Consumer complaint received 2025-09-17 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Fraud or scam — 
Company: Coinbase, Inc.
State: CA

Complaint narrative:
In XX/XX/XXXX, I met an individual named XXXX XXXX on XXXX. He claimed to be a XXXX XXXX at XXXX XXXX XXXX and stated that he earned passive income through cryptocurrency trading. XXXX introduced me to a trading platform called XXXX, which later changed domains several times ( including XXXX  and XXXX ). 

Following XXXX  instructions via XXXX, I deposited funds through Coinbase, XXXX XXXX XXXX XXXX. Between XX/XX/XXXX, and XX/XX/XXXX, I deposited a total of {$170000.00} into my XXXX XXXX account. With XXXX  help, I appeared to gain {$72000.00} in trading profits. 

XX/XX/XXXX : I attempted to withdraw XXXX XXXX ( ~ {$57000.00} ), but the withdrawal was unsuccessful. XXXX customer service informed me the process would take about XXXX days unless I upgraded to VIP status, which required an additional payment of {$35000.00} ( 15 % of my account balance : {$230000.00} ). I could not afford this fee at the time, so I waited. 
XX/XX/XXXX : After XXXX months without resolution, I obtained a personal loan from XXXX to cover the XXXX upgrade. 
XX/XX/XXXX : My account was upgraded to XXXX. 
That same day, I attempted to withdraw {$270000.00}, but XXXX blocked the transaction, claiming it exceeded their withdrawal threshold of XXXX XXXX. They required a large-sum withdrawal channel verification deposit of {$27000.00} within XXXX business days. 
XX/XX/XXXX : I deposited {$27000.00}. 
XX/XX/XXXX : XXXX demanded an additional {$14000.00} ( 20 % of my {$72000.00} profit ) for tax purposes. 
XX/XX/XXXX : I paid {$14000.00}. 
XX/XX/XXXX : XXXX flagged my account as risky due to a XXXX XXXX deposit on XX/XX/XXXX that did not match my linked bank account. This deposit was part of the earlier verification fee, and XXXX had lent me {$10000.00} through his XXXX account to help cover it. XXXX then required another {$30000.00} ( 10 % of my account balance : {$300000.00} ) to verify my account. 
XX/XX/XXXX : I paid {$30000.00}. 
XX/XX/XXXX : XXXX demanded yet another deposit of {$56000.00} ( 20 % of my {$280000.00} account balance ) to restore my withdrawal function and bring my account credit score from XXXX to XXXX. Alternatively, they told me I could complete transactions totaling {$560000.00}. 
XX/XX/XXXX : I deposited {$22000.00} toward this amount but was unable to raise the remaining balance of {$34000.00}. 

At no point did the platform provide clear rules, withdrawal policies, or warnings. Instead, they repeatedly demanded additional payments under new pretenses. 

Over 10 months, I deposited a total of {$270000.00} into this fraudulent platform, borrowing heavily from credit cards, personal loans, HELOCs, and family. I am now in severe financial distress, facing overwhelming debt at high interest rates and the risk of losing my home. 

In XX/XX/XXXX, the platform disappeared entirely, and I realized I had been scammed. I have reported this to the FBI, SEC, FTC, XXXX, local authorities and the bank and saved all transaction records, communications, and evidence. However, I have not yet received a response. 

I am urgently seeking help to investigate this fraud and recover my losses. 

I appreciate your help greatly in this matter. 

Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation