Money transfer, virtual currency, or money service -- Fraud or scam -- Complaint #10943038
Complaint Overview
Complaint ID: 10943038
Company: Coinbase, INC.
Product: Money transfer, virtual currency, or money service
Sub-Product: Virtual currency
Issue: Fraud or scam
State: New York
ZIP Code: 11420
Date Received: 2024-11-26T12:00:00-05:00
Date Sent to Company: 2024-11-27T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
XX/XX/2024, my Coinbase account was hacked, and over {$65000.00} was stolen. Despite having two-factor authentication ( 2FA ) and biometric security enabled, my account was compromised. I pay for a data monitoring service that confirmed my personal information was never leaked or found on the dark web, suggesting the breach occurred internally at Coinbasesomething local law enforcement also believes. Heres where it gets frustrating : I reported the incident to Coinbase just an hour after the theft, but their support team was unhelpful and lacked technical expertise. They told me they would " investigate, '' but all I received were generic responses. Their policy? They cant reverse or reimburse transactions confirmed on the blockchain, leaving me high and dry. Coinbase 's user agreements limit their liability, meaning you can't take them to court for breaches like this. Instead, you're stuck with small claims court or arbitrationhardly a fair solution for such a significant loss. As an institution, Coinbase does not stand by its users. The risks of investing on their platform far outweigh any potential rewards.
Frequently Asked Questions
What is Complaint #10943038 about?
Complaint #10943038 was filed against Coinbase, INC. regarding Money transfer, virtual currency, or money service specifically about Fraud or scam. It was received by the CFPB on 2024-11-26T12:00:00-05:00.
How did Coinbase, INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Money transfer, virtual currency, or money service) and describe your issue in detail.
Can I see other complaints against Coinbase, INC.?
Yes, visit the Coinbase, INC. company profile at readthecomplaint.com/company/coinbase-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.