Money transfer, virtual currency, or money service -- Fraud or scam -- Complaint #4380205

Complaint Overview

Complaint ID: 4380205

Company: Coinbase, INC.

Product: Money transfer, virtual currency, or money service

Sub-Product: Mobile or digital wallet

Issue: Fraud or scam

State: Virginia

ZIP Code: 22043

Date Received: 2021-05-15T12:00:00-05:00

Date Sent to Company: 2021-05-15T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

XX/XX/2021 I attempted to make a deposit of {$1400.00} into my Coinbase account from a bank account that I had closed but had forgotten to remove from my account. XX/XX/2021 I received notification that my deposit was denied due to lack of funds. I was informed I had 5 business days to fix this before they would liquidate the cryptocurrency positions that I had made with the money the loaned me reclaim it. ( Coinbase " lends '' you the money pending the completion of your ACH deposit, so you don't have to sit around waiting for the cash to arrive, you can dive right in and generate commissions for them. ) Embarrassed, that I chose the wrong bank, I immediately fixed it. Again, I ddi this on at was on XX/XX/2021 There was a link in the email that said " Deposit Funds '', so I made a deposit of equivalent size from an open bank account {$1400.00}. Coinbase sent an email to me on XX/XX/2021 telling me that the account recovery was complete and they unfroze my account. On XX/XX/XXXX, they sent me another email telling me about the failed deposit on the XXXX and that they were going to take the money from my account. This is after I repaid them and they unfroze my account. Also on XX/XX/XXXX, they took all of my cryptocurrency from my account.. All of it. I understand that they had a right to retrieve funds - but I made a " good '' deposit to cover the " bad '' deposit the next day. Furthermore, somebody made a mistake and they actually admitted it in an email. " oh yeah, i see the deposit from XX/XX/XXXX right here '' They do not answer their customer support number. They do not make outbound calls. They do not respond to emails with anything except copied and pasted responses which do not address your issue. Basically they pull up the drawbridge and ignore the peasants. I filed an internal complaint about this with them on XX/XX/2021 and according to their terms and conditions they were supposed to get back to me within 20 business days. They haven't done this. They said my case is still pending. Of course, that is because they have been stealing from a lot of other customers as well. There is a backlog of fraud at coinbase. The facts are in my bank accounts and even in my coinbase account it shows that I repaid them the money the same day, and they still stole the money out of my account. In their terms and conditions it states that by using their site I waive my right to sue them and have to use binding arbitration. I can only request binding arbitration AFTER they review my complaint with their internal review. They have had my complaint for a month and there is no end in site. There is no idea how long that will take. Finally, I am not the only victim of this. The Internet has dozens of similar complaints from people.

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This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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