Consumer complaint received 2021-02-21
Company: Coinbase, Inc.
State: TX
Product: Money transfer, virtual currency, or money service
Sub-product: Virtual currency
Issue: Other transaction problem

Complaint:
I am the only authorized user of the account. I use it for investment purposes. I have had this account for 2 years. I have also used 2FA sign in since inception of the account. I did tremendous research before I chose Coinbase based on them saying at the time the had insurance in case you were ever scammed. 

On XXXX @ XXXX I signed into my Coinbase.com account. Everything appeared normal and I was doing my transactions when I noticed my balance was reducing quickly. I had 4 assets in the account. I had converted XXXX of XXXX to XX/XX/XXXX which the thief stole by transferring the XXXX via Coinbase Pro to an external wallet. I had XXXX of XRP which the thief stole by transferring via Coinbase Pro to an external wallet. I had XXXX in cash which the thief stole by buying Bitcoin and transferring via Coinbase Pro to an external wallet. I had XXXX in XXXX which the thief stole transferring via Coinbase Pro to an external wallet. The thief also stole 2000 from various smaller balances converting to ETH then transferring via Coinbase Pro to an external wallet. My portfolio value was XXXX and is now and went to XXXX. The amount stolen was XXXX Upon noticing my account was being reduced I went to my XRP ledger to see what was happening. I noticed within the transactions was a transfer to a Coinbase Pro account then a transfer to an external wallet. I DO NOT HAVE A COINBASE PRO ACCOUNT. I also noticed in my UI was a new blue button in the top right hand corner that said PRO, this had never been there before and it was not there then when I had regained access. As the balances continued to decline I got on the phone with Coinbase and had my account frozen thinking this would STOP the unauthorized transactions from happening. This was XXXX at XXXX. I was wrong. 

I regained access to my account XXXX at XXXXXX/XX/XXXX. I immediately went to look at the transactions which are time/date stamped and associated with IP addresses. I took screen shots and noticed that a different IP address was in my account at the same time I was the evening of the theft on XXXX. I signed in XXXX at XXXX and the thief signed in at XXXX XXXX using a different IP address. I also noted by sign out of XXXX at XXXX while the thief signed out after me XXXX at XXXX. So there was someone else in my account after I asked it be shut down. 

In addition while I was locked out between XXXX I received a communication from Coinbase saying I had become overextended and my credit application was denied. I did not do a credit app the thief did. 

I have emailed there help.coinbase email 36 times since this incident with no replies. I have sent them the documentation noting the losses and screenshots of the transactions per item showing monies being transferred to the Pro account then out to wallets and I don't have a Pro account. No communication. They don't have a phone number just an email. 

I have tried the principals of XX/XX/XXXXno response. I have filed an FTC report and aXX/XX/XXXX report. I am going to file a police report tomorrow. I I have no idea what to do I have had XXXX stolen from me and I can't even get a response from them. Do you have any suggestions for me?

Company response to consumer: Closed with explanation