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25-08-2021, 06:56 AM
PUBLISHED TUE, AUG 24 20219:00 AM EDTUPDATED TUE, AUG 24 20219:10 AM EDT
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Interviews with Coinbase customers around the country and a review of thousands of complaints reveal a pattern of account takeovers, where users see money suddenly vanish from their account, followed by poor customer service from Coinbase that made those users feel left hanging and angry.
Making the issue even worse, cryptocurrency transactions cannot be reversed, according to the FBI. Experts say once criminals access an account, funds can be drained in minutes.
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While the cryptocurrency exchange company has grown rapidly, complaints have continued to arise. Since 2016, Coinbase users have filed more than 11,000 complaints against Coinbase with the Federal Trade Commission and Consumer Financial Protection Bureau, mostly related to customer service.
Former employees told CNBC the company’s customer service practices shifted over time, with representatives struggling to keep up with demand.
The Vidovics’ account had risen to US$168,596 on April 28 when the hacking occurred, according to account statements the Vidovics shared with CNBC. That amount was essentially wiped out, with only a US$587.15 balance shown the next day.
Like the Vidovics, Ben, a Virginia resident who asked that his last name be withheld, said he saw thousands of dollars vanish. He logged onto his Coinbase app in March, verifying his identity with two-factor authentication, but over a four-minute stretch almost US$35,000 in various coins disappeared from his account, he said.
In a response to his frantic email, Coinbase told Ben his computer had been hacked and there wasn’t anything the company could do.
“I really am baffled,” he said. “It just seems to me that Coinbase did absolutely zero research and just said, ‘Hey, yeah, sorry.’”
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“There is no credible or supportable evidence that the compromise of your login credentials was the fault of Coinbase,” the message said. “As a result, Coinbase is unable to reimburse you for your alleged losses.”
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Rest of the long article here: https://www.cnbc.com/2021/08/24/coinbase...idappshare
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Interviews with Coinbase customers around the country and a review of thousands of complaints reveal a pattern of account takeovers, where users see money suddenly vanish from their account, followed by poor customer service from Coinbase that made those users feel left hanging and angry.
Making the issue even worse, cryptocurrency transactions cannot be reversed, according to the FBI. Experts say once criminals access an account, funds can be drained in minutes.
......
While the cryptocurrency exchange company has grown rapidly, complaints have continued to arise. Since 2016, Coinbase users have filed more than 11,000 complaints against Coinbase with the Federal Trade Commission and Consumer Financial Protection Bureau, mostly related to customer service.
Former employees told CNBC the company’s customer service practices shifted over time, with representatives struggling to keep up with demand.
The Vidovics’ account had risen to US$168,596 on April 28 when the hacking occurred, according to account statements the Vidovics shared with CNBC. That amount was essentially wiped out, with only a US$587.15 balance shown the next day.
Like the Vidovics, Ben, a Virginia resident who asked that his last name be withheld, said he saw thousands of dollars vanish. He logged onto his Coinbase app in March, verifying his identity with two-factor authentication, but over a four-minute stretch almost US$35,000 in various coins disappeared from his account, he said.
In a response to his frantic email, Coinbase told Ben his computer had been hacked and there wasn’t anything the company could do.
“I really am baffled,” he said. “It just seems to me that Coinbase did absolutely zero research and just said, ‘Hey, yeah, sorry.’”
......
“There is no credible or supportable evidence that the compromise of your login credentials was the fault of Coinbase,” the message said. “As a result, Coinbase is unable to reimburse you for your alleged losses.”
......
Rest of the long article here: https://www.cnbc.com/2021/08/24/coinbase...idappshare
