Coinbase Under Fire Following Remarks from Angry Customers

A report from CNBC suggests the Coinbase exchange allegedly neglected its customers’ queries on unmonitored account takeovers. CNBC held several interviews with the exchange’s customers, who claimed money vanished from their accounts, and Coinbase didn’t explain why.

A pattern came out where cybercriminals took over Coinbase accounts, and there was minimal or no response from the network’s customer service.

Coinbase Users Raise a Cause for Alarm

Tanja Vidovic witnessed the draining of $168,000 from her crypto account after someone gained access to it. She started trading in crypto coins in 2017, and for years later, she lost all her investments. However, Coinbase being one of the leading crypto exchanges in the United States, she opted to trade on it. Still, four months after her loss, Coinbase took no action.

Coinbase users across the US have had ordeals like Tanja’s and suffered the same fate her family did. In their quest to get answers and probable help, it proved futile. Finally, the FBI addressed the matter and mentioned that they could not reverse transactions; that is how developers fashioned decentralized finance to operate.

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In April, Coinbase went public hoping it would reinstall trust to its over 68 million users worldwide. Its CEO Brian Armstrong told CNBC that the move would help people trade more securely. Since 2016 Coinbase has received more than 11,000 complaints, all related to customer services. Users have complained that the Exchange Platform does not take their woes seriously.

Shared Blame

As much as Coinbase customer service shares the blame, its users may also have to share it. Experts believe that SIM swapping is one-way when hackers get hold of investors’ coins. Unfortunately, that responsibility sorely falls on a user. For instance, once a user loses access to their SIM, their funds disappear in less than 30 minutes.

Representatives like Silver, who covers Vidovis, mentioned that most of the users` complaints have gone under on the accounts of SIM swaps. Hackers have weaponized the dark web and use it to break into crypto accounts. Once they take the reins, they put them up for sale.

Coinbase users took their need for justice online. Also, others sued the company for what they termed as an embarrassing display of customer service care. For instance, when Analyst Kleo took his claim to twitter, thousands of users backed his claims.

Coinbase promised to work on delivering better services sooner. Complaints against Coinbase lie on every justice platform, social media, FBI, and letters addressed directly to the organization. The company responded to the acclaim that it has grown in size and customer services are more challenging to render. 

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However, on January 15th acknowledged their response delay and how frustrating it is to its users. In a blog post by Casper Sorensen, the vice president announced the company’s intention to curb the problem. So far, their only solution is introducing live chat messaging.