Money transfer, virtual currency, or money service -- Other transaction problem -- Complaint #4957123
Complaint Overview
Complaint ID: 4957123
Company: Coinbase, INC.
Product: Money transfer, virtual currency, or money service
Sub-Product: Virtual currency
Issue: Other transaction problem
ZIP Code: XXXXX
Date Received: 2021-11-29T12:00:00-05:00
Date Sent to Company: 2021-11-29T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Hi, I am writing to you because some time ago I had a problem with the Coinbase XXXX platform and unfortunately I can not find a way to solve the situation. On XX/XX/XXXX and XXXX I made some transactions from the XXXX platform to Coinbase of a cryptocurrency called XXXX to take advantage of the price difference between the XXXX exchanges ; on XXXX it was very clear that the cryptocurrency in question was of the " XXXX '' type, that is belonging to the " XXXX XXXX '' XXXX, while on Coinbase it was not at all clear that they only and exclusively supported the XXXX version of the aforementioned cryptocurrency, that is the one belonging to the XXXX XXXX, so I carried out the transactions with the security that they would have been successful. The sending by XXXX was successful, but as Coinbase does not support the XXXX XXXX, the cryptocurrency ended up in the right wallet but on the wrong blockchain : the tokens are now actually inside the Coinbase XXXX custodial wallet but I can not see or interact with them from Coinbase application. I contacted Coinbase support many times via tickets to the support team ( Coinbase support case # XXXX ) and once filing a formal complaint ( complaint # XXXX ), but each time they rejected my requests and were not willing to help me resolve this issue. This problem has involved many Coinbase users ( tens or almost certainly hundreds ), to the point that Coinbase has taken precautionary measures regarding this issue : it has inserted a disclaimer in the XXXX XXXXeceipt window specifying that the type of token supported is only XXXX ( disclaimer entry date XX/XX/XXXX XXXX ), and has even changed the name of the cryptocurrency from XXXX to XXXX ( XXXX ) ( this in date XX/XX/XXXX XXXX ). In my opinion this is an admission of guilt, because in doing so Coinbase revealed the fact that before it was not at all clear which type of token it supported. I took some screenshots, but unfortunately I don't have all the ones before the changes : documents attached to this complaint will be 1 - disclaimer in the XXXX reception window ; 2 - exchange wallet window with addition of the XXXX code ; 3 - response to the formal complaint to Coinbase ( section 5.13 does not exist in the user agreement ) ; 4 - list of cryptocurrencies supported by Coinbase ( here they have not yet changed the name with the XXXX code ) ; XXXX - description of the XXXX cryptocurrency before the modifications ( it is however the description of the native XXXX because the XXXX can not be staking ) ; XXXX - description of the XXXX cryptocurrency after the changes. You can see the tokens I sent to the address XXXX, which converted to the XXXX XXXX address is XXXX ( it is the same wallet but on different blockchains ), at the address XXXX XXXX XXXX simply by entering the address that I have indicated to you. Here are written in detail all the transactions carried out : time, date, departure address, arrival address, hash and amounts in XXXX of the transactions. Unfortunately, in the current situation I can not recover my money ( which with the current price amounts to about XXXX dollars ) because, being a custodial wallet, the private key is in the possession of Coinbase and XXXX rightly, they can not provide it or disclose it to nobody, not even me. For them, however, it would be extremely simple and fast to be able to enter the custodial wallet exchange through an external application that also supports the XXXX XXXX ( such as XXXX, XXXX or others, there are many ) and then send the blocked tokens to this address XXXX ( an address I own from which I could interact with the cryptocurrency and physically get it back ). If I were in possession of the private key it would take no more than XXXX minutes to carry out this operation, for Coinbase it would be even easier given the powerful means it possesses, I really don't understand why they don't want to help a customer with this simple informatic operation. I hope my description was clear and I hope I have not forgotten anything... if something is not clear please contact me as soon as possible as soon as you can look into my case. Thanks in advance for the availability.
Frequently Asked Questions
What is Complaint #4957123 about?
Complaint #4957123 was filed against Coinbase, INC. regarding Money transfer, virtual currency, or money service specifically about Other transaction problem. It was received by the CFPB on 2021-11-29T12:00:00-05:00.
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.