Consumer complaint received 2021-01-28
Company: Coinbase, Inc.
State: VT
Product: Money transfer, virtual currency, or money service
Sub-product: Mobile or digital wallet
Issue: Unauthorized transactions or other transaction problem

Complaint:
The entity of Coinbase which stores both USD and cryptocurrency, has demonstrated at a minimum, negligence. My {$8000.00} of actual USD, NOT cryptocurrency, was stolen from their site XX/XX/2020. Coinbase makes it extremely difficult to contact anyone for help, even in a dire circumstance as this. There is a phone line to call, but no live agents are available. Coinbase has a process, which is supposedly in place for support, but as the chronology of events below demonstrates : Coinbase forced me to jump through hurdle after hurdle consuming vast amounts of time, just to abandon a paying customer in the end and not address this criminal incident. It has been over a month since Ive last heard any response. Based on their complete lack of responsiveness to my many requests, I am concerned that Coinbase themselves could be involved with the stealing of funds from their own customers. At the very least, Coinbase has proven themselves negligent in addressing this situation. 
Chronology of Events : XXXX XXXX I login into my Coinbase account. Shortly after logging in, I notice my balance reads near XXXX, from the approximately $ XXXXUSD it should read. I immediately take action and do these steps : 1- I look for a way to contact a live agent at Coinbase in response to this crisis, but the site gives no way possible. 
2- I remove my bank account associated with my Coinbase account and I disable my Coinbase account. The phone line Coinbase provides, XXXX, is an automated system which only allows for the disabling of ones account. No live agent is available. 
3- In my email inbox linked to the account, I notice : A ) Coinbase sent me an automated email at XXXX with the subject, " Your 2-step verification settings have been changed. '' B ) Coinbase sent me an automated email at XXXX with the subject, " Your BTC purchase is now available to trade ( {$8000.00} USD ) '' C ) Coinbase sent me an automated email at XXXX with the subject, " You just sent XXXX BTC to XXXX '' I definitely in no way shape or form did anything with any currency on Coinbase that day, be it USD or otherwise. I definitely never used my USD wallet for anything on that day, let alone purchase cryptocurrency with it, nor did I send any form of currency, again be it USD BTC or otherwise, anywhere. These actions were not me. 
Also note how these three automated emails show that all within one minute : my XXXX settings were changed, my USD funds were converted to BTC, and finally the funds, now in BTC form, were sent off. I am not even sure that a human being can complete all of these actions within one minute.

4- I email Coinbase support, I received an automated email with the subject, Visit the Coinbase Help Center to contact support I then email support on the channel Coinbase provides, on their Contact Us webpage. I submit the inquiry successfully, as the next webpage loads up and says success. 
XXXX 1-After not hearing anything from Coinbase, I attempt to submit a Complaint through the channel the site provides, but since I have no case number, I am unable to do so.

2-I submit another message to Coinbase, through the channel Coinbase provides, on their Contact Us webpage. Shortly afterwards I received an email, finally acknowledging my attempts at communication. I am now finally assigned a case number with a response indicating that my situation has been reviewed and that Coinbase is working with a specialist to address it properly. 
XXXX I receive an email from Coinbase which states that they have Passed all new information on to an account specialist who is reviewing your case they'll reach out to you here ( review generally takes 4-5 business days ) XXXX After growing increasingly alarmed by the amount of time has transpired and not hearing a response. I email Coinbase inquiring if I should report this incident to the authorities and financial regulatory agencies. 
XXXX The amount of time requested, 4-5 business days, has transpired with no response. I email Coinbase to try and get some help, and also ask again if I should report this incident to the authorities and financial regulatory agencies. 
XXXX No response ever came. I sent an email stating that I intend on reporting this incident to the authorities and to financial regulatory agencies unless a response is received. 
XXXX I reported the incident to the FBI. 
XXXX A brief report over a message was made to the XXXX XXXX Police Department. Will follow up until an actual full police report can be made.

Company response to consumer: Closed with monetary relief