Consumer complaint received 2022-04-15
Company: Coinbase, Inc.
State: FL
Product: Money transfer, virtual currency, or money service
Sub-product: Virtual currency
Issue: Fraud or scam

Complaint:
Dear Sir The following is my complaint to Coinbase : As you know recently I trusted your organization and enrolled as a member of Coinbase and I was guided by your site to join as well Coinbase Wallet which you promote as the safest way to keep your coins. Some days ago my wallet holding over XXXX XXXX coins was cleaned out without any kind of action taken by my person, how was that possible?? I have complained many times to you coinbase but you keep saying that coinbase wallet is not part of coinbase?? but that is your saying now after my losses, when I joined coinbase about a month ago I was push to join coin wallet, all their adds still now posted the wallet was the best way to handle your money so what I did was transfer to coinbase more than XXXX dollars, there I bought some coins XXXX and XXXX then moved to the wallet, in the wallet you promote some apps that you call XXXX and last XX/XX/XXXX, I joined one of them XXXX XXXX now you say that XXXX was malicious and from that date there was a malicious software in my wallet, I was not aware of that until I realized last XX/XX/XXXX when my wallet was clean out and I complained to coinbase, and let you know about this situation, just in that moment you blocked the XXXX, now you said basically that it is not your problem but mine right!! but that particular XXXX could run only in coinbase wallets, also you posted their ad and promoted them, you didn't warn me about any situation. I was totally misled by Coinbase wallet because you gave me 12 safety words and many safety hurdles but the fact is that my wallet was clean out without any action from me, not a single order to transfer, send, receive, anything it was just your system, I believe is an internal work of some of your employees no other way. Now you are saying that they don't have anything to do with that, also asking me to complain to the FBI. In other words, keep misleading me right?? yes I complained to the FBI no idea when they will see it maybe in 2 or 3 years? I don't have time for that I used money from my retirement, since you have this kind of scheme I'm having hard time finding professional help hope I get it but you shouldn't be that kind of company And this is their answer, they refuse to solve anything and answer they don't have anything to do but it is not true I suspect they are involved Coinbase Support XXXX XXXX, XXXX, XXXX AM Thank you for reaching back, we do understand the difficulties tied to this stressful situation. 

Coinbase Wallet does not have a direct affiliation or partnership with a 'mining pledge contract ', 'mining pools ' or any other similar projects/dApps. Customers have the liberty to connect to any decentralized platform of their choice via Coinbase Wallet ( as they can with any other non-custodial wallet ) and do their best to research and understand the risks involved with this.

Because transactions via Coinbase Wallet take place directly on the blockchain, it is not possible to revert those or recover the funds once they are confirmed. These transactions also do not have Personal Identifiable Information ( PII ) attached to them. Therefore it is not possible for Coinbase or any other party to determine to whom the funds were sent to. 

The Coinbase Wallet app is a user-controlled and non-custodial product, which means only the customer has access to carry out any activity. Coinbase is unable to access this product or intervene on behalf of the customer, under any circumstances. As a result, Coinbase Wallet is not covered by our Insurance Policy. For this reason, we can not help recover any Coinbase Wallet or transfer funds on your behalf. 

While we are unable to assist with the above, we can direct you to file a report on this activity via the XXXX XXXX XXXX XXXX ( XXXX ). They work with regulatory agencies and law enforcement to investigate crimes of this nature. Their website can be found here : https : XXXX Were also attaching some resources to help you determine and understand how potential decentralized scams can operate. We advise our customers to thoroughly research and investigate any decentralized project they wish to participate in. As those projects are not listed on popular exchanges, these third parties have to interact with potential phishing sites who try to collect sensitive information such as the wallets seed phrase in order to compromise the customers wallet : https : //help.coinbase.comXXXX  We hope you find this information useful.

Company response to consumer: Closed with explanation