Consumer complaint received 2023-11-23
Company: Coinbase, Inc.
State: TX
Product: Money transfer, virtual currency, or money service
Sub-product: Virtual currency
Issue: Other transaction problem

Complaint:
On XX/XX/23 in the afternoon I logged Into my Coin base account were I had an invest of approximately XXXX bit coins. I got terrified when I realized that my account was over XXXX USD because of an unauthorized transaction of XXXX XXXX dollars that appeared in my account. Their system automatically had issued XXXX USD to buy a crypto currency called XXXX XXXX XXXX XXXX XXXX that I still don't understand but I assume coin base lend me such enormous amount of money while it was waiting for my bank XXXX XXXX to release such money. I panicked and immediately tried to contact Coin base and XXXX XXXX to stop this unauthorized transaction. My bank immediately stop it, However I could not get telephone assistance from coin base. I went to its website and filed a complaint which is case # XXXX. They stated that they locked my account for my security and gave me instructions to secure my account. However while still locked, Coin base sent me a lot of contradictory messages informing me they are going to sale my holdings in bit coin and that they are going to try to buy again XXXX in XXXX After several emails I sent to coin base support, finally someone alive answered me and explain to me that my account has a set up for a recurrent purchase of XXXX worth of XXXX every week! On XX/XX/ I asked them to stop any recurring settings because my account was locked and I did not set this order. I explained to them that I am not confident to remove the setting myself, because I was terrified to be blamed of a new transaction at the moment I would access my account. Coinbase support team ignored my messages and just sent repeated old messages without answering my questions. Finally I received messages that my account had not been locked since XX/XX/ and that I am accumulating fees for the recurrent purchase of XXXX USD in XXXX that I never set in the first place, and that they did not removed it even thought I asked them in writing to do it while my account was still " locked for my security ''. 
in this context, I went to the police to report this issue but they recommend to do it online at FBI because they don't deal with cryptocurrency cases. However, because your online forms did not adjust to my case. on XX/XX/ I just reported it to the XXXX After they receive the XXXX  complain Coinbase support start to pay more attention to my questions improving notably their customer service. On XX/XX/ Coinbase informed me that recurring XXXX purchase instruction that was set up on my account was canceled and later after my insistence to review what happen to my account Coinable asked me to report this case to https : //complaint.ic3.gov/. as part of the requirements to update this case for a further review. 
coin base states that this unauthorized transaction was of my total responsibility because they affirmed that I compromised my credentials to a third party who made the unauthorized transaction of XXXX USD to purchase XXXX XXXX I discussed several times why I am not responsible for this transaction and gave them all my valid arguments : I don't have that kind of money in my bank XXXX XXXX in my account I had only XXXX USD. I don't have a record to gambling with such huge amounts of money and nevertheless buying a very unpopular crypto like XXXX XXXX Also I pointed out them that it was not possible that besides of that huge purchase I also had set a recurring purchase of XXXX USD in XXXX every week. 
In addition, I asked them to tell me when the recurrent purchase was made : before, at the same time or after the XXXX unauthorized transaction to see if it was a part of something planned previously. and finally, I also ask them to explain why they allowed me that huge credit I never asked for. 
However ; they didn't want to investigate more about this incident. At this time they already closed unilaterally my case they stated I am the only responsible and so, I practically had lost all my savings investment that I kept in coin base for about 4 years. they took XXXX USD to pay for the charges incurred in the process for the unauthorized transaction and the remind value in bit coins is blocked for me to take out, indefinitely. 
I am not an expert in this field I don't have any idea on how to explain what happened but I am completely sure that I never initiate that transaction, I never shared my credential with any one, I never put a recurrent purchase setting to buy XXXX in XXXX every week. The only thing I did, was try to stop this purchase on XX/XX/ when I realized it was already made. It looks to me like someone used my Coinbase account to generate some expectative by purchasing huge amounts of XXXX with the intention of manipulating the market tendency. It could be a good clue to figure out who is behind of this kind of scams. 
I tried to summarize as much as possible the facts about this unfortunate event. I have all the detailed emails back and forth to support my statement. I asked from them to assume their responsibility for allowing that crazy transactions and for the systematic lack of assistance at the beginning of this situation. It improved latter but I lost a lot of time and got very sick because of it. I expect them to revert any charges that they say i have incurred on. After almost a month of receiving emails, some of them that contradict the previous one, others that half-answer my questions, many of them repeated, possibly automatically generated. In addition to a unilateral closing of my case without taking any responsibility for the losses caused by that unauthorized transaction despite the lack of funds in my account. All this together shows a lack of respect to customers as well as a very poor coordination in their customer service and makes me lose my hope that Coinbase itself will extend its understanding to give a fair solution to this problem.

Company response to consumer: Closed with explanation