Consumer complaint received 2020-11-17
Company: Coinbase, Inc.
State: TX
Product: Money transfer, virtual currency, or money service
Sub-product: Virtual currency
Issue: Other transaction problem

Complaint:
On XX/XX/20 at about XXXX CT I received notification that an unauthorized attempt to access my Coinbase account had occurred. I immediately took action within the hour and contacted Coinbase to notify them that this was unauthorized to which they temporarily XXXX my account, presumably until they could re-verify my identity and have me complete certain steps to restore secure access to my account. I have every reason to believe my immediate action, in addition to Coinbase 's additional security features, ensured the security of my funds and the integrity of my account - although I haven't been able to get anyone at Coinbase to even verify those basic pieces of information. 

I was told in the documented email chain responses from their Coinbase Support team that this " recovery review process '' would take 4-5 business days. However, at this point it has been 13 business days ( 19 calendar days ) and I have yet to receive any response or action from Coinbase indicating what steps I need to take to restore access to my account. Im actually not even sure an actual person has even responded as the responses seem " automated '' or " generic ''.

I have nearly one Bitcoin worth the current price today of {$16000.00} yet I am unable to access my funds even though I really need them, especially approaching the holidays. Not to mention the volatile market environment and that Coinbase 's lack of prompt attention to this urgent matter is subjecting me to market volatility that I am unable to control without restoration of my account access. 

To this end, I have also submitted a formal complaint to Coinbase ( in addition to my multiple attempts for support through their regular support team ) yet the only response seems to be automated, yet again, and simply says it may take 15 business days for a response. Then, they also say they may contact you for additional time, if needed. 

This is simply unacceptable and no other legitimate financial institution could get away with this kind of non-response, not acknowledging their support timeframes that are provided in their email responses, and essentially holding hostage client funds because they are not taking timely action to restore my account access. Not to mention subjecting me to an unreasonable amount of market risk due to a complete lack of timeliness in providing a resolution. We're talking over {$16000.00} ... not {$100.00}. Unacceptable. 

I have tried the appropriate avenues of resolution with Coinbase but the lack of response and lack of living up to the initial stated timeframe, in addition to the urgency and immediacy of this matter and the amount of funds involved ( {$16000.00} worth of Bitcoin ), has left me no choice but to take recourse with this complaint via the Consumer Financial Protection Bureau. 

I have had nothing but good experiences with Coinbase prior to this and I hate that I'm having to go to this length, but it seems necessary at this point. 

I expect immediate action from Coinbase to provide the necessary steps to restore access to my account and my funds ASAP. 

My current case number with Coinbase Support is XXXX.

Company response to consumer: Closed with monetary relief