Coinbase

Coinbase allowed the equivalent of $200k in coins to be stolen from my families account. We are a military family and that was our savings. We got a new iPhone that we were simply verifying our pro account on and somehow within 20min the 2 factor Authenticator was hacked on Coinbase and our entire wallet was transferred. Not once did Coinbase verify this transaction. When we realized the 2 factor Authenticator wasn't working right we emailed Coinbase to shut the account down. They did not do it in time. Coinbase would NOT REPLY for almost 5 days. All they said was somehow the email was changed on the account. Not once was an email sent to the old account stating this and all the hacker had to do was change some settings. After stating that the email was changed Coinbase then said they would not tell us anything else without a subpoena. Not once did we give out our password or email during any phishing attempt and our phone and computers used to login were never hacked. How did this happen?

The day after our account was drained Coinbase did send out a vague email that they had an issue with transactions on the day we happened to get hacked. Coinbase won't acknowledge that email at all.

It is VERY EASY TO HACK COINBASE AND FOR YOUR ENTIRE WALLET TO BE STOLEN. Coinbase will not help you or take accountability when it happens.

Coin base is a complete fraud

Well, it's not too hard to see how it works. I validate my bank account. I initiate transaction on my end, they buy bitcoins on their end and wait few days for my money to reach them. They tell you it has to take a week or longer and gives u specific date. Since bitcoin is so volatile, big changes can happen in a week.

IF bitcoin goes up, they cancel my transaction and say it is "high risk" and initiate a return of my money. IF bitcoin goes down they allow transaction to stay and they keep my money and give me the bitcoins.

It is common sense. Obviously they're not going to steal from every transaction, and they can pick and choose how much they make.

http://blog.coinbase.com/post/*******068/high-risk-transactions

This blog post here is vague and a lie. He cites that it is because ppl try to scam them with fake bank account #s and such. That is such a lie, because you can never scam someone with fake bank account # if the purchase isn't instant. Because transaction won't go thru, DUH. Same with fake credit card #s, it WONT GO THRU.

With the whole high risk transaction mechanism, coinbase can literally control exactly how much they can make off of the volatile market. I was one of the people that got hurt REALLY bad. Some people might even benefit from a canceled order. But the point is, coinbase CONTROLS everything.

I want coinbase to SHOW PROOF that they have been ripped off because people used fake bank account #s. THEY CAN'T. Because you can't get ripped off from a fake account #. You cannot get ripped off if the purchase is not instant.

With the high risk transaction mechanism, Coinbase is GUARANTEED to make money. In a market that is growing, all they have to do is have the system set to flag xx% of transactions, and they are GUARANTEED to make money off this. A LOT of money based on how many transactions they process.

COINBASE, if you are reading this. Please respond and defend your case (i know, your answer would probably be "we can't disclose, blah blah blah.)

DeleteShare

Bank transfer and 3rd week still waiting for CoinBase to post. I've lost a lot of value sitting and waiting on CoinBase better name CrapBase!

BEWARE of Coinbase! Coinbase has a license to steal written into their service agreement with their clients, and they use it. This is what happened to me…

I opened a Coinbase Pro account in order to try to get some financial gains through crypto investing. Several weeks into the project, my ability to buy, sell, convert, or withdraw funds was blocked. No notice or explanation was given. When I submitted a support ticket to Coinbase, I was eventually informed that my account had been blocked for "security" reasons. Explanation was specifically denied by quoting the consumer agreement which Coinbase themselves had just violated by denying me the use of my account.

I was told I could find out after a one month wait if my account was "eligible" to be reviewed for reinstatement. I was forced to wait until December 10th, when I again asked for my account to be unblocked. I was required to go through the complete identity verification process again, including an additional verification from Microsoft. Now after several days' wait, I have again been informed that my case is not even "eligible" for review to determine if they will bother to unblock the account. Again, any explanation or communication as to what triggered the issue, was specifically refused. The next date for an alleged consideration is January 17,2022.

