Consumer complaint received 01-10-2018 about Money transfer, virtual currency, or money service (Domestic (US) money transfer) with Coinbase, Inc. (CA).
Issue: Fraud or scam

Complaint: On XX/XX/XXXX I started an ACH transfer through the Coinabse websitein the amount of {$1000.00}. I received an email from Coinbase the following day acknowledging the transfer was initiated and that they received my money ( see upload for screenshot ). It also appeared as pending on my transaction history on XX/XX/XXXX. But as of XX/XX/XXXX the money has never shown up in my Coinbase or XXXX accounts ( XXXX Is their sister site that works together with the main Coinbase site ). 

But even more alarmingly the transaction has mysteriously disappeared from my transaction history on Coinbase and XXXX as if it never took place. It is very scary to see the record of my money transfer disappear from their website. I did some research online and discovered there has been dozens if not hundreds of complaints on various online forums regarding Coinbase customers who have never received their funds weeks or months after sending it. 

You can see for yourself by doing a XXXX search for Coinbase scam or Coinbase fraud. I wish I knew about the history of this company beforehand I would have never done business with them. 

Here is a copy of the email they sent me on XX/XX/XXXX acknowledging the ACH transfer and receipt of {$1000.00}. So I do have the email record of the transaction but when logged into their website there is longer any record of it. 


-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Hi XXXX XXXX, OnWednesday XX/XX/XXXX you authorized Coinbase to fund your Stored Value Account with {$1000.00} from your linked bank account. We have debited your linked bank account accordingly. 
Deposit reference : XXXX Within 2-4 business days, these funds should be available in your XXXX balance. Coinbase does not charge a fee for this transaction. 
It is the policy of Coinbase, Inc. not to refund its fees for completed transactions unless otherwise required by law. You may withdraw funds from your Stored Valued Account at any time. A bank transfer fee up to {$0.00} may apply to this transaction. 

For customer service inquiries, please contact customer support. Please include your reference code XXXX. 
Coinbase, Inc., XXXX XXXX XXXX, # XXXX, XXXX XXXX, CA XXXX, ( XXXX ) XXXX. 
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- According to the Coinbase email the ACH transfer should appear in my XXXX balance within 2-4 business days. It has been longer than that but my USD balance in XXXX still shows XXXX as of today XX/XX/XXXX. 

My bank transaction history does in fact show a transfer from my checking account to Coinbase on XX/XX/XXXX as follows : XX/XX/XXXX COINBASE.COM/BTC ID : XXXX CO : COINBASE.COM/BTC {$1000.00} I am desperate right now to recover my money as I can not afford to lose it please help. According to their website Coinbase is insured by the FDIC which is why I felt comfortable doing business with them in the first place and heard a lot of good things about them. They are probably the most well-known bitcoin exchange in the world but after doing some deeper digging I have discovered they are far from reputable. Before Coinbase the biggest most well-known bitcoin exchange was XXXX XXXX which has gone bankrupt and disappeared along with XXXX of dollars of their customers money. If I had known about the rather shady history of the crypto world I would have never put any money into it. 

Coinbase took my money but never funded my account. Please help me get it back. They even when as far as to scrub all record of the transaction from both of their websites. This to me is a clear case of fraud. I have called and emailed them several times but they never reply. If you have any questions or require more information please do not hesitate to contact me. I have provided my email and phone number and uploaded supporting information. Thank you so much.

Company response to consumer: Closed with explanation