Consumer complaint received 2021-02-05
Company: Coinbase, Inc.
State: NY
Product: Money transfer, virtual currency, or money service
Sub-product: Virtual currency
Issue: Other transaction problem

Complaint:
Hello, I have been using the app Coinbase since XXXX last year. I have attempted to fix an issue they have caused for over a month now, and I need a resolution to this problem promptly. I have attempted to solve the issue multiple ways, including on their website and via e-mail. I will be including all pertinent documentation, including photos of my bank account, the in-app purchase I was forced to make wrongfully, e-mails, and proof of the existence of my Limited Liability Company, which has suffered from not being able to be funded for the period of time this incident has been ongoing. 

I have recently been incorrectly charged twice by Coinbase. I had paid them XXXX dollars and XXXX dollars on XX/XX/XXXX, but on XX/XX/XXXX the charge from the day before had appeared again ( the charges had the same ID number, i.e. they were the same exact transaction, duplicated. ) There was also a XXXX fee on XX/XX/XXXX that was corrected XX/XX/XXXX, that doesn't need to be addressed here. Nevertheless it is connected to the events described in this message. 

Later, Coinbase had refunded me the amount of XXXX and XXXX dollars to my bank account. Everything seemed right until I realized the app required me to pay that exact charge, again, in order to access the rest of the money- nullifying the money I was just refunded. What an absolute headache. I have attempted reconciliation of this problem with Coinbase for weeks now, but I am only getting automated messages that are incapable of addressing what has happened. 

In response to this mistake I had put a stop payment order on my bank account as a result of this, totalling XXXX on XX/XX/XXXX. 

I have missed out on many opportunities to day-trade my XXXX ( day-trading is the process of selling frequently at peaks and buying back in when lower ) during this 31 day period that Coinbase has held my money. 

XXXX went up from XXXX dollars to XXXX that same day I was forced to sell my assets. On XX/XX/XXXX, I sold XXXX of my assets in response to the app requiring me to pay XXXX again. If I didn't do this, the XXXX dollars would have become XXXX at XXXX XXXX peak that day. ( XXXX x XXXX divided by XXXX = XXXX ) If I would have gotten scared and sold at around the peak I would have hundreds of dollars more if the Coinbase error hadn't occured. To assume I would sold exactly at the peak is unlikely, but even if I got scared and sold when it started to dip to XXXX or XXXX I would still have hundreds of dollars more based off of just that one oppurtunity to day-trade, let alone the subsequent day-trading for all of XXXX. It's been held for 31 days at this point. I would easily have made another XXXX XXXX dollars in that time period. 

Additionally, I have been forced to delay the unveiling of the first product of my Limited Liability Company due to this error, which is specifically delayed more and more days the longer this is not resolved. I'm including a certificate from New York XXXX government as proof that my LLC does exist. I've also damaged my XXXX significantly, throwing it out of frustration. As you may be able to surmise, this one incident has seriously wreaked havoc on my personal life. 

I require my XXXX dollars and the XXXX dollars I wasted for the stop payment. I would additionally like compensation for the inconvenience of not having XXXX dollars that is mine to begin with, the lost opportunities of day trading, the unneccessary delaying of my LLC 's first product going public and the damage I did to my phone due to this issue. 

Thank you for your time.

Company response to consumer: Closed with monetary relief