I have been denied access to my account for approximately six weeks now. Coinbase, contrary to its promise in the agreement to afford customers a secure platform to enter the crypto trading world, has unlawfully prevented me from having "full control of your crypto" and from being able to "invest, spend, save, earn, and use," or withdraw funds. I have called on Coinbase to simply release my investments so I might remove them to an honest exchange and cancel my Coinbase account. They refuse. This is completely unreasonable. No other industry seizes customer assets for "secret" reasons.

Information on the internet confirms that this theft of private accounts (hundreds) is a common practice with Coinbase. They cite section 7.7 of their service agreement, claiming a "security issue" then they appropriate the assets. Since they refuse to identify the issue, one has no idea if the claim is real or fraudulent. No explanation or recourse is offered to the client. At this point, it appears that my crypto purchases are in far more danger from Coinbase than from any hacker. It is no surprise that there is a current class action lawsuit against Coinbase over this exact issue.
Coinbase is a den of thieves, BEWARE!

R. W. Boyle
Silver City, NM
(Re: Case *******)

Beware Coinbase users. I was victimized by a fake mining scam that was conducted through my Coinbase wallet and lost over $200,000. A person introduced me to the concept of crypto mining, sent me screenshots of his mining account and over time convinced me to get involved in this operation. This operation used Coinbase and Coinbase Wallet as tools to convert my Ethereum funds to USDT coins then divert my funds to the phony mining destination. WITHOUT MY PASSWORD OR MY RECOVERY PHASE. These thieves took control of my Coinbase wallet platform by interfacing an elaborate software that provided real-time reporting of fake mining results. At any moment I was able to see the progress of my phony mining rewards. In addition, a fake customer service portal was provided on my Coinbase wallet app. The ghost software was incredibly realistic! Simply put, I would purchase USDT coins through my Coinbase account, then transfer them to my Coinbase wallet where they were diverted to the fraud operation. When I realized that this was a fraudulent operation I contacted Coinbase to ask how my coins could be diverted without the use of my password, two-step authorization or recovery phrases!. Coinbase provided a complicated explanation that I am still trying to decipher. They claim someone gave the thieves permission through Etherscan or something like that. They said tough luck they have no responsibility. I have found another victim who lost more than $200,000 in a similar scam on Coinbase. What makes me furious is that COINBASE OFFERED NO HELP after repeated correspondences. So now I have contacted the Senators in charge of determining regulations for the industry. I am also looking for other victims and, hopefully, a hungry lawyer who would like to take this case on. In the meantime, I am out of crypto. I am keeping my money in a bank or investment broker where is stays unless I use my password to withdraw funds.

This post explains my horrible experience and is meant to inform people about how easy it is to lose money using Coinbase services trading Crypto.
I have brought the issue up with Coinbase representatives in the past month, and after several inquiries, I still have not heard back from them. The app, Coinbase, is faulty and is set up for investors to lose their money quickly. I am adding pictures as proof of my claims to such transactions accruing. Also, to reveal how other, more ethical apps such as Robinhood handle such circumstances. Moreover, This post tells my experience solely, as I have no affiliation with any mentioned parties.
One day after work, I was sitting outside while I decided to buy some AMP Crypto on the Coinbase app; the price that day was $0.10; I set a limit order to buy $500 AMP at $. 090, at least so I thought. After submitting the order, I got a notification instantly that my order had been filled! I knew something was wrong, so I checked the receipt from Coinbase right away, and I found that I entered the price at $. 90 instead! I was in a state of shock; I wanted to fix the problems, so I thought it would bring my average cost down if I bought more! I put another order then; again, the same thing happened when I missed one zero after the decimal point; I know it!
I reached out to Coinbase and informed them of such transactions occurring and how. I went on other apps and sought to resolve what would happen if you entered a limit order to buy, exceedingly over the market price.
I have shown in the attached pictures in this post an example of the app Robinhood. Robinhood app caught the mistake right away and informed me of it, while Coinbase did not!
Again, I reached out to Coinbase and explained the faultiness of their business setup, and they chose to ignore me still some more!
The receipt from Coinbase, which I screenshotted and included in this post, shows that Coinbase bought the AMP at the market price of $ 0.10 and kept the extra AMP Crypto bought with my money and gave me a fraction, in addition to taking out fees!
I wonder how many times a day this occurs as people lose hundreds, if not thousands of dollars in Coinbase in a split of a second and may not even realize they have.
I hope this post helps people to STAY AWAY from apps that mal-practice in these tricky ways, like Coinbase. Please, share if you feel this post can help someone you know; I am sending everyone lots of positive energy and blessings!

