Consumer complaint received 2024-11-29 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Other service problem — 
Company: Coinbase, Inc.

Complaint narrative:
Dear CFPB, I am writing this letter out of anger and disappointment. The Coinbase platform has been incredibly frustrating and disappointing to me, and my issue has still not been resolved! 

Not long ago, on XX/XX/year>, I first downloaded the Coinbase platform. I purchased some XXXX, and gradually deposited a total of {$7000.00} into my XXXX account. I have been closely monitoring the fluctuations in my coins at all times. However, on the morning of XX/XX/XXXX, I found that the balance in my XXXX account suddenly dropped to just {$120.00}, and it has remained at that amount without any fluctuation. The price of XXXX constantly at {$0.00}, {$0.00}. XXXX balance was showing as XXXX. I was shocked and immediately suspected that my account had already been stolen, as just a few hours earlier, the balance was around {$7000.00}. How could the money just disappear? I panicked and kept monitoring my account. Later in the afternoon, the balance suddenly jumped back to {$7200.00}, but again, it remained fixed without any fluctuation. The price of XXXX still remained at {$0.00}, {$0.00}, XXXX balance was still showing as XXXX and my account showed no changes. So, for the entire day, my account only displayed two fixed amounts : {$120.00} and {$7200.00}. It was nothing like before, when the balance was constantly fluctuating. 

I searched online for Coinbase customer support and found a " Coinbase Expert '' online chat. After a brief conversation, they told me I needed to pay a small fee ( for Coinbase Wallet ) to continue, which made me suspicious of a potential scam, especially since this was my first time using the platform. So, I looked for other ways to resolve the issue. Eventually, I found an online customer service option in my Coinbase account ( " Live Chat - Get in touch with our team of experts to help you '' ). The customer service representative informed me that my account seemed to have been stolen and urged me to contact my bank. They asked if I recognized a transaction ( I remembered around {$260.00} ), and when I confirmed I didnt recognize it, they assured me my account had been stolen and advised me to contact government authorities. I was skeptical, as I had not clicked on any suspicious links. They suggested I temporarily lock my account for 24 hours, which I agreed to. However, after agreeing, I was suddenly disconnected from the online support, as I was automatically logged out. 

I still had many questions about why this happened, but since I had been logged out, I tried contacting phone support once I got home from work. ( I wasnt sure how I got through, as I had tried calling earlier that day and couldnt reach a live representative, but later in the evening, I suddenly got through. ) I explained the situation to the phone support agent, and they first verified the {$7000.00} I had deposited in XXXX. ( Luckily, I had taken screenshots of my account details earlier when I noticed the issue in the morning. ) The agent asked me to send them screenshots of the account issue. Please kindly be noted that I only sent the screenshot showing the balance of {$120.00}, not the {$7200.00} screenshot, as I thought that one screenshot would suffice to show that there was an issue. The customer support agent confirmed that this was a technical issue on their end. They guided me on how to verify my identity on the phone to restore my account, and told me I should expect to receive an email within 24-48 hours, at which point I would be able to log back in and my account would be fully functional. I have also confirmed with customer service multiple times that my money is still there, and they have fixed the technical problem for me. This phone call took almost two hours, and it was exhausting. 

The next morning, at XXXX XXXX  on XX/XX/XXXX, I received a message not an email saying my identity verification was complete, and I should be able to log in. However, when I tried logging in, I was still unable to access my account. The system asked for a 6-digit code, which I had never heard of before. I searched through my emails to see if I could find this code many times, but I couldnt. My login attempt failed. I called Coinbase again, but since my account was locked, I couldnt get through to customer support, and the number provided on their website was not working. Fortunately, I was able to log into my account on my computer suddenly, but I see the balance was still {$7200.00}, and the XXXX balance was still showing as XXXX. There is no fix for my account. 

Then contacted customer support again via live chat, since I was suddenly able to log in on my computer. After a long wait, I was connected with a representative. I explained my situation once more, and the agent asked me to send a screenshot of my current account balance. I sent the screenshot showing the balance of {$7200.00}. Strangely, the support agent insisted that there was no issue with my account. They claimed that because I had only sent the {$120.00} screenshot previously and had not provided the {$7200.00} screenshot, they thought my account was changing.So there is no problem for my account. This explanation was absurd! I explained that my account had been fluctuating normally before the issue occurred, but now it was stuck at these two amounts, with no fluctuation. The agent continued to insist that everything was fine with my account, and even stated that I could still trade normally. They kept saying that everything was fine, even though I could not see any changes in my balance Im close to losing my patience. Since I bought XXXX, Ive been constantly monitoring my account, but now theres no fluctuation at all, yet they insist everything is normal! Is it their responsibility if I cant see my earnings? This situation has left me feeling frustrated and extremely upset. I need them to fix my account, but they seem unable to do so! I demand a clear explanation and resolution. How can I trust them with my funds if I dont even know my balance, and they continue to claim everything is fine? 

Thank you for your patience Sincerely

Company response to consumer: Closed with monetary relief