Date Received: 2021-12-07
Issue: Fraud or scam
Subissue:
Consumer Complaint: I have had just open a. Accounts with coinbase and a new phone service with XXXX my SIM CARD was access and my phone was no longer in working condition to make calls or receive texts when I complain to coinbase they said theres nothing they can do to return my money after weeks of having to email them over and over again they only gave a ticket number which is # XXXX, I had over XXXX $ and theyre not giving it back
Company Response:
State: NY
Zip: 10591
Submitted Via: Web
Date Sent: 2021-12-07
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-12-08
Issue: Other transaction problem
Subissue:
Consumer Complaint: I staked XXXX in a crypto currency called XXXX XXXX this past XX/XX/XXXX, knowing and agreeing to have my money help finance the launch of this new blockchain. I expected to be able to trade within 3 months time, ( the only update they have posted for months now says that trading will be made available in the latter part of the year ). It is now XXXX XXXX, and it has not yet become tradeable. Unfortunately, I need to access my funds, and need to quite urgently, as I am unemployed AND moving, AND starting school. Not only am I unable to cashout and close my account, but they have made it completely impossible to do so ... to the extent that I am locked out of my account, and unable to even look at my portfolio. I have called at least XXXX times. Lately, I have realized that if I call in the middle of the night I can reach a human. But these humans are low on the totem pole, and unable to do anything to help navigate me through this disaster and close my account. I have been told to contact support via email to " escalate '' my account, but I am unable to even do that, as I can not make it past the authenticator page which doesn't work - no matter how I try, or even when their own support has tried. One customer service agent suggested I open a 2nd " upgraded '' account, and sent me the link to do so, thinking that if I could get my ID verified AGAIN, which I've done at least 6 times now, on the new account, then-being the same person, I could transfer the coin to this account, bypassing the hiccup of XXXX that I've tripped into, and cash out there, and close THAT account. So, in XXXX min time, ( on this new account ), I did what I haven't been able to do in XXXX weeks or more with my other account. Obviously, they don't want to close or cash out this staked XXXX, why? I don't know, it is more than a bit frustrating, and like I said, I am VERY in need of the cash, or I wouldn't bother! I have never in my life had such a blatant series of website flaws prevent me, maliciously, from accessing my money, and I have never in my life, had such a poor customer support experience. I'm beginning to think I won't ever get my money out, and if I don't come up with the {$500.00} I need for gas and classes this coming Monday, this experience will set me personally back the XXXX I have invested in my future career, as I won't be able to fund my very long commute to my temporary lodging XXXX hours away from where I live, therefore miss my classes altogether, because after 2 months of trying to cash out and close my account, Coinbase simply won't let me. Please help me. I'm desperate to aquire mediation in hopes of a resolution before XX/XX/2021. I am desperate to close my account, and they simply will not do it, nor will they respond to my tickets with any actual results that will make this happen. I am sick about this. This business needs to go. Awful experience. Unreal.
Company Response:
State: CA
Zip: 93955
Submitted Via: Web
Date Sent: 2021-12-08
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-12-08
Issue: Other service problem
Subissue:
Consumer Complaint: I received an email that my Coinbase account has suspicious activity. So I took the steps Coinbase recommends and paused my account. Now when trying to reactivate my account I am unable to login, receive password reset links to my email, or receive emails from Coinbase in general. I opened tickets as well as spoken with customer service representatives, but no one has been able to help. I would like to regain access to my account. Thanks in advance.
Company Response:
State: IN
Zip: 478XX
Submitted Via: Web
Date Sent: 2021-12-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-12-08
Issue: Fraud or scam
Subissue:
Consumer Complaint: The person used another person 's pictures and made up a fake name and talked me into investment trading of cryptocurrency and then took my money from my account illegally. He told me his name is XXXX XXXX XXXX or XXXX XXXX XXXX, his phone number is ( XXXX ) XXXX, he lives in XXXX, and owns a house and drives a XXXX car. From talking with him, I think that he is a person from XXXX, and he works with this XXXX XXXX XXXX application, and uses his fake identity to trick people to invest in cryptocurrency with him and then stole their money. He asked me to transfer money of {$85000.00} dollars to my coinbase account, and then transfer to a XXXX online website application called XXXX XXXX. He helped me with trading investment, but after the transaction is done, I could not withdraw money from my account and my account got disabled. And then he asked me for another 35,000 and also threatened to kill me many times. Met this unknown person on the XXXX application. Said his name is XXXX XXXX XXXX and XXXX XXXX XXXX and that his birthday is XX/XX/1986. Also stated that he lives in XXXX XXXX XXXX and drives a XXXX XXXX. Talked me into investment of cryptocurrency, and transferred investment money of the amount {$86000.00} from my Coinbase to a XXXX online website called XXXX XXXX. After helped me with trading, my account was disabled and I could not withdraw my money back to my Coinbase. Please help me with this fraud scam, because it is a large amount of money loss and also he can continue on doing fraud and scam to other people with more money. of my supposed account on XXXX XXXX, for which I think the numbers were set up. Because I thought my investment money was transferred to my account on this application, but I think when I asked the transfer address from this customer service, they must have given me the fraud scammer 's wallet information, so that my investment money was actually transferred to his account. as I thought I have investment money in my account on this XXXX XXXX and was withdrawing the money back to my Coinbase, my account got logged out and I could not sign in nor withdraw my money. This unknown person is from XXXX and his name may be XXXX and that his birthday may be XX/XX/86. He used a phone number XXXX and said that he lives in XXXX and drives a XXXX car. This unknown person can be in the XXXX and not in XXXX, because XXXX does not legalize for cryptocurrency investment and he has the XXXX account to get the transfer address and took my investment money illegally. The most important thing is the large amount of money {$86000.00} that I have lost, I wish that you could help return back to my bank account. This unknown person used fake identity name and pictures and talked me into investment trading, tricked me to transfer the investment money to his account, asked for more and threatened me if not.
