Date Received: 2023-12-15
Issue: Fraud or scam
Subissue:
Consumer Complaint: Commencing on or around XX/XX/2022, I fell victim to two multi-layered scam operations run by " XXXX '' limited which involved me making deposits for a total amount of XXXX XXXX USD from my Coinbase account to fraudulent investment firm ( s ).
Company Response:
State: TX
Zip: 78132
Submitted Via: Web
Date Sent: 2023-12-15
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-14
Issue: Incorrect information on your report
Subissue: Personal information incorrect
Consumer Complaint: I logged in to my Coinbase account several months ago and it presented me with a popup asking me to confirm my information as they have to report that to financial regulations. I looked at the details and it had my Citizenship wrong. It was " US Citizen '' which is not correct. I contacted support several times but they are not willing to help me change it to my correct citizenship. The response I got was there system would not allow them to change it and there was no way for me to correct that info. I made sure they understood that the info was not correct. Their response was to close my account and open a new account. I can't close my current account because I'm holding crypto with my current account. I'm worried they will be reporting the wrong info wherever they are sending my info.
Company Response:
State: CA
Zip: 90012
Submitted Via: Web
Date Sent: 2023-12-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-14
Issue: Fraud or scam
Subissue:
Consumer Complaint: Coinbase KYC department freeze my account for 3 months, they continue to ask me same question and hold my money for there purpose obviously, several times I asked about to close my account and realized my money to MY VERIFIED BANK ACCOUNT, but they CONTINUE to hold my money
Company Response:
State: FL
Zip: 33138
Submitted Via: Web
Date Sent: 2023-12-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-13
Issue: Fraud or scam
Subissue:
Consumer Complaint: I am a customer of Coinbase. Coinbase is a licensed and registered financial entity based in the United States, Coinbase is obligated to follow regulations, rules, directives, etc., enforced by its regulators ( depending on the jurisdiction ) and other law-making bodies. These include following proper KYC policy, abiding by the XXXX XXXX, and complying with government AML/CTF obligations and responsibilities. Information was sent to Coinbase about an unpleasant incident that involves fraudulent activities conducted by the XXXX company. They convinced me to open a Coinbase wallet to make an investment in the form of cryptocurrency. According to them, I could only deposit to my XXXX trading account through crypto which is why they needed me to open a Coinbase wallet. I then wired from my XXXX XXXX bank account to my Coinbase account which I converted into crypto USDT. From my Coinbase wallet, I was instructed by the scammer to send crypto to wallet addresses provided by them. All in all, I withdrew a total of approximately XXXX USDT over three transactions listed below : - Crypto transaction 1 Amount : XXXX USDT Date : XX/XX/2023 - Crypto transaction 2 Amount : XXXX USDT Date : XX/XX/2023 - Crypto transaction 3 Amount : XXXX USDT Date : XX/XX/2023 As the transfer of cryptocurrency involved my Coinbase wallet, I informed Coinbase that I was able to trace and determine the wallets that were used by scammers to siphon my money. To my surprise, the recipient wallet addresses are unknown and not registered as KYC wallets on any crypto platform. I was under the impression that crypto xchanges like Coinbase are bound to comply with the XXXX XXXX rule which clearly states that VASPs are required to gather sufficient information about the sender as well the BENEFICIARY of a transaction. It is very obvious that Coinbase never investigated the beneficiary wallet address or the owner of that wallet and let the transaction take place without any monitoring. I attached screenshots of the tracing of the fraudulent transaction from my Coinbase wallet along with diagrams as proof that transactions leaving Coinbase are indeed fraudulent. Hence, I urged Coinbase to investigate the matter and trace my funds ultimate destination to apprehend the criminals for this financial crime. I am also of the opinion that Coinbase has neglected me as their customer and allowed me to engage in risky transactions which also makes them liable for my loss and responsible for sufficient compensation.
