Money transfer, virtual currency, or money service -- Fraud or scam -- Complaint #5021550
Complaint Overview
Complaint ID: 5021550
Company: Coinbase, INC.
Product: Money transfer, virtual currency, or money service
Sub-Product: Virtual currency
Issue: Fraud or scam
State: Georgia
ZIP Code: 30305
Date Received: 2021-12-18T12:00:00-05:00
Date Sent to Company: 2021-12-18T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
This compliant involves Coinbase Inc. The following events transpired during late XX/XX/2021 leading to identification Coinbase had been breached and my account was negatively impacted : 1. On XXXX & XXXX XXXX, I attempted to unsuccessfully login to my account. I was unsuccessful due to your system advising my password being incorrect, despite using my recorded correct password. 2. On XXXX XXXX, I spoke with one of Coinbase 's customer support representatives, XXXX ( badge # XXXX ) to resolve the incorrect password and subsequent locked account. It is important to highlight at this time, XXXX confirmed two factor Authentication was enabled on my account. 3. On XXXX XXXX, I received an email notification from Coinbase of an unauthorized attempt to transfer Bitcoin Cryptocurrency funds ( XXXX Bitcoin ) from my account, despite my account holding no material residual Bitcoin. XXXX had advised, the transfer was on its way, but Coinbase had stopped the transfer out. It now appears after my personal investigation and analysis ; the hackers have sold my holdings as follows : XXXX. XXXX XXXX holdings sold on XX/XX/XXXX at XXXX AM XXXX. XXXX XXXX holdings sold on XX/XX/XXXX at XXXX AM XXXX. XXXX XXXX holdings sold on XX/XX/XXXX at XXXX AM XXXX. XXXX XXXX units purchased on XXXX XXXX at XXXX PM. Once this had been purchased, the hacker then SUCCESSFULLY transferred XXXX Bitcoin to the following Bitcoin Wallet address despite Coinbase claiming otherwise : XXXX This should not have happened as two factor authentication was enabled. I never received any emails or text messages in relation to any buy/sell transactions made on the account by the hackers or attempts to login to my account, except for the email on XXXX XX/XX/2021. I confirmed with your Coinbase helpdesk within the required 72-hour window this was wrong and Coinbase will have stopped the transaction ( despite it still going through ). This appears to be a failing of the Coinbase compensating controls against fraudulent transactions and cyber threats. I have attempted to resolve this with Coinbase through multiple support tickets and submitting via their complaints process since XXXX XX/XX/2021. I have had no resolution to the theft of my funds at this point in time.
Frequently Asked Questions
What is Complaint #5021550 about?
Complaint #5021550 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 2021-12-18T12:00:00-05:00.
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.