;
  • Report:  #1228568

Complaint Review: Coinbase - Internet

Reported By:
Finance Expert - California, USA
Submitted:
Updated:

Coinbase
Internet, USA
Web:
Coinbase.com
Categories:
Tell us has your experience with this business or person been good? What's this?

Coinbase connected to my bank account, and took $426. They claimed that I could buy bitcoins from them, having been approved as TIER ONE, and in fact it appeared that a transaction took place. However, after receiving the money from me, they refused to honor their TOS, and instead suddenly said I would have no access unless I gave the copies of identity documents, which would allow any employee there, or anyone who has access to their servers (every hacker in Russia, for example) to engage in IDENTITY THEFT. I have been the victim of identity theft before, and the idea that I would provide EVERYONE in their company with my details, including IDENTITY DOCUMENTS, that would allow anyone who works there, or anyone who hacks into their computers,  to enage in IDENTITY THEFT, is a kind of  BLACKMAIL for access to MY OWN MONEY, and is CRIMINAL. It is criminal as their own website does not mention these documents as a requirement for Tier 1, for which I was APPROVED, the evidence  of which is I purportedly bought bitcoins.

It is actually a kind of extortion.

But, you say, they keep your information safe.

Do they?

Finally, I made a complaint in a chat. I found a link to that complaint, in which the VILE LANGUAGE and threatening words of "Erik" had been, conveniently, deleted. So, the lowest level employee is already hacking their own system.
 
Oh, but that's just the chat system, you say.
 
Is it?
 
No. The lowest level employee has access to your bank records.
 
He, during the chat, inadvertently, called me by one of my middle names that I had not provided when signing up. Thus, the LOWEST LEVEL employee already has enough information to hide his tracks, see banking information directly from your bank, and, if you're stupid enough to provide them, have copies of your IDs.  
 
AND, to repeat, THE COMPANY ITSELF claims it can take money out of "YOUR" wallet.
 
The company VIOLATED ITS OWN agreement, violated FTC regulations, and committed crimes as defined in common law and, I'm virtually certain, Federal Regulations.
 
The demonstrably vile and criminally fraudulent employee has accesss to everything he needs to steal everything you own. There were enough glitches in their system that I have no doubt this applies to every hacker in Russia, too.
 
But why is this important? The company itself commits financial fraud and crimes.
 
DO NOT TRUST COINBASE, or you won't just be Mt. Goxed, you'll be Bernie Madoffed, I promise you. Or be a sheep, don't think for yourself, get fleeced, and then slaughtered. Your choice.
 
 

 

 
 

 

 



2 Updates & Rebuttals

poolpoo1

tomsriver,
New Jersey,
USA
pre paid card

#2Consumer Comment

Sun, July 12, 2015

I would say that , after myself getting burned over 3700 by enron , I AM PARANIOD.I have a prepaid debit card that I linked to coinbase. I have gotten paid, never got a  false charge .. Have seen a profit. I have seen the comments  horror stories which concern me greatly. I will update this if I see a 'burn '- I have a 620 credit score because I got burned by enron , defaulted on cc cards and will not throw 3 k down the toilet!  My advice in the future... Always use a prepaid card to limit fraud.


violates bitcoin protacol

#3Author of original report

Tue, May 12, 2015

I did not make one thing clear. Somewhere in their website they say that, in certain circumstances, they can "take" money from your wallet. If an employee has a bad day? It's clearly up to their arbitray decision making, which, as was proven to me, has nothing whatsoever to do with normal fiduciary duty, or even their own printed offers and TOS.

So, I suppose I should have said  "your" wallet. This would seem to violate a basic princiapal of bitcoin, so, even at the most basic level, this company is not, really, even a bitcoin company. 

Reports & Rebuttal
Respond to this report!
Also a victim?
Repair Your Reputation!
//