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Coinbase Users Angry With Customer Support After Funds Disappear From Accounts

Coinbase customers are venting again in frustration with the lack of customer support from the $65-billion company. Coinbase Users Angry With Customer Support After Funds Disappear From Accounts

Coinbase is under fire for terrible customer service following reports of users’ accounts being hacked and drained of funds.

According to a Tuesday investigation by CNBC, thousands of customers across the country have lodged complaints against the company.

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The outlet stated that it had interviewed numerous Coinbase customers who claimed hackers had drained their accounts, with the issue exacerbated by the exchange not responding to support requests:

“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.”

One Coinbase client, Tanja Vidovic, claimed to have lost nearly all of her $168,000 in cryptocurrency holdings after receiving a number of password change security alerts in April. Attempts to contact Coinbase by phone were fruitless, Vidovic said.

Another customer told the outlet that after logging in to the Coinbase app in March, almost $35,000 in various crypto assets had disappeared from their account. Coinbase’s Regulatory Response Team eventually emailed the victim stating that transactions on the blockchain are irreversible, adding that Coinbase’s insurance policy does not cover theft from individual accounts.

In March, The New York Times ran a piece on a helpless Coinbase customer who eventually sued the company after losing $100,000 worth of cryptocurrency.

Other Coinbase users have taken to social media to vent their frustrations. For example, popular analyst Kaleo told his 360,000 followers that the company had shown an “absolutely embarrassing display of care for customers.”

My dad has been trying to access his @Coinbase account w/ little to no help from Coinbase Support the past 3 months.

The tweet, which was posted less than a day ago, had already attracted a stream of responses from other Coinbase customers who had similar problems with support or had been hacked. Coinbase did actually respond to this complaint, but one individual pointed out that:

“You will only reply and assist people who have many followers so your reputation will not go down to hell! What about us? 5 months with no help! Locked account!”

Another user on Twitter said, “I haven’t been able to get into my Coinbase account for almost 4 months now. The worst!”

In April, when the company went public, Coinbase CEO Brian Armstrong somewhat ironically told CNBC, “People no longer need to be scared of it [crypto] like in the early days.”

Coinbase users have filed more than 11,000 complaints against Coinbase with the United States Federal Trade Commission and Consumer Financial Protection Bureau since 2016, and the majority of them are related to customer service.

Updated: 10-1-2021

Coinbase Multi-Factor Authentication Hack Affects At Least 6,000 Customers

A flaw allowed hackers to get customers’ SMS two-factor authentication code and break into their accounts.

A vulnerability that allowed hackers to bypass Coinbase’s multi-factor authentication SMS option has affected at least 6,000 of the exchange’s customers, according to a notification letter sent to affected customers that the company has filed with the California state attorney general offices.

* Between March and May 20, the hacker or hackers used a flaw in Coinbase’s account recovery process to get the SMS two-factor authentication token to break into customers’ accounts and transfer funds out of them.

* The bad actor or actors also had access to the email address, password and phone number associated with each Coinbase account. Coinbase believes that the hacker stole those credentials through a phishing scheme and noted in its letter to the California AG that it has not found evidence of the hacker getting this information from Coinbase itself.

* “We took immediate action to mitigate the impact of the campaign by working with external partners to remove phishing sites as they were identified, as well as notifying the email providers impacted,” a Coinbase spokesperson said via email.

“Unfortunately we believe, although cannot conclusively determine, that some Coinbase customers may have fallen victim to the phishing campaign and turned over their Coinbase credentials and the phone numbers verified in their accounts to attackers.”

* Coinbase said it is compensating customers for the stolen funds, but it’s unclear whether those payments are being made in fiat or crypto.

* The exchange recommended that users switch to a more secure version of multi-factor authentication such as a hardware security key or authentication app.

* This appears to be one of the largest breaches to have affected Coinbase. Other notable breaches included a password glitch in August 2019 that stored 3,500 customer passwords in plain text on an internal server log, although outside parties didn’t take advantage of the vulnerability. In the same month, Coinbase revealed the details of a sophisticated attack that was blocked by Coinbase but that resembled what would normally happen in a nation state-sponsored attack.

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