Company Response:
State: CA
Zip: 92614
Submitted Via: Web
Date Sent: 2021-12-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-12-07
Issue: Other transaction problem
Subissue:
Consumer Complaint: On XX/XX/2021 i contacted COINBASE with a simple question. How did they justify their unusually high fee system when buying cryptocurrency in smaller amounts? How is this fee system fair and not tilted towards larger transactions out of reach for many if not most Americans using COINBASE. Example. You want to buy 10 dollars worth of crypto. Coinbase charges .99 cents or roughly a 10 % fee. When you buy more 1001 or over. Its 1.5 %. I asked how that practice isnt discriminating against people with little to invest with every month. If i can only afford ten bucks a month at a ten percent rate of fee i would have to wait a very very very long time before i could see any return. On top of that. The fee goes both ways buying or selling. Granted the selling fee will be less once sold 15 years from now, when after inflation you make a 3 percent return? Maybe? That seems like a long con to me. They responded with a cut and copied preplanned answer that had little to do with my question. Here it is below. -Thanks for contacting us. To ensure that transactions are processed on cryptocurrency networks, outgoing transactions to external cryptocurrency addresses typically incur a " mining '' or " network '' fee. This fee is paid to cryptocurrency miners, which are the systems that process the transactions and secure the respective network. Coinbase incurs and pays these fees directly. Accordingly, Coinbase will charge a fee based on our estimate of the network transaction fees that we anticipate paying for each transaction. In certain circumstances, the fee that Coinbase pays may differ from that estimate. All fees we charge will be disclosed at the time of your transaction. Coinbase does not charge network fees for cryptocurrency transfers from one Coinbase wallet to another. As crypto begins to gain broader adoption in applications like XXXX, payments, and other projects, networks are now busier which leads to longer wait times and higher fees as users compete to get their transactions confirmed faster. Regards, Coinbase Support- Later this evening. They removed my banking info claiming i do not have the funds available ( i have more than needed ) to purchase XXXX dollars worth of crypto that i had purchased a day prior and in fact i need to make a payment or they will sell my current virtual currencies to satisfy the debt. Wow. All in one day. Thats the definition of retaliatory practices if I have ever seen it! So on top of seriously limiting the ability of me to meaningfully invest in my future COINBASE went out of their way to delete my bank information which somehow put me in debt to them. I guess they thought that was funny? Not sure. I would say it was just a mistake if I had not contacted them today about a question they had no actual answer to. Just a predictable copy and pasted company line that I read in the faqs already. I asked specifically how they. COINBASE. JUSTIFIED. ( Key word there is justified. ) Their fees. If the fee system is par for the course and nothing can be done than I suppose the problems is a very weak US financial regulatory system not keen yet on crypto. Which is likely a big part of the reason they are doing this to begin with. They charge fees and offer no real time customer support. How do multi billion dollar companies who. Make no products. And are 100 % a customer service industry have limited or no customer support staff to speak of? So right now its just a cash grab for COINBASE until the government catches on it seems. I have no recourse other than this which will likely be ignored or dismissed as well. Can someone make a crypto exchange not totally out to make just a few ceos rich and create no new jobs or products to speak of in this country? Too much to ask?
Company Response:
State: PA
Zip: 19128
Submitted Via: Web
Date Sent: 2021-12-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-12-07
Issue: Wrong amount charged or received
Subissue:
Consumer Complaint: I purchased shares of the stable coin XXXX through Coinbase on XX/XX/2021, for the amount {$970.00}. This purchase gave me XXXX shares of XXXX, and I have a screen shot of the original receipt that shows how many shares I purchased, I also have a screen recording of them changing the amount of shares. They then went in and called it a glitch, and locked the trading of XXXX. I had {$61000.00} worth of GYEN that I could not withdraw or do anything with because they locked the trading abilities. They claimed it was a decimal glitch, and then went in and changed the amount of shares in my account, it now says I have XXXX shares. Their policy states that all purchases are final with no exceptions, yet they went in and changed the amount of shares after the initial purchase going against their own policy.
