Consumer complaint received 2025-02-26 00:00:00
Product: Money transfer, virtual currency, or money service — Mobile or digital wallet
Issue: Fraud or scam — 
Company: Coinbase, Inc.
State: CA

Complaint narrative:
I have been writing to request information, but it seems that since I am a conservative voter, my voice is not heard. I am extraordinarily dissatisfied with the response from this platform. I am also a XXXX Veteran and XXXX. I will give you the particulars below. 


The woman I spoke with, XXXX XXXX ( driver license XXXX XXXXXXXX ), convinced me to invest in cryptocurrency with the help of her uncle and guided me through her fraudulent scheme step by step. 

I urgently need to draw your attention to a distressing issue concerning my Coinbase Mobile Wallet platform. Unfortunately, I have become a victim of a carefully planned scam orchestrated by a woman named XXXX XXXX, who used the alias XXXX. This person deceptively presented herself and employed illegal and manipulative tactics, leading to a substantial financial loss of {$150000.00}. I am writing to seek your immediate assistance in resolving this critical situation. 

OVERVIEW I regret to inform you that I have fallen victim to a scammer named " XXXX XXXX. '' She presented herself as someone who would help me with my finances, offering efficient investment and trading services or advice, but unfortunately, she did not deliver on her promises. I have not received any returns or services as expected. Moreover, all the funds I deposited with her have not been refunded, causing significant financial distress. Her practices were illegal, manipulative, and directly violated the law. After obtaining my funds, XXXX disappeared without any explanation or notice, making it impossible to contact her or resolve the issue. Despite my persistent efforts to reach out I have been unsuccessful in finding a resolution for her and the other parties involved.

I kindly request that you initiate a dispute against the fraudulent activity I experienced from XXXX XXXX and the relevant parties involved, including Coinbase and Coinbase Mobile Wallet, to seek a resolution and recover the funds. The dispute is justified based on the following reasons : Not as Described or Defective Merchandise Questionable Merchant Activity Misrepresentation Fraudulent Action Terror Affiliate ( Misappropriation of assets or funds ) Authorized Push-Payment Scam

Previously, I took the necessary steps to initiate the dispute process with Coinbase to recover the funds. Enclosed, you will find the relevant evidence highlighting the fraudulent nature of the situation. ADDRESSING CONCERNS REGARDING FRAUDULENT ACTIVITIES AT Coinbase and Coinbase
Wallet.

I am writing to address several pressing concerns about the fraudulent activities that have transpired with my Coinbase Wallet account.

1. It is paramount that I underscore the Coinbase and Coinbase Wallet 's role in these fraudulent transactions. They were responsible for initially authorizing and executing these transactions, thereby bearing direct accountability for the fraudulent conduct. The inclination to shift the blame onto me and suggest that I should have exercised greater vigilance is unacceptable. The Consumer Financial Protection Bureau ( CFPB ) has explicitly conveyed that banks or financial institutions must account for fraud 's intricate and evolving nature, refraining from outright denial of refunds in such cases.

2. The CFPB has reprimanded the practice of branding customers as " grossly negligent '' merely because of their unfortunate victimization by scams. Banks are obliged to develop their security protocols and software to ensure the safety of customers ' funds. Unfortunately, Coinbase has not met this standard, rendering naive and inexperienced clients susceptible to such fraudulent schemes. 

3. I find it profoundly troubling and indefensible that the XXXX XXXX XXXX XXXX is evading its responsibility, instead shifting blame onto meits clientwho has reposed complete trust in the institution to safeguard my life savings. Their actions reflect a deficiency in professionalism, a disregard for regulatory obligations, and a subpar approach to safeguarding customers. Such behavior stands in direct contradiction to the foundational purpose of financial institutions. 

4. I am genuinely perplexed by the Conbase and Coinbase Wallet 's resistance to aiding me in recovering the funds unlawfully seized by XXXX XXXX. When I authorized the payments, I was entirely unaware of the fraudulent nature of the involved entities ; it was only subsequently that I uncovered the truth. I implore the XXXX XXXX XXXX XXXX to assume full accountability for the situation and proactively take measures to retrieve my stolen funds. It is imperative to recognize that the fraudulent company failed to provide any services and deliberately misrepresented itself to ensnare me.

I REQUEST THE RECOVERY OF MY FUNDS UNDER THE CODE FRAUD OR MISREPRESENTATION According to XXXX and XXXX XXXX XXXX XXXX XXXX XXXX, it is mandatory to conduct a physical inspection of the listed premises of a business before allowing them to accept payments. Banks must adhere to this rule and acknowledge their role in fraudulent transactions. DESCRIPTION OF SERVICES RECEIVED Unbeknownst Funds Transfer : Funds were surreptitiously transferred without my knowledge by the fraudulent individual known as " XXXX XXXX. This person deceitfully presented herself as trustworthy, offering trading opportunities and financial services. Under the guise of generating profits and extending financial aid, she enticed me and others. However, she consistently failed to fulfill her promises, with her true intent being the illicit extraction of money from unsuspecting victims.

Fabricated Documentation : XXXX XXXXXXXX XXXX fraudulent activities included fabricating documents that portrayed her as a legitimate person. These deceptive documents were strategically employed to establish false credibility, persuading me and others to entrust our funds to her. Her goal was to perpetrate financial fraud by deceiving people into trading. Inadequate Services Rendered : Despite depositing funds expecting to receive the promised services and returns, the scammer vanished without a trace after obtaining my funds. This sudden demand left me in shock and financial distress, as the funds entrusted to her remained unrecovered.

Deceptive Practices : I was lured into depositing funds under misleading pretenses, believing that XXXX XXXX would generate substantial profits. Regrettably, her promises proved to be hollow falsehoods. Not only did the projected profits fail to materialize, but my funds were also misappropriated, and the reimbursement she had promised was never delivered. False Trading Claims and Manipulation : XXXX XXXX manipulated and coerced me into depositing additional funds by peddling deceptive claims about doubling investments and ensuring immediate returns. Through an introduced platform, she falsified information to create the illusion of genuine profits, persuading me to invest more. These additional funds served solely to benefit her, with no legitimate services being provided. In summary, the fraudulent individual, XXXX XXXX, failed to deliver any of the promised services. Instead, her actions exacerbated my financial circumstances, leading to considerable losses and substantial harm to my financial stability. The scammer purposefully engaged in misrepresentation by falsely portraying herself as an expert in trading. She assured me that adhering to her instructions and participating in various transactions would yield substantial profits and returns. These pledges, however, were nothing more than deceitful maneuvers designed to trick me into parting with my money. In truth, the services she purported to provide were nonexistent. Her competency and capacity to deliver the high-quality expertise she claimed were entirely lacking. Evidently, her motives were centered on manipulating my trust, all for her personal financial advantage.

Company response to consumer: Closed with explanation