Hello,

As a Coinbase customer from 2020, I've been happy with the level of service provided. I'm fully verified and I have passed all identity checks.

In September Coinbase has randomly decided to limit my ability to send cryptocurrency without any explanation provided and I have confirmed that this is a permanent restriction.

I haven't done anything to breach their terms and conditions. I funded my wallet purchased some crypto and simply sent it to an external wallet. After doing so they just restricted my ability to send anything at all. Support is nothing useful and just say whatever nonsense they can come up with to make you lose your patience and end the chat. Literally the worst customer service I have ever seen in existence, pretty sure they're all offshore agents from India and provide nothing of use to the customer other than greeting them.

1) Avoid Coinbase at all costs, since they will lock your crypto and force you to use paypal or whatever for withdrawals. Hence this means you have absolutely no control over your crypto if you prefer to store it in a cold wallet.

2) Don't send your documents after a lock has been placed on your account there is no guarantee they will remove the restriction if your previously verified. It almost feels like identity theft.

3) Never purchase or deposit any funds into your coinbase account unless you like to flip coins everyday thinking if you will be able to withdraw or not.

Again I would like to confirm I'm a fully verified customer from 2020 who never breached the TOS or did anything wrong on their platform. All I simply did was deposit and withdraw crypto when I felt like gambling.

The lack of transparency and zero explanation only confirm that they want me to sell my crypto in a panic to paypal so that they can keep it. Utterly ridiculous.

TREAD WITH EXTREME CAUTION AS YOUR FUNDS CAN BE SEIZED BY THEM AT ANYTIME WITH NO PROPER EXPLANATION AND NON EXISTENT SUPPORT.

DO NOT LOSE? CHANGE your device or number, because you will regret it for ever! The frustrating site is so damn 'secure' it won't even take the upload or the id verification from my web came I've been trying for 2 years now and today for 5 hours! This beyond infuriating site won't go past the blank 'processing ' screen in the front I'd picture scan, iv tried to upload pics but it won't even take it passed upload here screen, and even if I choose the ID pictures IT DOESNOT GO ANYWERE ALL I WANT is to change my damn phone number to cash out because at this point I'm not having it! THE APP OH BOY DOESNT SUPPORT THE ID VERIFICATION PROCESS AT ALL! I bought minimal damage amount, way back when and still haven't been able to use it! Don't call the pretend phone line! You will only to get machine tell you got to do a request online, DO THE REQUEST ONLINE AND I WON"T EVeN SUBMIT Had TO REFRESH AND REDO THE FORM LIKE 15 TIMES TO FINALLY GET IT TO GO THROUGH! All this to change my number folks. STAY AWAY! WHY HAVE COST-us-MORE service if its a machine with same bs unhelpful mssage, even the chat bot online says its busy got to call to speak with a human, Sweetheart there are none! The phone lists a whole bunch of things but none the issue im having and all say the same thing can't help at this time, or submit a request/ticket online. ITS ALL BS! THERE IS NO WAY IN ALL THE LEVEL OF HELL THAT I AM GOING TO CONTINUE WITH THIS JOE OF A SCAMING SITE. OVER IT ALL! ATAY AWAY!

NOT TRUSTWORTHY
NOT TRUSTWORTHY. NO SECURITY MEASURES IF TARGETTED. ALL MONEY LOST. NO REPONSE FROM COINBASE EVEN TO SECUTIRY BREACH EMAIL!

