed all requested verifications, but my account remains on hold. When I login to Coinbase, a banned message appears : " Account under review - Your account is currently being reviewed and we need some time to verify your info. During this review, you won't be able to use Coinbase. Reviews generally take a few days, so sign in every day or two to check your status. '' Coinbase is abusing the enhanced due diligence process to freeze funds and prevent withdrawals, because they are faced with a liquidity crisis. I am being unlawfully prevented from accessing my funds by Coinbase.
Company Response:
State: IL
Zip: 61822
Submitted Via: Web
Date Sent: 2022-08-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-08-15
Issue: Fraud or scam
Subissue:
Consumer Complaint: I met someone on a dating app called XXXX and quickly started to get to know the person. We started to talk about our future and she mentioned that she would help me earn money through investing my current saved funds. She convinced me to wire money from my bank to my coinbase wallet and eventually to a trading account through this site : https : //www.coinbasetvte.net/ # /. I invested over XXXX $ into this and she helped me to make a " profit '' of XXXX for a total of XXXX. When I tried to access the money, the trading account " froze '' my funds and would not let release my money. They first convinced me to pay XXXX $ in " handling fees '', once this was paid, they claimed that I need to pay taxes on my profits with an additional XXXX XXXX Once I paid these taxes, they then went on to say that I need to pay a XXXX $ late fee for not paying the taxes on time. Even after all of this, they required me to pay a XXXX $ deposit if I wanted to access my funds. Once I paid the deposit, both the person I met as well as the trading site provided above stopped replying to my inquiries. I now have XXXX $ that I am unable to access. All of my wire transfers were set to buy XXXX and pay this trading account to the following address : XXXX. I am now at a significant financial loss with now way to recover any of the money that I have invested.
Company Response:
State: WA
Zip: 98001
Submitted Via: Web
Date Sent: 2022-08-15
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-08-15
Issue: Problem with a purchase or transfer
Subissue: Card company isn't resolving a dispute about a purchase or transfer
Consumer Complaint: On XX/XX/2022 I transfer {$330.00} from my personal checking account to my Coinbase prepaid debt card. Coinbase received the funds from my checking account on XX/XX/2022. Coinbase is holding that {$330.00} dollars, Coinbase is not giving me access to it. The {$330.00} was never applied to my Coinbase debt card. I called them XX/XX/2022 several times. The Coinbase reps told me that for security reasons my {$330.00} was placed on hold until XX/XX/XXXX. It is now XX/XX/XXXX and I still do not have access to the funds. I want my money, please.
Company Response:
State: PA
Zip: 168XX
Submitted Via: Web
Date Sent: 2022-08-15
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-08-14
Issue: Fraud or scam
Subissue:
Consumer Complaint: In this letter, I will practice my right as a client of Coinbase to claim for reimbursement. On XX/XX/XXXX, I entered into an investment contract with a scammer called XXXX and XXXX ( the Scammer ) to transfer the equivalent of XXXX USD. Entering the online trading sphere comes with many hopes but due to Companys Shady activities and dealings, I lost my money within a very short period of time. I advised Coinbase of this fact on XX/XX/XXXX, and I didnt receive any satisfactory response so far. I am a victim of Fraud as I was under a lot of pressure and coerced through very sophisticated methods specifically created by these criminals. I reiterate that there was no trading account, and no trading actually took place. This was all a scam, and the recipient simply pocketed the money. Again, I apparently need to reiterate the fact that my money I transferred wasnt used for any investment, trading, or purchasing shares as was promised to me, my money was used for paying for service which I didnt get. My money wasnt in use for any actions, it was simply transferred to the owners bank account. Since I didnt purchase anything and I didnt invest in anything, my money wasnt in use for anything, it was simply pocketed by the beneficiary account holders. Their sophisticated, manipulative, aggressive emotionally/psychologically driven sales tactics specifically tuned in to my personal circumstances was a deliberate and vicious financial crime on me as a vulnerable and unsuspecting individual. I also understand now that there is a multimillion-pound industry out there with such companies operating to effectively steal people 's money using these tactics.
Company Response:
State: UT
Zip: 846XX
Submitted Via: Web
Date Sent: 2022-08-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-08-14
Issue: Fraud or scam
Subissue:
Consumer Complaint: I'm a victim of financial crime which costs my lifetime saving of ~ {$280000.00}. I was cheated to send the money in my Coinbase account to a fraud address ( in 3 transactions below ) and failed to get it back. The police report # is XXXX from city of XXXX, IL. On XX/XX/2022, {$980.00} was sent out to a fraud address ; On XX/XX/2022, {$74000.00} was sent out to a fraud address ; On XX/XX/2022, {$200000.00} was sent out to a fraud address ; I called Coinbase around XXXX XX/XX/2022. Coinbase refused to compensate my loss and said " All cryptocurrency transactions that are confirmed on the blockchain are irreversible. Coinbase has no information on ownership of external cryptocurrency addresses, and because this is an external process, there is no way for Coinbase to cancel, reverse, or recover these funds on your behalf. '' 1.However, Coinbase did not warn me when I typed in fraud address to send. Coinbase 's fault attracts, helps and enables criminals to use Coinbase to commit crime. Coinbase should compensate its customer 's loss caused by its fault. 2.Coinbase said ( https : //cryptochronicle.io/coinbase-refund-if-hacked/ ) : " Coinbase secures the majority of its digital assets with crime insurance, and will refund you if your account has been compromised. Even if your funds were lost due to negligence or personal error, they might still refund your account. '' The insurance covers " Wrong crypto address : Another common mistake people report is sending money or cryptocurrency to the wrong recipient address. '' Therefore, Coinbase should compensate my loss. 3.Coinbase said ( https : //help.coinbase.com/en/coinbase/other-topics/legal-policies/how-is-coinbase-insured ) : '' Coinbase carries crime insurance... However, our policy does not cover any losses resulting from unauthorized access to your personal Coinbase or Coinbase Pro account ( s ) due to a breach or loss of your credentials. '' Coinbase lists the only exclusion above, which does not apply to my case. Therefore, Coinbase should compensate my loss. I complained to XXXX on XX/XX/2022 ( ID # XXXX ). The communication history with Coinbase is attached. There is no response from Coinbase about following facts. Coinbase pretends not seeing them. However, those facts are still there. Fair third party saw or will see them. Fact 1 : Coinbase did not warn me when I typed in fraud address to send. Coinbase 's fault attracts, helps and enables criminals to use Coinbase to commit crime. I point out Coinbase fault multiple times. Coinbase keeps silent on its fault. Coinbase does not deny its fault. Therefore, Coinbase should compensate damage caused by its fault. Fact 2 : I point out that Coinbase has crime insurance multiple times. Coinbase keeps silent about the insurance. Coinbase does not deny that it has the insurance. Why can not Coinbase use the insurance to compensate customer 's loss? On XX/XX/2022, XXXX recommended me to escalate to regulatory agencies, including Consumer Financial Protection Bureau. Thank you.
Company Response:
State: IL
Zip: 60504
Submitted Via: Web
Date Sent: 2022-08-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-08-13
Issue: Other transaction problem
Subissue:
Consumer Complaint: I transfered cash and crypto assets from Coinbase XXXX to Coinbase. I then began to purchase coins. I have {$3500.00} that is showing as USD, but is actually in a filled ETH transaction. The {$3500.00} is not showing in my ETH balance and is not accessible. Coinbase has stolen {$3500.00} from me and cost me missed gains.
Company Response:
State: TX
Zip: 75078
Submitted Via: Web
Date Sent: 2022-08-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A