Money transfer, virtual currency, or money service -- Fraud or scam -- Complaint #6382722
Complaint Overview
Complaint ID: 6382722
Company: Coinbase, INC.
Product: Money transfer, virtual currency, or money service
Sub-Product: Mobile or digital wallet
Issue: Fraud or scam
ZIP Code: XXXXX
Date Received: 2022-12-31T12:00:00-05:00
Date Sent to Company: 2022-12-31T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
Coinbase acquired XXXX wallet in XX/XX/2021. I held some cryptocurrency assets in my XXXX XXXX. I have followed XXXX 's instructions and those of Coinbase on how to transfer these assets to a Coinbase wallet, including entering the full security key onto Coinbase 's app which they said was required to retrieve the funds, but at the end of the process I had no assets in either wallet. Coinbase then said they were closing the case as it was an engineering problem and I had to wait for an XXXX update. I do not think this is satisfactory or proper conduct for a financial institution. They showed zero regard for my funds, or their whereabouts, or the consequences of my losing access to them. The assets have declined in value significantly since I lost access to them. They were worth around {$4000.00} and are less than half that now. I have no idea if this is deliberate fraud, but it is a painful and unfair financial loss to bear and also hurtful to be treated as though assets they supposedly hold on my behalf are none of their responsibility - especially when the sale of XXXX apparently made huge profits.
Frequently Asked Questions
What is Complaint #6382722 about?
Complaint #6382722 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 2022-12-31T12:00:00-05:00.
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.