Consumer complaint received 2017-07-19
Company: Coinbase, Inc.
State: CA
Product: Money transfer, virtual currency, or money service
Sub-product: Virtual currency
Issue: Fraud or scam

Complaint:
I submitted a complaint ( ID :  XXXX  ) on   XXXX   XXXX  . My complaint contained two separate issues, one of which has been resolved, The company deposited back the {$8000.00} that I transferred to my Coinbase account via   XXXX   XXXX   XXXX  , however the second issue which is related to Coinbase Inc deceptive and fraudulent practices still stand valid.
Here is the story : I opened an account on Coinbase Inc website on   XXXX   XXXX  , 2017, and slowly started buying digital currencies ( BTC, ETH and LTC ) using my checking account at   XXXX   XXXX   XXXX   and  XXXX  credit card.Coinbase is a so-called " reputable '' comany in the US and worldwide for its IT infrustructure in digital currenies space. As a newbie to the digital curencies world, I excecised extreme caution in my new venture. On   XXXX   XXXX   all of my " wallet '' acounts including US dollar wallet at Coinbase platform was worth {$25000.00}. I purchased digital currencies legitimately using my hard-earned savings deposited at   XXXX   XXXX   XXXX  .
On Friday,   XXXX   XXXX  , 2017 I made an attempt to sign up to   XXXX   XXXX  , which is part of Coinbase Inc and is maintained by them. I used a different password than that used for my main coinbase account. I also used   XXXX    Authenticator required by Coinbase Inc as part of the sign-up process. I never scynronized my  XXXX  account with my wallets at Coinbase Inc. Within 2 minutes after my sign-up, I decided to log in to my main coinbase account, only to find that I could n't log in. I checked my email and found a notification from Coinbase that my password had been changed. Concered about my account might have been compromised, I requested that my account be disabled by clicking on the safe link they had provided in the email. The link was not a spam ; it was from Coinbase to notify me of the change. I also sent them an note via their automated communication channel to report the incidence. They got back to me the following day asking for the reason for my request which i had already provided them with. They informed that my account would remain disabled until I confirm my password, email and that the 2-factor security codes were secured. as requested I updated my password, and sent them numerous emails and voicemails at their number at   XXXX   to inform I did what I was instructed to do to resolve the issue, but no response. This phone number is not conveniently available to the public.
This incidence may simply have been caused by my main coinbase account password being replaced by my  XXXX  sign-up password, a situation that I should have been warned upon GDAX registration.
I have copies of the emails and case numbers I opened to resolve this issue. I also have snapshots of other people 's frastration and similar cases about Coinbase pactices that can be easily found on the Company 's forum or elswhere. Coinbase Inc. intentionally does not provide customer support in order to exploit/seize customers ' assets. I have called them numerous times leaving them voicemails at   XXXX   They claim they will response to inquires and resolve any issues " within 4 hours of receipt of the message '' during business hours. but they never ever responded to emails/voicemails, because that " receipt time '' never arrives! I   XXXX   and found out many customers with similar cases.
This company is exercicing deceptive and fraudulent practices. Coinbase Inc. must be prosecuted.The owner ( s ) of this company lacks ethics and corporate responsibility, damage the credibility of the US financial market, cause many investors ' hard-earned savings to evaporate, and develop mistrust in financial services sector.
The Company 's operations must be halted until they become transparent and are able to have sufficient facilities and resources to support the growing digital currency market. The public do n't want to see Mt. Gox case in the US.This company is exercicing deceptive and fraudulent practices. Coinbase Inc. must be prosecuted.The owner ( s ) of this company lacks ethics and corporate responsibility, damage the credibility of the US financial market, cause many investors ' hard-earned savings to evaporate, and develop mistrust in financial services sector.
The Company 's operations must be halted until they become transparent and are able to have sufficient facilities and resources to support the growing digital currency market. The public do n't want to see   XXXX   XXXX   case in the US.

Company response to consumer: Closed with explanation