Coinbase is undergoing a severe critique for poor customer service after the reports that the user accounts have been hacked emptied of funds. CNBC investigated on 24th August and stated that the complaints had been lodged against the firm by thousands of consumers all around the country. CNBC outlet said that it had conducted interviews with several Coinbase users claiming that hackers had emptied their accounts, and the matter got worsen as the exchange did not respond to assist the requests.
It specified that the interviews with the customers of Coinbase around the country, as well as an evaluation of numerous complaints, disclosed a swarm of account attacks, where a sudden disappearance of money was seen by the users preceding a terrible an awful customer service on behalf of the exchange because of which those customers felt to be left unanswered. One of Coinbase’s clients named Tanja Vidovic, asserted to have been deprived of roughly entire of her $168,000 valuing crypto holdings as she received frequent password changing alerts during April. She said that all the attempts to contact Coinbase went fruitless.
Another customer informed that following a log into the Coinbase application during March, nearly $35,000 worth of different digital assets had been wiped off his account. The victim then received a mail from the response team of the Coinbase regulatory noting that the transactions carried out through the blockchain cannot be reversed, and the individual accounts are not covered by the insurance policy of the exchange. In the same month, New York Times shared the incident of a destitute customer of Coinbase who ultimately sued the exchange following a loss of $100,000 worth in crypto.
Voicing their sorrow, several other customers of the company moved toward social media, like famous analyst Kaleo. He shared with his more than 360,000 Twitter followers about the extremely embarrassing performance of the firm in terms of customer care. The tweet was posted a day before, and it had already responded with uncountable responses from the other such customers of the company that suffered similar issues and were subsequently hacked. This complaint was responded to by Coinbase; however, one person revealed that it would only respond and help people having numerous followers to avoid its reputation being degraded.
Across 11,000 customers of Coinbase have filed against the company with the Consumer Financial Protection Bureau and Federal Trade Commission since 2016.