Consumer complaint received 2021-09-06
Company: Coinbase, Inc.
State: NY
Product: Money transfer, virtual currency, or money service
Sub-product: Virtual currency
Issue: Other transaction problem

Complaint:
On XX/XX/XXXX I logged into my Coinbase account and saw that my account portfolio had XXXX value there was supposed to be {$9300.00} in the account I immediately contacted Coinbase spoke to someone on the phone and they shut down my account they reported it to their fraud department and said they would reach back to me soon. I asked the woman what happened to my money and she said she can not answer any of my questions I asked her what would happen and is my money refundable again she said she could not answer my questions. I received an email message shortly and they stated that my account has been hacked the funds were transferred they gave me the IP address and said there was nothing that they could do about it. I should re-verify my account sending in photograph and ID and in two days I would be able to trade with it with them again ( as I f I was crazy enough to have anything to do with this company after this event ). They furnish me with an IP address of an account, I checked the IP address and it is in Georgia as a sidenote I live in XXXX XXXX XXXX. I also noticed that my XXXX XXXX  associated with his coin base account was hacked for {$1000.00} XXXX immediately refunded me the {$1000.00} as they continue their investigation coin base then suggested that I, after having my account reverified check the transaction history for any suspicious activity. I did as I was asked and when I log into my account there is no transaction history, there is no transaction history of the {$2000.00} that I purchased the XXXX  in XX/XX/XXXX, there is no transaction history of the fraud that occurred on XX/XX/XXXX there is no history of any purchases that I made except for the one that occurred in XXXX for bitcoin. I dont understand how there could be no transaction history in my account however it does show that there was over {$9000.00} in the account before the theft. I was never notified by coin base of a transaction, I was never sent an email or a text message or a phone call on the transaction that occurred on XXXX XXXX however in XX/XX/XXXX they did send me an e Mail verification of my purchasing of the ethereum in XXXX. This purchase is also not visable on my account history. Furthermore if I were to sell any of my XXXX the money should go into my account not someone else is in Georgia. Coin base has not made any attempt to contact me other than emails which are taking several days and they have essentially said that I have lost my money and theres nothing they can do. They are telling me to go to hell.. I feel the public should be aware that their money is not safe with this company they do not safeguard your account and if you are hacked they have no means by which you can return your money. This a {$58.00} XXXX market Company that has netted last year over {$1.00} XXXX and is presently trading at {$280.00} a share this is egregious. I have contacted my local media and XXXX XXXX XXXX XXXX news and they will be contacting me shortly for my story. I feel the public should be aware that this company does not back your money should you be hacked and in fact blatantly tell you it is not their fault, move on and you are on your own. The fact that there is no history in my Coinbase app that I was not notified where in the past I was notified of my purchase. that all of this occurred without me being notified although they say that my phone was hacked etc. points to me to believe that this company simply doesnt care and perhaps they were even people within the company that are doing this. There are no records of my purchases, sales, and I was not contacted by anyone via email, text or phone.

Company response to consumer: Closed with explanation