Consumer complaint received 2025-09-04 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Fraud or scam — 
Company: Coinbase, Inc.
State: CO

Complaint narrative:
I will be referencing to the attached PDF ( CB.pdf ), which contains images relating to this case. 

On XX/XX/XXXX, I submitted my first CFPB complaint regarding this company, as well as filing an SEC complaint around the same time. This complaint was in regards to being unable to access my account, because I wanted to check if there was a balance in it, and if there was, to promptly remove it and delete my account since I no longer want to use this service. 

As described in my original complaint, I no longer have access to the email or phone number associated with it- and the " account recovery '' the company provides ( XXXX XXXX XXXX ) is absolutely useless. The company provides nothing in the way of actual support unless you login to your account, which in my case is obviously an impossibility. I tried over and over to get this ridiculous verification page to work to no avail. This was the crux of my first complaint. 

On XXXX, I received an email from the CFPB claiming that the " company is still working on the issue. '' I received no email, and absolutely nothing in the way of help this entire time from the company itself. When I filed similar complaints against another XXXX wasteland ( Robinhood ), I was put into contact with a representative ( who I believe was automated ) that gave me access to my account. Coinbase has been dead silent this entire time. The reason I am filing a new complaint is that on XXXX, I got the pleasant surprise of a physical letter ( XXXX XXXX XXXX ) from Coinbase, threatening me with escheatment if I do not log into my account and claim my funds. This letter was sent on XX/XX/XXXX and is just now reaching me. This is a deliberate stalling tactic, made especially obvious after reading the contents of the letter. They are trying to retroactively legitimize theft by shifting my assets to the state before I can claim them at market value. Textbook plausible deniability. 

Coinbase confirms that I have a balance of {$62.00} ( CB page XXXX ) in my account. However, you can also see that this was the estimated valuation on XX/XX/XXXX. If this is the last time they recorded or disclosed the value, they are attempting to calculate unclaimed funds based on the crypto 's XXXX XXXX value, and not current market value- which is financial negligence and bordering on fraud. Given that these assets were crypto-based, it is also unclear how the {$62.00} figure was derived without proper valuation or conversion data. 

The value of this crypto today would be worth substantially more in the current market, and they are attempting to rob me XXXX by threatening me with escheatment despite not giving me any support whatsoever in terms of actually accessing the account in order to claim these funds. The letter ( XXXX XXXX XXXX ) then goes on to say that I have until XX/XX/XXXX to claim the funds before I forfeit them to the state of Colorado. 

This is absolutely unethical and ridiculous. Why was I not informed of this in the 6 years since the crypto was valued at {$62.00}? Why are they just now saying " claim this or else? '' I was never once contacted via physical mail, or via the new email I provided several times when trying to use their awful account recovery tool. Even if they attempted to email me in the old deleted account to no avail, it is their responsibility to notify the owner via the means available to them ( even XXXX did this, they sent me physical mail telling me to access my account, even stating " we couldn't reach you via email ). They knew this account existed, had my address on file, and failed to notify me properly. Now they are attempting to devalue my assets and get me to forfeit them due to their negligence. I have proof that I attempted to access my account on numerous occasions using their " support '' system and got absolutely nowhere. Instead, I am being threatened with a extremely small window to access my account and funds before they outright steal them from me. This is so unscrupulous and disgusting that it makes my stomach turn. 

This XXXX date is undermining my assets valuation, and I am owed the present day value. I never abandoned these funds- instead I have been locked out of them entirely with absolutely no help from the company. I attempted to call XXXX, the number provided in the letter- which is yet another automated line - and when I attempt to get help for my problem, it tells me to sign into my account to get support. 

There are countless posts on reddit and reviews on the BBB describing people going through the same problem - no longer having access to their email or phone number associated with the account, and this company provides absolutely nothing in terms of customer support. They are put on hold during " customer support '' calls for hours, not given any responses pertinent to the issue, and have money repeatedly stolen from them. This is also true of people who do have access to their accounts ; whenever something goes wrong, you can be sure Coinbase will not help, because their system is designed not to. 

Because of this letter they have sent me, I now have physical documentation directly from Coinbase admitting that I have assets on their platform, and not only are they actively preventing me from acquiring them, they are attempting to devalue them and forcing me to forfeit them despite numerous attempts to access the account. 

In addition, when I went to my state treasury 's website and attempted to make a claim using the property ID ( contained in the letter ), I was absolutely baffled to find that the property ID was not even associated with my name ( CB page XXXX ). I am not XXXX XXXX, and the company withholding my funds is not XXXX XXXX. As you can see, this company is horrendously incompetent and engages in fraudulent behavior on a regular basis, and is not letting me access assets that are rightfully mine. This mismatch strongly indicates Coinbase either submitted the wrong records to the State Treasury or is misrepresenting the escheatment process altogether.

This raises serious questions about either their record-keeping or the legitimacy of their escheatment process. I also strongly suggest that the entirety of their " support '' system is automated. Just today I read an article about how the CEO is bragging that 40 % of the companies code is AI generated, and it shows ) that is designed to obfuscate and frustrate. They are counting on the consumer to be weak and spineless, and to give up and accept being pilfered and abused while staying silent about it.

To summarize once more : 1. I have attempted to gain access to my account using their support system numerous times 2. The company has ignored me entirely and opted to send snail mail to me to delay and obfuscate the process 3. This snail mail is an escheatment threat with an unreasonable deadline 4. My crypto currency is being devalued because they are using a XXXX date instead of current day 5. The company never attempted to contact me via physical mail ( which they just proved they are capable of doing ) in the 6 years since this valuation 6. The company continues to drag out the process and prevent me from accessing my account to get my assets, and is attempting to illegally confiscate my money This pattern of behavior is consistent throughout the company and should be investigated immediately. They are trying to rob me, plain and simple. I have documented proof and expect a speedy resolution to this, because I REFUSE TO FORFEIT MY ASSETS UNDER DURESS LIKE THIS. 

If I am not given access to my account and my assets are not properly evaluated at current market value, this is most likely grounds for a small claims court case. Absolutely ludicrous behavior. The only reason fintech companies like this stay in business is because people are too spineless and cowardly to provide documentation and fight back. But I will absolutely not stand for this kind of behavior.

Company response to consumer: Closed with explanation