What Coinbase did:
1) ON 2/16/2018 at 12PM PST (aprox) I sold 4300.00 ion BTC.
2) at 12:15PM PST I was on the phone with support to alert them that I had lost may 2FA key had a new mobile device and could not change the linked bank account which was closed due to ID theft
3) at 330PM PST after waiting own hold for 3 hours I finally got ahold of support and explained my problem was assured that it was not an issue within 48 hours per their user agreement I would have a 2fA reset sent to my email account.
4) The reason this was so important was after selling I had the proceeds allocated to be sent to my bank account in cash
5) upon selling I was informed on the app my money would not be sent out for 5 days. ( Coinbase sucking up the float)
6) This happened on Presidents day weekend so money would not get sent until Thursday the following week.
7) That weekend I found my 2FA key loged into may account changed the linked bank and thought I was in the clear.
8) To be sure I was okay and the transfer would happen I called Coinbase 72 hours after my first call Monday evening to alert them of such. ( Coinbase by the way still had not sent my 2FA reset
9) I was assured that the new Lio need account would be where my money would be sent.
10) On Thursday morning I looked into my account and I had received nothing. o I called Coinbase. The support team said my money was sent. SO I called the old bank and found Coinbase in their infinite wisdom had sent the USD withdrawal to the wrong bank
11) I was told that the cash would be redeposited into my account and I could then withdraw it again.
12) Since nothing had happened I googled Coinbase support since speaking too a person at Coinbase proved to be next to impossible however I found a Coinbase support number and called it.
13) the Indian gentleman answered and used Remote Desktop software to allegedly fix my problem
14) When I figured out something was not right I disconnected form the internet deleted all accounts and software while sitting on the phone with Coinbase to get my account frozen due to a security breach
15 ) while on the phone I used some choice words * —You and Idiots etc… since they were failing to lock my account down and the scammer then proceed while on with Coinbase to use the cash in my account to purchase BTC transfer to themselves while I was telling support to halt everything nothing was done, except Coinbase froze me out of my account preventing me from disabling the linked account.
16) the next morning, I received a text from my bank linked to Coinbase alerting me of an overdraft of $7500 to Coinbase and my account which had $7200.00 in it was taken as well.
17) A few minutes after discovering the shock of having $15k stolen on top of the 4300 from the day before I looked at my email and saw that Coinbase allowed the scammers to still purchase $15k worth of BTC on an account that was supposed to have been locked down but instead was frozen accept for allowing a scammer who hacked their system to by pass the freeze / requested lock out and buy then transfer another $15K from my account
18) This is where the Coinbase saga begins.
19) I filed a complaint with Coinbase and they told me I owed them $7500.00 for a purchase My bank rejected the $7500 purchase but allowed my cash unauthorized to go thorough since I linked the account. They invoked caveat emptor buyer beware on me
20) After calling Coinbase relentlessly everyday for 7 weeks being told my case had been escalated and they would reach back out to me via email I filed my first of two claims with the CPOFB.
21) Turns out after Coinbase received my first CPFB complaint every email account and number I had linked to Coinbase was blacklisted. How do I know this to be true? Simple Coinbase would send me an email asking for details to myu case the minute I got such an email in I replied in great detail only to find out on map subsequent call that nothing was received. I went so far as having support at Coinbase send me an email to other addresses while on the phone replied back and figured out they were allegedly not receiving my reply. I have time and date stamped email that refutes this point.
22) In May 2018 on day 60 of the 60 day CPFB response allocated under then CPFB complaint guideline Coinbase replied to the CPFB and said they made numerous attempts to contact me and I failed to reply to any of them. I was livid needless to say and Coinbase denied my claim,.
23) My CPFB rep who was helping me told me to file another claim with the evidence I had refuting the Coinbase findings and I did.
24) That same day I logged a complaint with the SEC, California State attorney General and the BBB.
25) My calls to Coinbase continued each day trying to achieve resolution
26) Approximately on May 15, 2018 after having been on the phone with Coinbase support for another 45 minutes I said to the representative that the way Coinbase treated customers is going to cause one of them to go postal. The rep then accused me of saying I was going to go postal and I said to him play back the recording I said nothing about me but did say the way you treat people by stealing from them will cause a customer to go postal.
27) The next day I called Coinbase back and got busy signals to the listed support number.
28) After two days of busy signals I had my mobile carrier call Coinbase on my behalf to test the number and they patched my call through.
29) after waiting on hold I was told by a Coinbase support rep that they had no record of me ever having an account with them and no record I ever had spoke with them before. Hence the conclusion I was blakclisted. m
30) In or around July 3, 2018 I received my response to my second CPFB request only to see Coinbase said that this attempt to collect money was erroneous and the person ( me ) never had an account at Coinbase.
31) The CPFB was out of options at that point and felt that what Coinbase did was wrong and I should sue.
32) After sending three certified with receipts letter to Coinbase legal explaining the issue I was told by Coinbase counsel that they would look into and get back to me.
33) After 6-8 more weeks of waiting sometime in January 2019 Coinbase legal replied back to me stating that they investigated my claim and found non iregularities and the hijacked money would stand.
34) Coinbase submitted my name to the credit bureaus for uncollected debt of $7500 as well.,.
35) Since the amount was well above the 10k limit I was unable to file a complaint with small claims court.
36) While I am leaving some of the other contact points out I have gone as far as using LinkedIn to reach out to top Coinbase folks only to get zero replies.
37) I contacted a few attorneys such as Silverman Law group one of the big class action legal teams going after Coinbase only to be told my case Wass not for enou[gh money to justify their time for a lawsuit..
38) The amount of time effort and headaches this has caused in beyond comprehension.
39) Since the intial BTC sold was money recieved from client of my consulting practice I was out of my salary,,,
40) the money stolen from my bank account was 7200.00 USD
41) Total cash taken 11, 500.00 USD
42) This caused me great problems such as non payment of my bills loss of another bank account and over draft fees all due to the negligence off Coinbase.
43) What I want is my 11,500.00 repaid in USD and for others to read about this so it does not happen to them again. In theory my money was in cash and covered by their Bank of America account SPIC insurance policy when they first sent money to the wrong bank. So my assertion has always been that this was not a crypto problem the minute my money was in USD. Everything else after their screw up should in theory be covered bye their Errors and Ommision insurance Policy being they are a alternative securities exchange and still regulated by FINRA and the SEC. It truly amazes me that a billion dollar business goes to such lengths to screw a customer out of what should have been a easy to fix $4,300.00USD problem. I dont care about time lost or anything else at this point. Its been close to 3 years I just want my **** money returned out of sheer principal at this point
Submitted by: Anonymous Coinbase customer in Soquel | Read more Coinbase complaints
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