Company Response:
State: CA
Zip: 935XX
Submitted Via: Web
Date Sent: 2023-12-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-13
Issue: Fraud or scam
Subissue:
Consumer Complaint: Start form XXXX XXXX to XXXX, I had wire to Coinbase account in City Of XXXX XXXX, XXXX XXXX. To invest in XXXX. With total of {$120000.00} I used the XXXX XXXX to wired {$120000.00} to Coinbase , Inc. After I wired them in to the Coinbase account and I have to transfer it to Coinbase wallet, from here the scammer withdrawal my fund. The scammer who is locate in the Coinbase wallet, keep directed me around with all these fault information, After I want to withdrawal my fund. They asked the pay for capital gain tax too. I was confused, because this amount is all my principle, I don't make profit yet. They keep push the send more money in. I have to put my business for loan, my house, my credit all in it. Finally, I can not withdrawal my fund either. After that they shup off the website. At that same time XXXX XXXX sold the business to XXXX XXXX taken over. The Scammer also asked me to use other bank account to wired the fund in to. With their direction, I was open other account with XXXX XXXX, and wire in ton them with total amount is {$20000.00}. The total is {$140000.00} to Coinbase , Inc . The Coinbase wallet let the scammer taken all my fund. I contact these banks to inquiry to return all my wired, they keep came back " Nothing they couldn't do to return my wired. The beneficiary bank wouldn't reply and said that these are closed. '' I were thinking without the XXXX XXXX, XXXX XXXX and Coinbase , Inc . I should all my life saving fund. The situation I am in now financial hardship. I do believe in the bank system and Coinbase , Inc to protect their customers ( me, ). They do have the licenses to operation the business and should protect their customer NOT PROTECT the scammer. I request the Banks And Coinbase, Inc solve the situation for me as soon as possible. These Banks and Coinbase , Inc should knew where the scammer are. Sincerely XXXX XXXX
Company Response:
State: CA
Zip: 92394
Submitted Via: Web
Date Sent: 2023-12-15
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-13
Issue: Other transaction problem
Subissue:
Consumer Complaint: Coinbase , Inc. account assets were fraudulently transferred by Coinbase based on fraudulent Send request by XXXX. This occurred three days following account hack XX/XX/2023 and prompt call to Coinbase, XXXX XXXX who confirmed the hack. Coinbase Support instructed change of password and change of Two Factor Authentication from XXXX to XXXX. The Hacker was not properly identified indicating Know Your Customer and Customer Due Diligence deficiencies ( XXXX XXXX XXXX ) and was allowed to make changes to my account settings, process asset conversions, and transfer assets from my account, then delete account setting changes. Coinbase Security System failures failed identifying Red Flag items that should have halted fraudulent transactions to occur : Account holder did not authorize asset conversion or transfer. Hacker accessed my account from a new IP address / VPN with a new unidentified device. Asset conversions and transfers were inconsistent with account owner activities, which had not occurred prior to the hack. Fraudulent transfers were Sent to addresses not identified by the Account holder 's established White address list. ( only two addresses were identified by the Account holder ). The asset conversions and transfers occurred following n otification to Coinbase , Inc. and verification by Coinbase , Inc. Support of an Account hack. This incident resulted in Demand for Arbitration through XXXX XXXX XXXX. There were approximately three months of attempted negotiations by a Coinbase , Inc. third party law from outside Arbitration in violation of the Coinbase , Inc . User Agreement Arbitration clause. This delayed the Arbitration case from moving forward as stipulated. Things now appear to be moving forward.
Company Response:
State: TX
Zip: 786XX
Submitted Via: Web
Date Sent: 2023-12-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-11
Issue: Other service problem
Subissue:
Consumer Complaint: I have a coinbase.com account. I set up XXXX with an authenticator device but had to factory reset my cell phone which erased the authenticator details I need to log into coinbase. To reset my coinbase authenticator I have to verify my identity through am automated verification system on the coinbase app which has me upload pictures of my driver 's license and my face. I have attempted to do so XXXX times in different lighting conditions, but the process continues to end with an error message. When I try to contact Coinbase support I must first 'sign in " before the support chat will connect me to a live agent. Due to the issue with XXXX, I can not sign in so I can't talk to an agent. When I call coinbase an automated voice tells me " call volume is extremely high '' and it hangs up on me regardless of which option I try. I submitted a complaint to Coinbase and they have redirected me to the same processes I've already tried. So I tried them again, but I'm still getting an error on ID Validation so I can't sign in to talk to a support agent. Coinbase sent me an email this morning ( XX/XX/2023 ) that my case is being closed and to contact support ... UGHH, they are so dense! All I want is a way to reset my XXXX that doesn't require me to sign in to talk to an agent. Coinbase could pick up the phone? But they seem unwilling to do so. I've spent XXXX hours trying to resolve this since approximately XX/XX/XXXX. I have read all the support articles, but they all lead back to 'signing in " ( which I'm unable to do ) to talk to an agent. Either through negligence, apathy or unwillingness to provide access to my funds, coinbase is keeping me, and I'm sure other users from gaining access to their money.
Company Response:
State: VA
Zip: 23113
Submitted Via: Web
Date Sent: 2023-12-11
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-10
Issue: Fraud or scam
Subissue:
Consumer Complaint: Commencing on or about XX/XX/2023, I fell victim to a multi-layered scam operation run by " XXXX and XXXX '' which involved me making deposits for a total amount of {$25000.00} USD from my Coinbase Wallet account to fraudulent investment firms ( s ).
Company Response:
State: TX
Zip: 75050
Submitted Via: Web
Date Sent: 2023-12-10
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-06
Issue: Unexpected or other fees
Subissue:
Consumer Complaint: I m using coinbase account regularly since last 3 years suddenly from the month of XXXX they have blocked access to my funds and mentioned 40 days waiting time for funds access. Then after 50 days I mailed them telling I'm unable to access funds, they mentioned to link my bank account, when I m trying to link bank account and sell the virtual assets they didn't allow to link, they have been mentioning in mails every month telling that we have extended time line for you to withdraw, when I try to open the portal it says please withdraw funds to completely close the account. When I try to withdraw it says contact support, when contact support they just simply mail telling you ll be able to withdraw funds in near future. I have clear mail asking them what is the reason for blocking my funds, they tell its not to be disclosed. This is not at all correct thing. What right they have to block my virtual assets without any proprt explanation .kindly help me My coinbase registered mail id : XXXX XXXX
Company Response:
State: DE
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-12-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-06
Issue: Managing an account
Subissue: Funds not handled or disbursed as instructed
Consumer Complaint: I am unable to access my Coinbase account. There was over {$8000.00} in there. I was told I'm unable to log in because I have a home in XXXX. I also live in the State of XXXX. I just want to close the account and have my money returned to me.
Company Response:
State: CA
Zip: 92101
Submitted Via: Web
Date Sent: 2023-12-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A