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CNBC published an article yesterday regarding the “terrible” customer service received when Coinbase users reported stolen funds.
The American news channel had interviewed several victims of SIM card exchange, all of whom expressed their dissatisfaction with the handling of their situation by Coinbase.
Additionally, the outlet claims the problem is exacerbated by the fact that email is the primary method of contact, while phone support is not readily available. In urgent cases, such as an unexplained loss of funds, it is a frustrating experience for those involved.
“Coinbase’s customer service is mostly done through email, and many customers say it’s difficult to reach representatives and they haven’t been healed from their losses.”
Coinbase commented saying that strong demand is expanding capacity. But the company is working to roll out more support channels to meet demand. This includes the introduction of a dedicated hotline for users who suspect they have been defrauded.
Nevertheless, analyzing the situation, the host of the Unchained podcast, Laura Shin, said the biggest problem here is with the phone carriers, not Coinbase.
Stories of victims
The CNBC article detailed the accounts of several victims, including the Vidovic family, whose Coinbase account was emptied of $ 168,000.
Tanja Vidovic described receiving alerts indicating that access changes were occurring on her account. As she logged in to see for herself, she was stunned to see that almost all of the balance was gone.
Tanja and Jared Vidovic got into crypto in 2017. Since then, they have seen their funds quadruple. But when Tanja tried to contact Coinbase for a resolution, she found she was unable to speak to anyone on the phone.
Four months later, the case is still not resolved.
Likewise, another hack victim named Ben suffered a loss of $ 35,000 in March of this year. Ben said he enabled two-factor authentication on his account.
Coinbase told him his computer had been hacked and there was nothing they could do. Their message read:
“There is no credible or justifiable evidence that the compromise of your login credentials was Coinbase’s fault.
As a result, Coinbase is unable to reimburse you for your alleged losses.
Further analysis revealed that Vidović and Ben were victims of SIM swap attacks. This implies that a hacker takes control of the victim’s phone and SIM card through their telephone operator.
Coinbase is stuck between a rock and a hard place
Echoing this article, Tibia tweeted that the coin was designed to blame Coinbase for the hacking incidents. She added that mobile service providers are to blame for allowing unauthorized phone transfers. And in some cases, the users themselves are responsible for weak passwords.
Shin ended by laying out some personal truths about cryptocurrency; namely, once it is gone, there is little chance of getting it back.
“Hm, the way this story is presented, it seems to blame Coinbase, but the real culprit is the mobile carriers (or customers with insecure email passwords). By the time Coinbase is involved it is too late and there is little they can do about it.. “
With that in mind, there’s not much Coinbase can do once the victim’s phone has been compromised. By then, it is already too late.
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