Coinbase Clients Lost Billions of Dollars and Support Doesn’t Help
Coinbase’s customers keep complaining about the lack of support from the company, especially after customer accounts were hacked and the funds disappeared.
According to a CNBC investigation on August 24, thousands of customers across the country have filed complaints against the company after their accounts were hacked and funds depleted.
The publication said that interviews with Coinbase customers across the country and a review of thousands of complaints revealed a pattern of account hijackings. Users complained about the disappearance of funds, but Coinbase technical support did not respond to emails.
One of Coinbase’s clients, Tanya Vidovich, stated that she lost almost all of her $168,000 worth of crypto assets. According to her, this happened after receiving a series of warnings in April about changing the password. Attempts to contact Coinbase by phone have been unsuccessful.
Another client told the publication that after logging into the Coinbase app in March, nearly $35,000 in various crypto assets disappeared from his account. Coinbase’s regulatory response team ended up sending the victim an email stating that blockchain transactions are irreversible and adding that Coinbase’s insurance policy does not cover theft from individual accounts.
In March, the New York Times reported on a Coinbase client who was suing the company after losing $100,000 of cryptocurrency.
Since 2016, Coinbase users have filed over 11,000 exchange complaints with the FTC and the Consumer Financial Protection Bureau, and most of them are related to customer service.