Company Response:
State: NC
Zip: 28115
Submitted Via: Web
Date Sent: 2021-12-07
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-12-06
Issue: Other transaction problem
Subissue:
Consumer Complaint: Fraudulent withdrawals of crypto currencyXXXX lXXXX From merchant : Coinbase Pro To XXXX, that I NEVER had or have an account with 1 ) XX/XX/2018 XXXX Withdrawal of 5 ETH in dollar amount of {$20000.00} 2 ) XX/XX/2018 XXXX Withdrawal of 5 ETH in dollar amount of {$20000.00} Please investigate and recover my losses. Claimant/Consumer : XXXX XXXX Cell : ( XXXX ) XXXX XXXX XXXX XXXX XXXX XXXX XXXX NY XXXX
Company Response:
State: NY
Zip: 11354
Submitted Via: Web
Date Sent: 2021-12-20
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-12-06
Issue: Lost or stolen money order
Subissue:
Consumer Complaint: Problem Wish Coinbase : XXXX of XXXX i received the XXXX XXXX Tether by XXXX in my Coinbase Wallet ( hash : XXXX ), at the same time I gave my Coinbase forward with the direction that gives me XXXX Tether default as recommended ( hash : XXXX ), never came and they tell me from the technical department that they do not accept that type of USDT, it is all nonsense since the addresses and the type of currency are correct. Ticket Numbers : XXXX XXXX XXXX - Problem Wish mi SEND from coinbase wallet to coinbase XXXX XXXX XXXX XXXX Problem Wish USDT SEND and received
Company Response:
State:
Zip: XXXXX
Submitted Via: Web
Date Sent: 2021-12-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-12-06
Issue: Fraud or scam
Subissue:
Consumer Complaint: A women named XXXX XXXX friended me on XXXX, sent me a message and we began chatting. Here account link is XXXX XXXX XXXX XXXX XXXX She asked to chat on XXXX and gave me her number and I gave her mine. Here number is : XXXX XXXX XXXX. She first messaged me on XX/XX/2021 and said she lived in XXXX and New York. After two weeks of chatting on XX/XX/2021 she brought up the subject of crypto currency and investing in mining in ETH crypto mining in my Coinbase Wallet. She said that it is a safe investment with good returns and she could show me how to do it. She said I could start out with {$1000.00} and would be making {$5.00} dollars per day mining ETH crypto currency and the more USDT crypto currency I had in my Coinbase Wallet the higher my returns. She also said that the mining platform is a part of Coinbase which is safe and secure. She instructed me how to set up the platform in my Coinbase Wallet and I added {$1000.00} dollars. I began to see the returns that she promised. She began to message me every day telling me I should add more funds and I am missing out on great returns. By XX/XX/2021 my total funds invested were {$37000.00}. Later that day the total amount of funds was withdrawn from my account without my permission. I messaged her to ask why this happened and she said I would have to deposit funds totaling {$150000.00} to withdraw the original funds which I did not do. I reported this to Coinbase and they said that my Coinbase Wallet was compromised and there is nothing that they can do. After researching this I found out it is a scam out of XXXX called XXXX XXXX run by the XXXX XXXX or XXXX and that many people have had hundreds of millions of dollars stolen. What is worse I recommended this crypto mining scan to two friends who lost {$32000.00} and {$52000.00} from what I thought was a secure investment. The crypto mining websites I was using were : XXXX, XXXX & XXXX all of which are registered in XXXX XXXX XXXX Coinbase has done nothing to help me recover these stolen funds.
Company Response:
State: FL
Zip: 33139
Submitted Via: Web
Date Sent: 2021-12-21
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-12-06
Issue: Managing an account
Subissue: Problem accessing account
Consumer Complaint: On XX/XX/2021, I contacted Coinbase to ask them to freeze my account out of caution, as it appeared that my email may have been hacked. Coinbase locked the account. Now they will not give me access to it. They instructed me to set up a brand new account, under a different email, and once my identification was verified, they would migrate my funds from the disabled account over to the " new '' account. I did as they instructed, but they never migrated the funds to the " new '' account. Nor can I access the " old '' account. It has been eight ( 8 ) days now. I have logged over 40 hours of hold time trying to get human answers from Coinbase on this, to no avail. They are evasive and only give scripted answers. At this point, I feel that they have stolen my money. I deposited {$20000.00} with them when I opened my account. While I understand that Coinbase is not regulated by either the FDIC or XXXX, they still have a fiduciary obligation to their account holders to protect accounts and get accounts promptly recovered in situations such as mine.
Company Response:
State: TX
Zip: 791XX
Submitted Via: Web
Date Sent: 2021-12-22
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A