Coinbase clients mad at response to hacked accounts and stolen funds – Yahoo Finance

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Pavlo Gonchar / SOPA Images

Coinbase customers have a lot to say about the largest cryptocurrency exchange platform in the country. Interviews and thousands of complaints have uncovered a pattern of account hacks where users reported money disappeared from their accounts, reports CNBC. Then when customers try to contact Coinbase support, they are faced with less than outstanding customer service.

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Coinbase has a market capitalization of approximately $ 65 billion, according to the company, more than 68 million users in over 100 countries, over 2,100 full-time employees, and $ 223 billion in assets held.

Once criminals gain access to an account, funds can be withdrawn within minutes. According to the FBI, transactions are irreversible, reports CNBC.

Retired US intelligence agent Gus Dimitrelos told ABC Action News that cryptocurrency theft is one of the fastest growing cybercrimes. “There is no FDIC for the crypto world. You’re on your own. It’s still the wild, wild west, ”said Dimitrelos. “I’ve done more research on cryptocurrency fraud this year than any other year combined. That’s because the money is there today. “

Profitability explained: what does FDIC insurance mean and how does it protect your money?

Although the crypto exchange platform went public in April, complaints have been received since 2016. More than 11,000 complaints have been filed against Coinbase with the Federal Trade Commission and the Consumer Financial Protection Bureau, mostly related to customer service. Former employees also told CNBC that the company’s customer service practices have changed over time and that representatives are having difficulty keeping up with demand.

CNBC found that the SIM swap, in which criminals take control of a victim’s phone number and SIM card through their phone company, is responsible for many of the cryptocurrency thefts. According to Etay Maor, Senior Director of Security Strategy at cybersecurity company Cato Networks, as soon as hackers break into Coinbase accounts, they can offer them for sale on the dark web. Coinbase accounts can sell for $ 100 to $ 150, CNBC reported.

The story goes on

After examining 1,128 complaints over the past three years, the Better Business Bureau found that the company “has a pattern of complaints from customers stating that they are banned from their accounts even after the required information or updates are provided” .

See: 10 Tips To Protect Your Retirement Accounts From Hackers
Coinbase Review 2021: How Does It Compare And Is Coinbase Safe?

Alma Galvan, a marketing and communications manager at BBB, told CNBC that the group received no response on the situation after sending a letter to Coinbase regarding customer complaints.

More from GOBankingRates

Last updated: August 25, 2021

This article originally appeared on GOBankingRates.com: Coinbase customers are furious about reaction to hacked accounts and stolen funds


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