Consumer complaint received 2021-11-10
Company: Coinbase, Inc.
State: FL
Product: Money transfer, virtual currency, or money service
Sub-product: Virtual currency
Issue: Fraud or scam

Complaint:
On XX/XX/XXXX. 2021 my Coinbase and Coinbase Pro accounts were hacked and almost {$16000.00} of my crypto currency including {$1000.00} bank transfer was stolen out of my accounts. As soon as I realized what was going on I tried to lock my account by calling Coinbase support # XXXX as directed to do in the Coinbase website, but this number is a recording telling you to file an online ticket with Coinbase support ( which I did ) NO LIVE customer service representative, by the time they locked my account it was to late. The thieves know this process which gives them plenty of time to steal. I believe this is someone who knows all of the security flaws in the Coinbase system. 
An unauthorized unknown device with unknown I.P. addresses was allowed to log into my accounts and change my pin number and convert my coins and a {$1000.00} transfer from my bank to XXXX and sent it all to an unknown wallet out of Coinbase ( wallet # XXXX ). There was no waiting period to verify the validity of any of these actions which is a VIOLATION of their user agreement. Over 125 transactions in the matter of 15 minutes and NO red flags went up? If you look at my account activity prior to XXXX XXXX, 2021 there was very minimal activity and I never sold or transferred anything out of Coinbase. If you investigate that wallet, you will see approximately {$200000.00} was sent to that wallet the same day XX/XX/2021. 
As a thief, they were able to get in and out of my accounts without having to prove any identification to Coinbase, but I had to jump through hoops and wait several days to prove my identity to regain access to my accounts only to find out I was almost wiped out. The only thing the thieves couldnt steal was {$1500.00} in a staked ETH position, which means it is LOCKED up with no access to these funds from ANYONE including Coinbase. 
While I had an ongoing formal complaint with Coinbase, my bank determined that the {$1000.00} transfer was unauthorized by me and charged back Coinbase. Coinbase then STOLE {$1000.00} from my STAKED ETH position to pay back my bank and didnt even notify me of what they had done, Coinbase violated their user agreement again. 
Out of all my online accounts Coinbase was the only one that was hacked, which Leeds me to believe that all of my vital information was obtained solely through Coinbase to carry out this theft ( name, home address, email address, phone # including XXXX and XXXX numbers, account value and all positions held ) Also, on XXXX XXXX 2021 while my account was locked an unknown private I.P. address logged out of my account but no record of logging in, how is this possible? This is not an isolated case, this is happening to thousands of Coinbase customers, there is a serious security flaw in Coinbase. Thefts are being reported constantly, same scenario, same issues ( read all social media about Coinbase ). Also, now every time I log out of my Coinbase account my pin # deactivates another security flaw, which makes it easier for someone to get back in. 
As a publicly traded company Coinbase is obligated to protect their customers and their money and Coinbase did nothing to protect me. They state they are committed to keeping your funds secure. Coinbase violated numerous sections of their user agreement ( sect. 3, 3.1,3.2,3.7 sect.5, 5.4 ( b ), sect 6, 6.2 ) Also in Coinbases XXXX  privacy policy they state in section 5 sub section 3 ) to enforce and prevent fraud and/or funds loss. Your personal information is processed in order to help detect, prevent, and mitigate fraud and abuse of our services and to protect you against account compromise or funds loss. They violated this part of their agreement as well. 
Coinbases response to my support ticket # XXXX And my 2 formal complaints # XXXX and # XXXX, was, I was pretty much XXXX out of luck, and to add insult to injury they said sorry heres {$10.00} in XXXX now go away. This is NOT acceptable. 
I would like all of my coins and cash refunded to their original positions prior to the theft of XXXX XXXX, 2021 or the cash equivalent of todays market value including all fees that were charged for these fraudulent transactions. 

Your help at solving this issue would be greatly appreciated. 

P.S. If there is any further information you need please contact me as I have pages and pages of transactions. 

Thank you, XXXX XXXX Email : XXXX Phone : XXXX

Company response to consumer: Closed with explanation