Consumer complaint received 2021-12-30
Company: Coinbase, Inc.
State: NH
Product: Money transfer, virtual currency, or money service
Sub-product: Mobile or digital wallet
Issue: Fraud or scam

Complaint:
1. Coinbase is a XXXX XXXX dollar company, charged expensive fee, 1.5 % fee for every dollar in or out, yet the customer service is almost 0 to none. A customer can never get direct help through phone or an email on a timely manner ; Coinbase Wallet is called # 1 secure store, yet it provides a heaven for criminals and a XXXX to investors like me. There are thousands of Coinbase wallet customers like me who are desperate victims, yet got no help from Coinbase. If I could communicate with Coinbase directly and got informed properly, the following would never happen. 
2. Coinbase Wallet has design flaw, I wasn't even aware that I signed the Smart contract, Coinbase Wallet never informed me that I about to sign Smart Contract. After words, there are no transparency of contract I singed. Also, Coinbase states that " their app generates a 12 word recovery phrase which is what gives you, and only you, access to your account to move received funds '' thats FALSE! Once I was dragged in to Smart contract, they have access to my funds, no need my 12 word recovery phrase. 

3. I joined the mining pool ( ETH-BASE ) on Coinbase wallet in XXXX, which used the Tether stored in my wallet to generate mining revenues. On XX/XX/XXXX, the mining pool interface says XXXX, 4 % interest, reward XXXX, in 15 days, I clicked to get more info, and it immediately said that I was in an ETH Smart Contract and my fund is locked for 15 days. I called Coinbase @ XXXX, I was on hold forever, nobody answers the phone. So, I chatted with mining pool customer service, I was told that I need to collect XXXX XXXX in 15 days, which is XX/XX/XXXX, I would get 4 % daily interest, and XXXX rewards. If I my account didnt reach the minimum XXXX XXXX, I would get penalty of 20 % of my investment. In the next two weeks, I tried to get all the help from friends and family to fund my account to XXXX USDT. On XX/XX/XXXX, I waited my money back to my account, nothing happened, so I called Coinbase @ XXXX, still I couldnt get anybody answer the phone, so I chatted with mining pool customer service, I was told since I have proceeds, now I need to deposit XXXX USDT capital gain tax first to SEC, then I would get all my money back. On XXXX XXXX, I made two deposits of total XXXX XXXX, but I was told that I made mistake, that I should put exact amount of XXXX USDT at once, after failed again to get help from Coinbase XXXX, I filed complain with XXXX on XX/XX/XXXX, the ID is XXXX, Since I filed complain, I havent heard a response from Coinbase. In desperate to get my money back, on XX/XX/XXXX, I deposited exact amount of XXXXXXXX XXXX, on XX/XX/XXXX, the interface said I have completed capital gain tax payment and my XXXX would be released in 24 hrs to my wallet ( see attachment 1 ). 24 Hrs later, it didnt, the mining pool customer service told me in order to get my money back, I need to deposit XXXX XXXX to activate my account ( See attachment 2 ). In next few days, I called Coinbase, I was on hold for 3 hrs, and got disconnect. Until XX/XX/XXXX, I finally talked to a customer rep, opened case # XXXX. On XX/XX/XXXX, Coinbase replied, they conveniently denied any responsibility and provided no help ( See attachment 3 ). Coinbase states that " their app generates a 12 word recovery phrase which is what gives you, and only you, access to your account to move received funds '' thats FALSE! Once I was stuck into Smart contract, they have access to my funds, no need my 12 word recovery phrase. Right now I have total original investment of {$200000.00}, and proceeds of {$100000.00} locked in a ETH public chain, for a total of {$300000.00}. Please help me to get my money back!

Company response to consumer: Closed with explanation