Consumer complaint received 2025-11-10 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Other transaction problem — 
Company: Coinbase, Inc.
State: FL

Complaint narrative:
I am filing this complaint regarding Coinbases handling of an unauthorized access incident on my account, and their decision to close my case without proper investigation or reimbursement. This complaint, for the record, is being filed in the specified time base set my Coinbase and Coinbase One rules and mandates for reporting. 

Between XX/XX/XXXX and XX/XX/year>, a series of unauthorized transactions occurred in my Coinbase account while I was located in XXXX. These transactions resulted in the loss of approximately {$16000.00} USD worth of cryptocurrency, primarily through conversions to Litecoin ( LTC ) and subsequent transfers to XXXX, a XXXXbased website within origins in the XXXX XXXX or XXXX. XXXX is blocked and inaccessible from XXXX due to the fact that its not legally allowed to operate in XXXX. It can not be accessed on an internet server. I have never accessed XXXX, nor could I have, given that it is restricted by local regulations and network access limitations in the country I was located in when these transactions occurred. 

Coinbase sent me an email notifying me of a login from XXXX, WA on XX/XX/XXXX, which I did not authorize. This occurred while I was verifiably in XXXX, where my IP logs and device history confirm I remained from XX/XX/XXXX onward. I have provided Coinbase with this information, along with supporting IP location data, my local police report, and my IC3 ( FBI Internet Crime Complaint Center ) report. They did not acknowledge the unauthorized login attempt from XXXX despite me providing the evidence notification, and reported back to me that, our systems did not detect any suspicious activity I have been a Coinbase customer for approximately five years and have never violated any of Coinbases security or compliance policies. I have never shared my credentials, fallen for phishing schemes, or allowed any third party to access my account. In XX/XX/year>, my phone was stolen and my previous Coinbase account, credentials and identity information was compromised and there was an attempt to steal my assets ; however Coinbase is aware of that prior incident and linked it to my current case with full cooperation, and they worked on securing my account. I created a new account on XX/XX/year>, after that earlier compromise, and I have taken all recommended security precautions since then. 

At the time of some of the unauthorized transactions, I was a subscriber to Coinbase one, which includes Account Protection coverage of up to {$10000.00} for unauthorized access in circumstances directly similar to mine according to their guidelines. I never authorized outgoing transactions and had the Coinbase one coverage active during those days. However, despite my repeated follow-ups and the submission of material evidence, Coinbase closed my case within four days of my initial report, citing that the transactions were consistent with my usual activity. This conclusion is factually incorrect, as my IP logs, physical location, and inability to access the XXXX site all clearly demonstrate that these transactions were unauthorized and beyond my control. They didnt offer to help further and they denied me any reimbursements under their own policies. 

Coinbase support acknowledged my reports of unauthorized device activity,, and my proactive steps to re-secure my account ( including re-verifying my identity, reverifying my XXXX, and locking my account ). Despite this, they issued a generic denial email that did not address the substance of my case or the documentation I submitted. I have evidence such as carrier logs and XXXX  logs that clearly state that no messages were delivered to me due the fact that my number is disabled while abroad, therefore I couldnt have authorized those transactions using an XXXX  based XXXX. My carrier logs showing no messages delivered and my location and travel information, will drive home that fact. Whether my device and my coinbase account hijacked by malware or screen mirroring is not clear yet, neither is it clear that identity theft due to when my phone was stolen or previous account compromised was the case for the hack. The bottom line is, I took the necessary steps to secure my current account, my current device, and my assets from the start, and I took a step further by enrolling in Coinbase One as well.

I am requesting that the CFPB facilitate a re-review of my case by Coinbase, ensuring that all evidenceincluding my police and IC3 reports, device and IP location, and the legality of the website ( XXXX ) where this cryptocurrency was sent, and Coinbase One protection terms be properly considered. I have no business with bovada and they are not accessible in XXXX. They are not known to me While I understand that cryptocurrency transactions are inherently irreversible, Coinbases own Account Protection policy covers reimbursement for unauthorized access events where the account holder has not acted negligently or breached security terms. My situation meets these exact conditions. I have always secured my devices when they are on my person and I dont share them with other people. I have exercised every reasonable measure to safeguard my credentials and promptly reported the unauthorized activity within the 45 day timeline of their own protection umbrella so that these didnt go unnoticed.

I am seeking a reversal of Coinbases denial decision and a reimbursement of the lost funds ( full or partial ) in accordance with their protection policies for verified unauthorized access. I have evidence of being a member of 5 years as well as enrollment in their very own account protection plans marketed to me by Coinbase. I took the security steps that they mandated and also filed police and Ic3 reports for compliance and security. I have attached the numbers for them in this case description, and I have attached the Coinbase case numbers as well so that any communication between the CFPB and them promptly lead to my case when looked up.

Thank you for your attention to this matter. I am confident that a thorough, compliance-level review will confirm that this was a legitimate case of unauthorized account compromise that warrants reimbursement under Coinbases own policies and consumer protection standards.

Company response to consumer: Closed with explanation