Coinbase users are frustrated over customer support after hackers drain crypto wallets

    26 Aug 2021

    A growing number of users of the popular crypto exchange Coinbase have found their accounts on the platform empty after hackers managed to gain access to them and drain their cryptocurrency wallets.

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

    One couple, for example, logged onto the service to discover that $168k in cryptocurrency had vanished after hackers were able to take over their account. In addition to loss, the couple was unable to reach Coinbase’s support after the incident occurred. Unlike banks, which now employ live chat, email, and telephones to provide customer support, the popular cryptocurrency company only responds to customers via email.

    CNBC 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.”

    The New York Times wrote in March on a helpless Coinbase customer who eventually sued the company after losing $100,000 in crypto.

    Other Coinbase user, popular analyst Kaleo told his 360,000 followers that the company had shown an “absolutely embarrassing display of care for customers.”

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

    Although Coinbase did originally offer live chat for support, the feature was phased out in 2016, though, according to a recent blog post, it plans to re-add live chat to its platform. Coinbase also plans to continue to expand its customer support team to improve its customer service.

    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 most of them regarding customer service.

    To avoid such problems, if you don’t plan on exchanging your crypto for cash soon, it is recommended to store crypto in a hardware wallet like the Ledger Nano X or the Trezor Model T instead of leaving it on a cryptocurrency exchange. This way, hackers won’t be able to steal your cryptocurrency without first breaking into your home.

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