Consumer complaint received 2022-05-14
Company: Coinbase, Inc.
State: WI
Product: Money transfer, virtual currency, or money service
Sub-product: Virtual currency
Issue: Fraud or scam

Complaint:
I, XXXX XXXX am the injured party from fraud. This has to do with Coinbase and the Coinbase XXXX XXXX. For context, i have NEVER used this Coinbase card before. I got it in just case I ever decided to use, I NEVER lost or misplaced the card in which was secured within my household. On XX/XX/XXXX, XXXX AM - XXXX AM Central XXXX time, while I was asleep there were nearly XXXX attempts to use my Coinbase Card. 

XXXX of these XXXX attempts were successful. {$2500.00} USD was issued to this organization from my debit card. To enable the payment collateral my various crypto assets within Coinbase were converted to XXXX ( XXXX ) and forced a trigger sale of my crypto assets during a market crash in which I suffered significant losses against my intentions. payments were successfully transferred to foreign organization within ( the country ) Georgia, company named XXXX XXXX XXXX. I have evidence of everything, from pictures to logs. 

I was down around XXXX percent in total as well, so In reality, the assets that I bought totaled over {$5000.00} USD. I did not AUTHORIZE ANY OF THESE transactions. 
Upon the breach when I woke up in the morning I immediately contacted Coinbase and froze the debit card, and attempted to stop payment on the transactions but was told payment went out and can not be retrieved and is irreversible. 

Coinbase has been of little to no help, each time I get into an online chat, or talk with them on the phone I get directed to someone else who offers no resolution. One told me nothing we can do go contact the police, another said we may take up to 90 days in which you at best would be reimbursed just XXXX dollars. These funds are unrecoverable. This makes no sense as it was a COINBASE ISSUED DEBIT CARD that was breached, not due to my negligence as I was completely asleep when these countless attempts occurred. Once again, I have pictures and logs to prove this all. 

I am very hurt by this, I am only a XXXX XXXX XXXX college student, and I was Investing to hopefully develop enough funds to use as a house down payment in the far future. Now thats all been wiped away from me, for no reason and its broken my mental state and spirits. 

Any reputable organization or bank would immediately take action and promise restitution and should have some type of liability insurance or protection. In my case my losses were XXXX fold. The XXXX payouts and the huge capital loss in forced asset conversion to cover the transaction. Coinbase has time stamps and logs and my various crypto assets that were forced to convert those coin shares must be reinstated. 

There are XXXX entities involved and a weak link occurred within at least XXXX. The core Coinbase company, the servicing XXXX and the XXXX payment processing center who all work together. 

I have set it XXXX factor authentication to access my Coinbase Account and my XXXX XXXX has a XXXX digit PIN number, my full name, expiration date including month and year and a XXXX digit XXXX XXXX. For someone to be able to use my debit card with an electronic transaction they would need to have details of this card. 

Other people online have complained about unauthorized purchases in their Coinbase issued debit cards as well. 

I strongly suspect an internal breach of security occurred somewhere within the organization by a hack or theft and sold within the XXXX market. 

I want what is just and fair. Coinbase is at least a XXXX XXXX dollar company that charges high transaction fees which promises the best security. 

Please assist me I have full documentation and so does Coinbase, it is an obvious case of fraud and due to no fault of mine.

Company response to consumer: Closed with monetary relief