Consumer complaint received 2022-01-05 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Other transaction problem — 
Company: Coinbase, Inc.
State: NV

Complaint narrative:
XX/XX/XXXX My Coinbase and Coinbase Pro Accounts were hacked into by unauthorized user ( s ). 
We were blocked from the coinbase account and had to go through procedures to regain access. 
XX/XX/XXXX We regained access to our coinbase accounts and learned that the hackers were able to sell and withdraw all of our funds, leaving {$1900.00} USD in the account. We called coinbase help line to lock the account immediately and notify them of the fraudulent activity and unauthorized transactions that occurred on XX/XX/XXXX. They locked the account and required us to initiate a recovery of the account requiring us to provide photos of my Drivers License for identification verification and takes up to 24 hours to allow access to the accounts again. No one would speak with us further from Coinbase and were told it was being escalated but that we had to wait for correspondence via email from their team. 
I received an email from Coinbase with a case # XXXX unauthorized use and another email with case # XXXX, both of these emails stated they were working to quickly address the issue and would reach out to us with updates. 
I received an email from Coinbase in reply to XXXX # XXXX asking for me to answer the following security questions : When was your last successful login and authorized action on your account? ( My reply was XXXX XXXX to place an Ethereum order for {$3900.00} ) & Which actions were not authorized by you? Please list them including the amount and timing ( My reply was ALL Transactions on XX/XX/XXXX were NOT authorized by me ). I received email from Coinbase with instructions to secure my account. I followed them and replied to notify them I completed the outlined steps and needed an update on how we would be able to get additional information on how we can work to recover the funds stolen from our account. 
I did not receive any further correspondence from them. 
XX/XX/XXXX No contact from Coinbase until late Friday afternoon stating the account recovery was successful and to sign in to change my password and 2 factor verification. I completed the steps and was able to access and view my Coinbase account. 
I was able to see the transactions that took place by the Hacker on XX/XX/XXXX. 
They took the following actions : Sale of Ethereum ( crypto currency ) to USD Sale of ADA ( Cardano Crypto Currency ) to USD Purchase of Bitcoin with the USD proceeds from above. 
Sold ALL the Bitcoin currency to USD ( this included the already existing Bitcoin in my account combined with the new purchase they made as referenced above ).

Withdrew the USD funds to new bank accounts that were set up by the Hacker. The 3 bank accounts shown on the account were : 1. XXXX XXXX XXXX XXXX XXXX in XXXX 2. XXXX XXXX XXXX XXXX ( NC ) Debit card ending in XXXX 3. XXXX XXXX XXXXXXXX XXXX XXXX ending in XXXX Upon further review and analysis, I believe they were unable to withdraw funds to the XXXX XXXX account, all the attempts made seem to have been returned. They then tried the XXXX XXXX XXXX XXXX Account and were able to make 2 withdrawals of {$9900.00} each to this account. Then withdrew {$34000.00} in 4 different withdrawals to the XXXX XXXXXXXX XXXX Account. A total of {$54000.00} was withdrawn from our account. 
Please note, any of the trading fees and costs associated with the transactions above are not accounted for in totals. 
XX/XX/XXXX I kept working to find ways to get help. I contacted the 3 bank institutions noted above where the funds were attempted to be withdrawn to and were withdrawn to. I was unable to get any help without the full account number, name on the account etc. This information is held by Coinbase and not able to be viewed on my account.

Without any further updates from Coinbase still I replied to the case email stating that I was able to regain access, explained the fraudulent activity and referenced the account activity logs showing what transpired XXXX on the account. I asked that they please take quick action to assist in the providing the information on these accounts and the recovery of the funds to avoid further damages and chance for recover of my funds. 
At this time, I am also not able to call into Coinbase because the automated system is not recognizing my phone number and ends the call before I can make any selection. 
XX/XX/XXXX No Reply from Coinbase XX/XX/XXXX I called the XXXX XXXX XXXX XXXX ( NC ) and asked for Risk Management dept. I spoke with a helpful representative explaining the situation and the account information I had. She explained we needed a hold harmless letter with the details sent from Coinbase to her institution so she could take next steps needed to try to locate and secure funds to return to us. 
I emailed Coinbase asking for this letter and prompt attention to this matter for their help to provide the information to the banking institutions so we could attempt to recover funds. 
XX/XX/XXXX I received a reply from Coinbase confirming the activity on the account on the XXXX. They gave me instructions for how to secure my account and submit a police report. Still not providing the letters and information requested so we can move forward. I replied asking for their help again and that they provide the letter, without coinbase taking prompt action, time is of the essence. 
I received another email from Coinbase stating they determined they need to review the account further asking that I follow steps to identity myself AGAIN using their secure portal. I followed the steps immediately and replied to notify them it was completed. 
XX/XX/XXXX a demand letter was sent via certified mail, with return receipt, to Coinbase requesting they provide a full investigation and work with all banking institutions involved to recover these funds. 
The banking institutions involved have reached out to Coinbase directly as well and coinbase lacks substance in their response and actual information or action that has proven to show any progress towards resolving this. The banking institutions can not assist to recover our money without prompt action by coinbase. 
The emails I have received from coinbase are ONLY automated and state " they are working hard to quickly address this issue and to reply to the email if I have any questions ''. Despite my efforts to follow their requests and procedures, they have NEVER provided a productive or unautomated response. 
As of today XX/XX/XXXX we still have not received ANY update with the actions they are taking to promptly recover the unauthorized transfer of $ XXXX from our accounts.

Company response to consumer: Closed with explanation