I set up highest security possible (following their advice to the letter) and the account was hacked within 4 days of setting up. I contacted coinbase within a minute of receiving the security SMS asking if changes were fraudulent, at the email address given (*******@coinbase etc). This should result in immediate action e.g. lock the account as security is breached. No response at all, no change to account, and no response to this date from Coinbase. It's now 2 weeks later and numerous subsequent emails and still no response. There is NO security if an account is breached. There is NO customer service if heckers target your account.

Hackers must have intercepted a text for secure login so were sophisticated. Hackers changed email linked to account. No sign of Malware on computer system, fully protected and all passwords for accounts are different. It's unclear at this point how information has beeen found. Anyone have suggestions? It makes me wonder whether there has been leaked from Coinbase.

Once in the account, hackers were able to disable 2 step authentication for fund transfer, there is no time delay in actioning this so they transferred funds and deleted account within 3/4minutes. This should not be possible! No response from Coinbase about this to date.

Never use Coinbase.

*******@Coinbase US Office timing 9AM-6.30PM at San Francisco, US.
+1858-(771)-(8677)-Phone number is for Accounts & Billings.

Moheeth Alvi went out of his way to assist me with Coinbase and showed me every single step to take in order to gain access to my account. I had originally written several negative reviews on various platforms and am now editing all of them with updates after the help he gave me. If it wasn't for Moheeth I would've left Coinbase and gone to Robinhood. I understand Coinbase is going through a lot of changes but their customer service department was seemingly nonexistent. Moheeth apologized for all the problems and took the time to make sure I was taken care of. I commend him for his assistance and personable care. I wish every business hired employees like Moheeth!

Original Review below. (Note: Photos below are also from my original review)
I was locked out of my Coinbase account when I tried to sign into the app on my new phone. Their 2-factor authentication codes do not register when you type them in, nor do they register when you copy/paste. I was locked out of my account and tried to seek help but they have NO customer service help options aside from creating a help ticket, to which no help is received. I tried logging in on different devices besides my new phone... my laptop, my desktop, my iPad, my old cell phones etc. None of them let me log in and I am permanently locked out of my account with no help from customer service. I am asked to submit my driver's license or a picture ID to regain access to my account but it never works because my account was created before I got married and is under my maiden name, while my driver's license and picture ID's are under my married name. There is no way to call customer service and no one responds to my email inquiries except for "someone will reach out to you soon." It has been five weeks, I've created five help tickets (#*******, #*******, #*******, #*******, #*******) and have received no assistance. I only get emails saying that the cases have been closed. Why have they been closed? The issues have no been resolved! Not only this, I see on social media that thousands of people are going through the same problems and are getting locked out of their account randomly and for no reason, with no way of getting back in and with no customer service! This is people's money! Why does Coinbase not have anyone on the phone to help?!

Caution caution caution!
I had 20,595 xrp I had 1100 xlm and a few other smaller currencies in my coinbase account. November 3rd I was talking on the phone and my phone went dead I couldn't get a signal I went to T-Mobile they said my phone had been hacked. After they were able to retrieve my network I got a message from coinbase saying thank you for your purchase. I immediately went to my account and found that it had been drained dry. I sent an email immediately to them and changed my password. No word back from them until late in the evening and said that they would look into it. Following morning I wake up with an email from my bank saying that I was overdrawn by $200 I immediately go to the bank and it was coinbase transactions over $5,300 worth they completely emptied my bank account bought more cryptocurrency and then withdrew it. Coinbase could have told me at the time to unlink your credit card from their platform. After sending them numerous emails they said they were having an expert look into it. Well their expert was able to tell me how much crypto was taken from my account and that was it and there's nothing that they could do about it. I'm very sad with their response. I had been planning on putting my crypto in a hard wallet a nano x and I wish I would have done that but that still would have left my bank account vulnerable. They need a disclaimer same to unlink your bank account and credit cards right after purchase and to remove all of your tokens and place in a hard wallet. I felt so comfortable with them holding my crypto I never put it in the hard wallet. They should have warning labels I am filing it a lawsuit and the FBI cyber crime unit is involved. Don't learn the hard way like I did they're cold storage doesn't mean crap!

My husband DIED in February. Coinbase was to send me an email with directions. I am still waiting!