Consumer complaint received 2018-01-31
Company: Coinbase, Inc.
State: NY
Product: Money transfer, virtual currency, or money service
Sub-product: Virtual currency
Issue: Fraud or scam

Complaint:
I had opened an account with coinbase in the beginning of the summer. I was having issues with my account about transfering money out and into my account. I was not able to deposit my Etherium and litecoin into my trading account. I contacted customer support through email and waited for a response. The response i received did not pertain to my inquirey. It basiclly said that I must wait for customer support and they were behind in support tickets. while I had been waiting almost 3 months my account was hacked and compromised. All my coin was converted into USD and then transfered out. I did not authorize those transactions. The moment it happened i emailed customer support to notify them that my account was hacked. I was emailed with a response with a phone number. I called the phone number and was placed on hold for 2hrs. After finaly getting to a live operator I was told the number I called wasnt for customer support issues and they would email me when they were ready to respond to my complaint. So durring this time when the hack happend The total amount of money stolen was about {$1500.00}. I waited several weeks, continued to email and call with no luck in getting my issue resolved. During that time a refund was placed into my account for some ICOs I had invested in. {$150.00} was deposited into my account from XXXX. I was not able to deposit that money into my account because since my bank and credit card were linked to coinbase the hacker also made transactions with those accounts for the amount of {$9000.00}. I had to close my bank account and cancel my credit card. Reimbursement is still pending. I was waiting for a new bank account number and was under the influence it would only take a few days. It was delayed on my banks end for some reason and during the delay my coinbase account was hacked again. The {$150.00} turned up missing and I also had a pending charge for a bank transfer for almost {$2300.00}. It was pending inly because I canceled my bank card and had my bank put a blick on my account from coinbase. I looked over my account and it does not show any activity of anyone logging in during the heist. I also had all my security setting set up and email notifications and did not receive any notifications for any of those transactions. Once again I contacted coinbase which claims they put my funds in a cold storage wallet for protection and security and also claim USD funds are insured by the FDIC. I am not sure how my funds can just disapear without anyone logging into my account. I contacted Coinbase again in reguards to the second hack in 2 weeks and they decided it was best to lock my account until they can get it resolved. I spoke to them on the phone and wanted to get it resolved then but was told that i wasnt calling the department that handles it. I asked to be transfered over to them but was told they coudnt do it but would put my complaint in a escalation. I asked how much longer I had to wait since i was now waiting 3 months from my first support ticket to get resolved. I was told a few more weeks. its been 3 more now and still have not received a response from them in regards to my funds disapearing from the cold storage wallet. 

I have also submitted several complaint to many other agencies over 3 weeks and have not received any responses back from coinbase. I look at this company as a fraudulent website that does not take responsibility or care about its customers

Company response to consumer: Closed with explanation