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Cryptocurrency platform Coinbase has come under fire for poor customer service, after reports of user accounts hacked and funds drained.
Thousands of customers have filed complaints against Coinbase, the largest cryptocurrency exchange in terms of transaction volume, with a value of $ 65 billion, according to a CNBC investigation.
The media network reported interviewing several Coinbase customers who claimed hackers had emptied their accounts, with the problem exacerbated by the platform’s lack of response to requests for support.
“Interviews with Coinbase customers across the country and examination of thousands of complaints reveal pattern of account takeover, with users seeing funds suddenly disappear from their accounts, followed by poor Coinbase customer service which has left these users in suspense and anger, ”she said. .
Coinbase customer Tanja Vidovic claims he lost nearly $ 168,000 in cryptocurrency after receiving a number of password change security alerts in April. He said attempts to contact Coinbase by phone had failed.
Another customer told CNBC that after logging into the Coinbase app in March, nearly $ 35,000 in various crypto assets disappeared from his account. Coinbase’s regulatory response team ultimately sent the victim an email stating that blockchain transactions are irreversible, adding that Coinbase’s insurance policy does not cover theft on individual accounts.
In March, the New York Times published an article about a Coinbase client suing the company after losing $ 100,000 in cryptocurrency.
Other Coinbase users have taken to social media to express their frustration. For example, famed analyst Kaleo told his 360,000 followers that the company had shown a “very embarrassing display of customer service.”
The tweet generated a series of responses from other Coinbase customers who have encountered similar support issues or been hacked. Coinbase has already responded to this complaint, but one person noted, “It will only respond and help people with lots of followers so they don’t go to hell! And U.S ? 5 months without help! Account locked!
Another Twitter user said: “I haven’t been able to log into my Coinbase account for almost 4 months!”
In April, when the company went public, Coinbase CEO Brian Armstrong told CNBC: “People don’t need to fear the crypto world as much as they did in the beginning.”
Coinbase users have filed more than 11,000 complaints against the platform with the United States Federal Trade Commission and the Consumer Financial Protection Bureau since 2016, most relating to customer service.
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