Consumer complaint received 2021-01-05
Company: Coinbase, Inc.
State: NY
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Fraud or scam

Complaint:
Dear sir or maddem I'm writing to you because of my financial ruin due to the company called coninbase.com. 

On XX/XX/2020 I attempted to transfer a crypto currency thats tied to the u.s dollar called usdt. I had them in an exchange called XXXX. Since my coinbase account was connected to my bank account and I needed those funds, I had to transfer to coinbase. 
I went on their site and looked up the usdt currency, I clicked on receive and was immediately given an address to my wallet. 

I sent {$14000.00} to that address. 
To my horror I found out that coinbase doesn't use that currency and the funds never arrived. 

I couldn't believe that it was so easy to fall into this pitfall. 

I contacted coinbase 3 times to no avail. I reached out on XXXX only for a coinbase rep tell me that its not their problem. After 2 agonizing weeks they responded to my claim with the same indifference. 

I have reached out to tether which is the company that created the usdt currency. They were quick to respond with an email. They told me that they can retrieve the funds if coinbase cooperates. 

I have reach out to a crypto currency recovery company and told me that this is an easy fix that should take coinbase min to return those funds. 

I have scoured every page on the internet and to my shock I found countless others fallen victim to coinbase XXXX trap. 

If coinbase doesn't support this currency why are they providing an address for that coin?? 

I know i should have check and trippled checked before I sent those funds. But coinbase should not profit of people mistakes so easily. 

If coinbase adopts usdt coin i would be able to access these funds, but they never will. 

There hundreds of thousands of dollars trapped due to this trap set by coinbase. 

I have anXX/XX/XXXXchild that needs care and without those funds I will be forced to borrow money. 

I have not slept right in the past 2 weeks. Please help me. I need my funds sent back or have tether be allowed to destroy this transaction and issue you me the funds. 

Here is a copy I sent to coinbase in it is a detailed description of the transaction. 

Please feel free to contact me anytime Dear sir or maddem I'm writing to you to beg for mercy. I have not traded crypto in yrs. My account was left for yrs, and when it finally recovered I decided to withdraw my funds. 
I transferred usdt from XXXX to coinbase. I did not notice that its not supported, I made a terrible mistake. Partially because I was given a receiving address from coinbase. 

This is the transaction You've successfully withdrawn XXXX USDT to the address. 
Your withdrawal address is XXXX, txid is XXXX I contacted tether and they are more than willing to help. Below is their email response. 

Have Coinbase contact us directly referencing to your ticket number XXXX # XXXX ), and we will communicate with them to see if we can assist them in recovering your funds. 

I'm at your mercy, without these funds I will suffer a painful loss. 
If I can get on my knees and beg in person I would. 

Please please help me. 

Please at least let tether try to help me. 

Thank you so much I hope to hear from you soon. 

Coinbase , Inc . 
XXXX XXXX XXXX XXXX XXXX XXXX XXXX, CA XXXX XXXX XXXX

Company response to consumer: Closed with explanation