Consumer complaint received 2022-11-04
Company: Coinbase, Inc.
State: KS
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Fraud or scam

Complaint:
I have spent months ceaselessly trying to inform and alarm Coinbase regarding the fraudulent activities of a company called XXXX. Unfortunately, Coinbase company continues to brush off all my attempts. Their staff is mistaking me for a fool by repeating the same nonsense sentence over and over. I provided the scammer account screenshot to your staff from the XXXX platform and pleaded with them to contact XXXX freeze the accounts on coinbase platforms and tip the FBI, law enforcement, and the Attorney General of Kansas. I provided all my case numbers and any information I could to the coinbase staff. The company continues to provide no useful action against the scammer and wastes valuable time. Now this scammer has withdrawn all her money and fled the country. Since XXXX XXXX and its agents have started scamming people and there is several useful evidence from late XXXX and XXXX that Coinbase has been aramid and informed about this scam company. Unfortunately, the platform refused to take any action against this scam and block them. If Coinbase would have acted earlier, I and countless others wouldnt have been scammed in XXXX. I am holding the conibase company liable for the loss of my assets. I had a few deposits done from your platform to the XXXX site, but the platform didnt alert me until the last transaction, on the last transaction all they did was restricted my account for two months without any explanation even though I contacted the company 's staff several times. Since the Coinbase platform didnt give the reason for the restriction on my account I went ahead and opened an account with XXXX.XXXX  and deposit more money to scam XXXX XXXX If Coinbase 's useless staff would alert me about risky and fraudulent transactions to XXXX then I wouldnt open an account with XXXX  and wouldnt deposit more money to the XXXX site. Its all on them. The coinbase institution is the one who enabled all the maneuvers in this scam. It is utterly tragic that your XXXX  exchange did not sufficiently protect me from this fake investment. Coinbase had all the data and knew these were very high-risk transactions. It is possible that you requested authorization for the transaction, but in my eye, you failed in your basic fiduciary responsibility to protect me. The scam companies know the Coinbase companys weaknesses and use them perfectly. Coinbase companys setup is perfectly designed for scammers and frauds. 


Look like Coinbase company is assisting and aiding this scam and fraudulent company for a measly profit. It is very shameful that no one on the platform is doing any research or investigations on this fraudulent business. This company XXXX is scamming hardworking people like me and hiding their money at Coinbase company. 
Coinbase company 's action is very similar to the XXXX  XXXX XXXX using XXXX money in their banks and gaining profit while poor innocent XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  XXXX. My current life goal is to bring down the XXXX and end their fraudulent activities and regain my lost money. I would appreciate any help from CFPB. 

Sincerely XXXX XXXX

Company response to consumer: Closed with explanation