Consumer complaint received 2021-12-26
Company: Coinbase, Inc.
State: CA
Product: Money transfer, virtual currency, or money service
Sub-product: Mobile or digital wallet
Issue: Unauthorized transactions or other transaction problem

Complaint:
On XX/XX/XXXX, I initiated a deposit transaction using the Coinbase XXXX mobile app from XXXX to Coinbase XXXX for {$30000.00}. I was given a credit of $ XXXX by Coinbase to start buying cryptocurrency to trade instantly. On XX/XX/XXXX I've been informed by Coinbase that my deposit failed and they froze my account unable to buy, sell, deposit, or withdraw. I've created 2 support tickets immediately but only got a respond that they are looking into it. I called 2 times on the XXXX and XXXX which totaled to almost 2 hours each call waiting on line to get someone to speak to. I was able to get someone on the line on both occasions. The first call, I've explained to Coinbase about what happened. I beg Coinbase to see if there's any way they can help me on the spot. At the time of the call, my total asset is at {$41000.00}. I beg the support agent if she could help me sell the asset at that time or give me the ability to sell the asset. I reminded them that this is the time to do something about or else, the price of the asset could go down in value if we waited 5 days to auto recover and sell the asset. I beg for them to do something about it that if it goes south I could end up owing money. The person refused and neglected to help me. I've ask to reach out to their RISK team and she said that they will also say the same thing. I tried to convince that we have an opportunity to fix it and they shouldn't ignore it. The refused. I tried again to call on the XXXX of XXXX. Same thing. I gave up because there was nothing I could do anymore. It's way out of my control and I had to just let it play out. On the XXXX of XXXX, the asset went down in value and Coinbase sold it {$18000.00}. Now I owe Coinbase {$12000.00}. Coinbase neglected my ask for help to remediate the issue. With XXXX support tickets, XXXX phone calls from XXXX to XX/XX/XXXX asking for help and was all neglected in all occasions. I do believe Coinbase could have help if they wanted to. They didn't care at all. This is extremely unfair to consumers to be able to be let down like that. The Coinbase RISK team was supposed to be solving problems like this. Even if i wanted to move money to Coinbase, the money I had was on XXXX. The only option for me to deposit money to Coinbase to satisfy the $ 30K was through my own bank account and I don't have 30K. The money was on XXXX and by the time I could withdraw my money from XXXX to my bank and deposit from my bank to COinbase, it would already be too late. I believe it's unfair and it's not my fault. Everything happened on Coinbase Platform. I had no control over the deposit failing. There was no way for me to manually intervened. It's unfair for me to own this money because Coinbase was lazy or refuse to help. I sincerely ask for your help in resolving this issue. I was unfairly treated and now I owe money that I didn't have to because Coinbase neglect customers and they don't care about their customers. I really think that Coinbase should not allow customers to be able to trade with money that they don't have because their platform is not perfect. things can go wrong with deposits. If there's anything you can do to help, I have no other options. I wanted to go through this before I look for legal help on this. Thank you very much for your help.

Company response to consumer: Closed with explanation