Consumer complaint received 2020-07-24
Company: Coinbase, Inc.
State: NV
Product: Money transfer, virtual currency, or money service
Sub-product: Mobile or digital wallet
Issue: Fraud or scam

Complaint:
I uploaded money to coinbase. First issue I had is when the platform crashed and was unobtainable for the majority of the crash XX/XX/XXXX of bitcoin and other currencies. 
Before this days beginning, I read an article on XXXX XXXX that i believed to be true and that not just crypto currencies, but stocks as well weere going to take a huge hit .... wouldnt ya know I was right to belive it as it sure did happen. I however was locked out of my coinbase acct and told the crypto currencies I had purchased from them werent recognized on the platform ... ..Clearly they were having some issues that day. 

So I reached out to the company only to learn at that point, they cant be reached. They have no customer service dept. They have no way of being contacted and having a conversation in real time. 
You can however send an email- at which point you will be notified it gon na go to someone who will reach out. Nearly 3 months later, you will then be notified your case/ issue has been resolved. Without ever being contacted by the company. 

This sends me into a rage everytime I even think about it. NEVER IN THE HISTORY OF BUSINESS HAS A COMPANY LIKE THIS BEEN ABLE TO GET AWAY WITH WHAT THEY RE DOING. If you have your money in hedge funds or 401k or any investment institution, that comapny is able to be communicated with, as far as a level of standard business hours, wether it be XXXX or whatever hours of operation their hearts desire, however you have the possibility to communicate with them. 

However after a dream, honestly a dream I had that a specific crypto coin was doing very well, I opened the app, only to find WOW the coin is actually doing fantastic. So remembering I have exactly {$50.00} on a card I already had on file with coinbase, I buy {$50.00}, and i go back to bed. 
Much to my delight when I wake back up 4 hours later the coin is doing fantastic ... .Thats grest right? But why then, isnt my acct showing these gains? 
That when I discover, my acct is locked. At which time i go thru the roof. I mean I have completely lost my ability to communicate with this company with out calling them names and showing just how i really feel about them. So I shoot over n email, a few hours go by, i log back into the acct wondering if it was a glitch, and I could then access my funds ... ..Nope locked up. SO I emil a few thousand times over then next couple of days, under every different option you have to select hoping I would catch someone from some dept and get some answers. And I do not. So I log back into the acct, only to discover the markets down ... .. And wouldnt you know, THAT reflects in my acct ... ... 
AGAIN I ASK< HOW IS THIS LEGAL? SO THEY DONT HAVE TO PAY IF THE MARKETS UP< BUT THE CONSUMER HAS TO PAY IF THE MARKETS DOWN/?????? / WHAT IN THE ACTUAL XXXX???

So, lets move along to fees. Being the second part of this scam artist company. 
I was aware that buying in would cost ... ... I wasnt aware that cashing out also costs you. Not something I would have signed on for. 

Then, earning coins thru the internal system.

Works like this, watch a video, earn $ XXXX- {$9.00} repeat the process until you can not earn anymore ... ... So, at the end of these videos when you have watched them all, the next thing you can do to earn money, is get friends and family to sign up ... ... .Also note, this last step is the highest paying of the options to earn. 

So what do I do, have my lady sign up, then my best friend. Follow the steps and sit back and wait for our bonus cash right??? / Whomp whomp whomp. Turns out, I can go XXXX myself, because they arent paying any of that. When contacted they say something to the effect of, we have no control over the payment system of earned coins. ( automated response system for sure ) How is any of this legal? Its obviously a scam .... As one of the requirements is to buy and trade {$100.00} worth of crypto. At which time, You are charged, on an adjusted scale of purchase as well as sale. So if you buy in with {$20.00} your fee is going to be different then if you buy in with {$100.00}. Yet, theyre not done there. Because if you are to sale off your coins and simply want to cash out your money, well, your then charged again. 

So the scam is, we say we will pay you for each individual, i believe up to 4 .... But then they dont pay .... However, these bags of XXXX are raking in the buy in and cash out fees ... .. 

I ASK AGAIN< HOW IS THIS LEGAL???? 
NO COMPANY HAS EVER BEEN SO WIDELY KNOWN TO RIP SOMEONE OFF< HAVE PLATFORM ISSUES< AND JUST ALL IN ALL SHOW ANY LACK OF CONCERN ABOUT ANY OF ITS CUSTOMERS AND STILL BEEN ABLE TO KEEP ITS DOORS OPEN FOR BUSINESS. 
THIS COMPANY, IF IM CORRECT, BUT A HACKING FIRM A FEW YEARS AGO? Yet they operate with its daily customers with impunity. 
Is this because It has a deal with the IRS? You tell me, how they can get away with all of this? You can go on ANY review site or chat platform and read about thousands upon thousands of people getting ripped off by this company. 
That is how I found you. This is after attempting with consumer affairs, and the XXXX. 
So hopefully this finds you in good health, and on a day when the coffee is flowing and your feeling like kickiing some XXXX like a XXXX XXXX, or XXXX XXXX for all my ladies over there! Because Im eager to hear from you guys. I have yet to touch the money they are telling me I can finally cash out now, mainly because Im not selling the cow for beans. No, I want all my money back and my fees. 
This, being since they held onto my money, and provided no way of being contacted.

Company response to consumer: Closed with explanation