Money transfer, virtual currency, or money service -- Fraud or scam -- Complaint #4679808
Complaint Overview
Complaint ID: 4679808
Company: Coinbase, INC.
Product: Money transfer, virtual currency, or money service
Sub-Product: Virtual currency
Issue: Fraud or scam
State: Florida
ZIP Code: 32746
Date Received: 2021-08-31T12:00:00-05:00
Date Sent to Company: 2021-08-31T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Hi, On XX/XX/2021 morning approximately XXXX XXXX, while checking my coinbase cryptocurrency portfolio on Coinbase Pro, i saw my funds reduced from approximately {$90000.00} USD to {$28.00}. I was stunned but realized that my account may have been compromised. I then tried to reach to coinbase and got to know how to lock my account on an automated phone service. I locked my Coinbase account as soon as possible. Roughly in 20-25 mins, if i remember correctly. I reached to coinbase support and they said they will assign a specialist who will only communicate on an email. After few hours coinbase responded with an investigation report ( attached in this complaint ), saying that my phone was compromised and my username/password alongwith 2FA was used by hackers to loginto my coinbase pro account and send the funds through an Ethereum wallet. They can not do anything and shrugged off entire responsibility. Very next day i reported this crime to my XXXX XXXX, FL law enforcement who immediately connected me with Detective XXXX XXXX from XXXX Financial Crimes unit, Florida. He has been handling my case since XXXX XXXX. Meanwhile, I reset all my email passwords, coinbase passwords, and recovered my locked coinbase account on XXXX XXXX. I want the authorities to know the below : I have followed all the security recommendations given by Coinbase including 2FA using XXXX XXXX app. Infact, another important step i had taken in security was I had enabled crypto address " XXXX '' on Coinbase, to ensure no withdrawals happen outside my approved list of crypto address/wallet. According to Coinbase, if you enable whitelisting, no funds of any coin can be withdrawn outside the approved/whitelisted addresses/wallets. Despite this the hackers were able to withdraw to a net new ETH address. Infact, I never have even setup an ETH address/wallet that is whitelisted. Coinbase support has not been helpful at all. Infact they have not responded to my " XXXX '' query since XXXX XXXX. Such a big fraud and look the way they treat customers and shrug off security responsibility. On XXXX XXXX XXXX sent approximately XXXX people errorneous 2FA reset text message. This means they have some serious problems with 2FA internal security and being a public company, they need to be transparent about their internal investigation. I have checked my phone for viruses with XXXX scanner and i have attached proof that my phone is not infected. I need strong action against this company. I need justice. I have lost my life savings here : (
Frequently Asked Questions
What is Complaint #4679808 about?
Complaint #4679808 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 2021-08-31T12:00:00-05:00.
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.