Consumer complaint received 2021-12-16
Company: Coinbase, Inc.
State: TX
Product: Money transfer, virtual currency, or money service
Sub-product: Virtual currency
Issue: Fraud or scam

Complaint:
On XX/XX/2021 I bought into the crypto coin Gyen on my Coinbase app. Gyen is considered a stable coin that basically does not move much, or it wasnt supposed to. I bought in at around .03 cents a share which gave me around 760,000 shares of Gyen. Later as I was watching the stock start to go down, I was going to sell seeing that something was wrong with this stable coin ( Gyen ). I noticed when I was about to sell my crypto coin that Coinbase had illegally ceased my account and froze my account. I could not sell my Gyen stock at all. I had to watch the coin totally collapse down to where it was supposed to be at .0087 cents a share of Gyen. My initial {$24000.00} was now {$6000.00}. I have been messaging Coinbase and trying to call them but nothing gets through. 

I went online and noticed a group on XXXX that was being formed called Coinbase-Gyen token concern/trading issues. There is now over 1800 people in this group that had the exact same thing happen to them that happened to me. 

I looked on my Coinbase account and found that there was a glitch that Coinbase did to all our accounts. All of our accounts had 100x the coins that we were supposed to have. So my Gyen account said XXXX Gyen coin. Which that amount in my account reflected {$660000.00} ( I have pictures and documentation ) at the very end when the Gyen account crashed back down to .0087. At the start when I bought in at .03, my Gyen account reflected {>= $1,000,000}. 

About 3 weeks later ( our accounts and funds were still frozen and could not take out my remaining {$6000.00} from my initial buy-in ) I logged into my account to see if Coinbase had refunded my account or if anything had changed. I noticed that Coinbase had fraudulently changed my Gyen coin shares to 761,000 shares of Gyen and my account was reflecting the {$6000.00} ( I have pictures and documentation ). Later I messaged Coinbase and got a generic message saying everything is back up with Gyen on Coinbase and you can resume trading and basically said that we ( Coinbase ) are not at fault for any losses that had occurred. 

So in summary, 1800 plus people bought into Gyen coin on Coinbase. Coinbase had a glitch that made all 1800 plus peoples accounts go 100x more then it should have, resulting in the influx in the stablecoin. The influx was made fraudulently by Coinbase. Then Coinbase froze all 1800 plus accounts who owned the Gyen coin, the Gyen coin then crashes down to .0087 where it was supposed to be before the glitch and influx in price created by Coinbase. Coinbase keeps our accounts frozen for 3 weeks so we couldnt use our funds at all. Then Coinbase fraudulently went into all our accounts and changed all the information from the glitch as if it didnt happen and told us its not there fault we lost our money and we will not be reimbursed at all for what had happened.

Please help us as no lawyers or law firm will help us since in Coinbases customer agreement says we cant do a class action against them ( Coinbase ) and I personally dont have 50k to hire a lawyer to help me get my money back.

Company response to consumer: Closed with monetary relief