Money transfer, virtual currency, or money service -- Unauthorized transactions or other transaction problem -- Complaint #4430312
Complaint Overview
Complaint ID: 4430312
Company: Coinbase, INC.
Product: Money transfer, virtual currency, or money service
Sub-Product: Mobile or digital wallet
Issue: Unauthorized transactions or other transaction problem
State: California
ZIP Code: 949XX
Date Received: 2021-06-03T12:00:00-05:00
Date Sent to Company: 2021-06-03T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
In XX/XX/2017 I opened coinbase ( https : //www.coinbase.com/ ) account to start investing in crypto currency. Then I submitted XXXX separate transactions for {$3000.00} each on XX/XX/XXXX and XX/XX/XXXX and only those XXXX transactions were authorized by me. Later I looked at the history of my account and there were XXXX transactions to coinbase account {$3000.00} each instead of XXXX! I went to XXXX XXXX Bank and cancelled these XXXX transactions. I never authorized the other XXXX transactions that coinbase shows took place in my account from XX/XX/XXXX to XX/XX/XXXX. To be clear, my XXXX XXXX account should have only had XXXX transactions for a total of {$6000.00} and I should have roughly XXXX litecoins. When the unauthorized incorrect transactions were reversed, only the unauthorized transactions should have been reversed. Looking at my account it seems my litecoins were taken from my account sold at the current market price on XX/XX/XXXX to recoup the loss on the unauthorized transactions initiated by coinbase and not me. I asked litecoin company XXXX litecoins be returned to my coinbase account. It is not my fault that coinbase wrongfully created additional transactions and it is not my liability. Instead of that they closed my account where now I see XXXX Litecoins remaining Instead of XXXX. I am upset at the way this business was conducted and seems completely fraudulent in nature. Please make an investigation.
Frequently Asked Questions
What is Complaint #4430312 about?
Complaint #4430312 was filed against Coinbase, INC. regarding Money transfer, virtual currency, or money service specifically about Unauthorized transactions or other transaction problem. It was received by the CFPB on 2021-06-03T12:00:00-05:00.
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.