Consumer complaint received 2021-07-14
Company: Coinbase, Inc.
State: CA
Product: Money transfer, virtual currency, or money service
Sub-product: Virtual currency
Issue: Wrong amount charged or received

Complaint:
This follow-up complaint is regarding Coinbase 's inadequate response to my initial complaint. 

Initial complaint Info : COMPLAINT ID XXXX SUBMITTED ON XX/XX/XXXX PRODUCT Money transfer, virtual currency, or money service ISSUE Wrong amount charged or received Initial Complaint : This issue is regarding my attempt to transfer Bitcoin from my wallet on Coinbase ( digital asset exchange XXXX to my private hardware wallet. On XX/XX/XXXX, I withdrew XXXX BTC ( equivalent to {$6100.00} as that day 's market price ) from my Coinbase wallet to my private wallet. This transaction was successful. However, Coinbase incorrectly double posted this withdrawal leading to a negative XXXX BTC balance in my account. I also had other currencies that I needed to transfer to my private wallet ( ETH and LTC ). I was unable to make those transactions because Coinbase restricts withdrawals when you have an overall negative account balance. In order to get the other currencies withdrawn, I sent XXXX BTC in from my private wallet on XX/XX/XXXX. I subsequently withdrew the XXXX  and XXXX amounts I needed to. Coinbase never corrected the erroneous double post. I submitted a support ticket to Coinbase on XX/XX/XXXX, in which I describe the above in full. They asked for more details and eventually admitted it was an error in their system on XX/XX/XXXX after reviewing : " Thank you for contacting us about this. We have confirmed this to be an issue with our system and are working to resolve it as soon as possible. Your case has been recorded for review by an expert. Thank you for your patience in the meantime we will be in touch again as soon as we have an update. '' No response from Coinbase for weeks so I asked them why it wasn't resolved on XX/XX/XXXX. To which, they replied : " Thank you for contacting Coinbase. In an effort to respond more rapidly to support requests, direct emails to this address are no longer enabled. To get a response from our support team, please visit the following page and complete the request form : https : //support.coinbase.com/customer/portal/emails/new Please use the email address that you use to log in to Coinbase, select the appropriate category, and include as much detail as possible when submitting your request. Thanks in advance for your patience and support. '' No resolution still. I submitted another ticket to follow up on XX/XX/XXXX XXXX Case # XXXX XXXX, but there has been no response. I have elevated this case number today ( XX/XX/XXXX ) and notified Coinbase I am formally submitting a complaint to the CFPB. Today, the XXXX BTC is worth approximately {$22000.00} USD. 

Coinbase 's response to Initial Complaint : Dear XXXX XXXX, We have reviewed your complaint regarding a double posting of a BTC withdrawal to your private wallet which led to a negative XXXX BTC balance in your Coinbase account. Review of your accounts transaction history show two completed sends of XXXX BTC to your external private wallet ; one on XXXX XXXX XXXX  PST and the other on XXXX XXXX PM PST. Review of these transactions on the blockchain show your private wallet received both of these transfers : https : XXXX As your private wallet received a total of XXXX BTC, you did not suffer a loss as a result of the double posting. We therefore consider your complaint resolved. However, we have determined that your customer experience was not up to our standards. Coinbase has credited your account XXXX USD in compensation for your unsatisfactory customer experience. Please reach out to our support team if you have any further questions. Sincerely, Coinbase Regulatory Response Team Follow-up Complaint : In reviewing the link provided by Coinbase at XXXX, their statement of my external private wallet receiving two transactions of the same amount totaling XXXX BTC is FALSE. In the link they provided, their is only ONE transaction in that amount equal to half that total amount. Their response is unacceptable and blatantly fraudulent. Please review the info provided in Coinbase 's response.

Company response to consumer: Closed with explanation