Consumer complaint received 2020-07-11
Company: Coinbase, Inc.
State: PA
Product: Money transfer, virtual currency, or money service
Sub-product: Virtual currency
Issue: Unexpected or other fees

Complaint:
I was messaged by a Bitcoin representative. The person asked if I wanted to make extra money. I stated yes as long as it's legal. She then shows me a receipt because I was kind of suspicious. Because the Bitcoin representative showed me a receipt of a previous transaction, I felt comfortable investing a little bit of money from my savings account to see if I could double my profits. We agreed to do business and that's when we set up accounts on XXXX and XXXX XXXX XXXX XXXX. My first deposit into their big coin wallet account was for {$1000.00} and I was supposedly supposed to make XXXX through binary trade. Like two days later, the company had told me that my trading rights were suspended and I had to pay like XXXX XXXX and something dollars. I paid the amount which allowed me to continue to supposedly trade when then towards the end of the week when the investment was suppose to close, I had to pay my case manager 10 % of my earnings. At this time, my prophets had succeeded {$10000.00} and was up to XXXX. I paid my case manager {$3500.00}. My case manager continue to guarantee that after I pay the {$3500.00} I would receive my earnings. That wasn't true. I received another email from the company which then stated I had to pay the taxes on the lump sum of money. At this time it was at {$52000.00}. The tax amount was {$10000.00}. before I paid that amount I asked my case manager to provide me with identification and another receipt to prove that this was not a scam. She provided me the documents. My case manager again continue to promise me that I would have my money within the next 3 hours. The {$10000.00} took a week to clear and I paid the company XXXX XXXX. Then the company return sends me another email stating I owe {$2000.00} and something dollars to transfer the money out of the stock market into my bank account. Then I realize that this was most likely a scam. I went to a police district in XXXX and took out a police report on the company. I filled out an FBI scam claim. I reported fraudulent activity to my bank account. During that week I had stopped communicating with my Bit coin case manager. They continue to reach out to me but I would not answer. After I started feeling that the necessary Powers were not going to handle the situation I reach back out to the company hoping that if I paid the {$2000.00} something dollars I would finally get my money. I talked to somebody supposedly as the company 's manager and she said that she was going to oversee the process and that I paid the XXXX  something dollars I would receive my profit. I complained to the lady that the situation was not handle right because I was always promised something that I never received and which I continue to pay my hard-earned money. I have emails from the company that states that they did not handle the situation correctly so they were going to work with me on the situation. So then they tell me if I pay {$1400.00} that my profits will be released to me and that XXXX little bit of money that I owe them from the {$2000.00} I was supposed to pay I would have to pay the company back when I got my money. I paid the company the {$1400.00} then I received the email that says I had to pay {$760.00} for agreeing to pay the company back which I paid. The manager and case manager assured me that after I pay the {$1400.00} I will receive my prophets then they said after I paid the {$350.00} I will receive my profits and I continued to get emails. The last email I received stated that I had to pay {$10000.00} and the next 48 hours to receive my profits because the company decided to work in my favor to do a trade range. After that all my money has completely gone. I do understand that I provided this company with the money but they promised me a lump sum of money that would make a difference in my life. They also put me in a position where I had to get a good amount of money that I lost back by conducting business with them. There was a time during this whole situation where I needed this business transaction to come through to be able to return back to the financial state that I was in. As of now I really don't know what to do but I'm hoping that there's somebody out there that can support me in this matter so I can get my money back because I'm a hard-working man. Some of the money was going to be used to buy a car. Thank you for your time and if you please if you have any questions or if you can help me please give me a call at XXXX XXXX XXXX.

Company response to consumer: Closed with explanation