Consumer complaint received 2021-08-07
Company: Coinbase, Inc.
State: OR
Product: Money transfer, virtual currency, or money service
Sub-product: Virtual currency
Issue: Fraud or scam

Complaint:
First, I was targeted through online advertising to place my money at Coinbase , Inc . The very professional advertisement makes Coinbase sound like a legit business that works in accordance with the high XXXX XXXX XXXX for protecting a consumer 's money from fraud and serious criminals. I just trusted Coinbase with my money and I certainly did not think placing my money there would make me a target for consumer fraud.

Second, because I placed my money at Coinbase and scammers found this out through my twitter feed, likes, and follows, I was personally targeted by them to steal my money. This criminal fraud has gone beyond the financial to make me feel at risk personally. Even without the money loss, I would never have placed my money at Coinbase if I had to do it over again -- based fundamentally on the fact that it has opened me and my family up to the risk of dealing with complete low-life scammers who may well also be violent, not to mention, traffickers of life they've turned into devastating commodities. Third, I suffered a huge financial loss because I was targeted online to place my money
at Coinbase and then at once turn it over to serious criminal elements. As an investor, out of pure principal, I've now taken all of my money out of Coinbase. I continue to be targeted in communications from unknown criminals who frankly scare me at this point. I've shown Coinbase these communications. In response, Coinbase has responded like crickets with its unspoken " sucks to be you '' policy. The XXXX / XXXX  / XXXX XXXX / XXXX XXXX? actually made clear they want money transferred ( i.e. stolen ) via Coinbase. The criminals did not want wire transfers from XXXX Bank for example. Looking back, I see that this is because the scammers know they will get away with what they're doing for the very reason they're working with Coinbase. As a Consumer, I have yet to hear anything helpful from Coinbase. In fact, the Coinbase " support '' team told me that even if I had money transferring in progress I knew to be going to a fraudulent source -- I can not stop this transaction even as it is in progress. That is crazy. Beyond crazy. So can Coinbase make me at once unintentionally and intentionally send money to human traffickers -- also against my will? I thought this was a question less for the legal professionals than for the political philosophers, but now I'm not so sure.

In conclusion, I don't think that I have been treated in accordance with the high legal, let alone ethical or moral standards of consumer protection that makes our true prosperity possible here in the United States of America. This is a prosperity that involves monetary wealth, sure ; but it also allows you to rest soundly all around -- not afraid of being woken
up by some exploding, red balloon. This happened to me too, and I would be happy to tell you all about it. Any questions you have for me. I think consumers and consumer protectors need to know much more in the open about how Coinbase works and the risks it can create for people. Materially yes, but also the immaterial is just not a place I can risk given especially I'm mother in a family. This is not a conscionable risk. Thank you for taking the time to consider my complaint for you.

Dates : money is stolen by scammers via Coinbase beginning approximately late XX/XX/2021 through early XX/XX/2021. Realize it is a scam late XXXX / early XX/XX/2021. I started having doubts and then find I can not withdraw any money as promised. Also, I am treated by scammers in way that is progressively untrustworthy and the more I realize these people for who they are the scarier the experience of working with them becomes. The criminals really messed with me at many levels. Some of those levels were and are financial. But money can be replaced. The worst part of this is truly the psychological and emotional stress and the personal fear.

Company response to consumer: Closed with monetary relief