Consumer complaint received 2021-12-01
Company: Coinbase, Inc.
State: CA
Product: Money transfer, virtual currency, or money service
Sub-product: Virtual currency
Issue: Other transaction problem

Complaint:
To Whom may concern, I want to report my banks and Coinbase for not protecting consumer from the fraud. 

I got scammed with cryto investment. I have been wired transferd 240K worth of digital currency to scammer 's digital wallet using Coinbase. I have filed the complain with XXXX and they advised me to reach out to my banks and coinbase to file a formal complains, but unfortunaly the complaints are not successful. 

Please see below my complain letters for XXXX XXXX XXXX and XXXX XXXX. 
XXXX XXXX XXXX On XXXX XXXX. I contacted XXXX XXXX XXXX after being targeted by fraudsters who stole {$75000.00} from my account. 
- XXXX XX/XX/XXXX Transfer record - We have received the following transfer request on XX/XX/XXXX : Item # : XXXX Amount : {$5000.00} To : coinbase inc Fee : XXXX Service: Same Day - We have received the following transfer request on XX/XX/XXXX : ********************************************* Item # : XXXX Amount : {$50000.00} To : coinbase inc Fee : XXXX Service: Same Day - We have received the following transfer request on XX/XX/XXXX : ********************************************* Item # : XXXX Amount : {$20000.00} To : coinbase inc Fee : XXXX Service: Same Day - Transaction Type : Wires - Amount of Transaction : {$75000.00} - Account Number ending in ( last 4 digits ) XXXX - Recipients Account Number ending in ( last 4 digits ) XXXX - Recipients Bank : XXXX XXXX XXXX XXXX XXXX Reference XXXX On XXXX XXXX. I contacted XXXX XXXX after being targeted by fraudsters who stole {$160000.00} from my account. 
- Transaction Type : Wires - Total Amount of Transaction : {$160000.00} - Recipients Account Number ending in ( last 4 digits ) XXXX - Recipients Bank : XXXX XXXX XXXX XX/XX/XXXX to XX/XX/XXXX transfer record 1.Wire Transfer Details Amount XXXX USD Payee Coinbase Date XX/XX/XXXX Transfer Type Domestic Reference Number XXXX 2.Wire Transfer Details Amount XXXX USD Payee Coinbase Date XX/XX/XXXX Transfer Type Domestic Reference Number XXXX 3.Wire Transfer Details Amount XXXX USD Payee Coinbase Date XX/XX/XXXX Transfer Type Domestic Reference Number XXXX 4.Wire Transfer Details Amount XXXX USD Payee Coinbase Date XX/XX/XXXX Transfer Type Domestic Reference Number XXXX 5.Wire Transfer Details Amount XXXX USD Payee Coinbase Date XX/XX/XXXX Transfer Type Domestic Reference Number XXXX XXXX.Wire Transfer Details Amount XXXX USD Payee Coinbase Date XX/XX/XXXX Transfer Type Domestic Reference Number XXXX 7.Wire Transfer Details Amount XXXX USD Payee Coinbase Date XX/XX/XXXX Transfer Type Domestic Reference Number XXXX 8.Wire Transfer Details Amount XXXX USD Payee Coinbase Date XX/XX/XXXX Transfer Type Domestic Reference Number XXXX I did not authorise these transactions as I did not know I was talking to a fraudster. 
The money was taken without my knowledge or consent. 

As a valuled reward member, I'm disaapointed with bank fraud protection precess. No alert or warning for large abnormal transctions. 

I therefore expect the banks to deal with my complaint according to the XXXX XXXX XXXX & # XXXX ; XXXX rules on unauthorised transactions, which state that unless the bank can prove I acted with gross negligence, the bank should reimburse me for this unauthorised those transfers. 

Besides the bank, Coinbase should take the responsibility as well www.coinbase.com Customer service : XXXX ( XXXX ) XXXX Coinbase stated that its a secure platform, unfortunately thats not true. 
- These transactions into Coinbase company were part of a cryptocurrency scam, even though it was placed in a good faith and hard to believe it was a fraudulent purchase. 
- After several days investigation, there are plenty and verifiable evidence along with other victims indicating this is a cryptocurrency scam. 
- I tracked the downstream wallet, which was report many times for fraud, and Coinbase ignored the problems and they didnt do anything to investigate or close the fraud wallet. Instead, Coinbase locked my account without any explanation. 
- Coinbase has a big loophole that makes it easy for the scammers to do money laundering and allows scam site to launder funds to their platform. 
Such merchant was contributed to fraudulent practices and did not have any safety precautions in place to protect myself and others from this happening. 
Therefore, the fraud transaction should be investigated and refunded from Coinbase

Company response to consumer: Closed with explanation