Coinbase is the considered the “darling” of the crypto world. One of the biggest cryptocurrency wallets and exchanges in the world has recently expanded its portfolio of products and is going to Ethereum Classic in addition to the other digital assets it already offers such as Bitcoin and Litecoin.
However, some Coinbase users have recently reported Coinbase to the SEC. This may come as a shock, especially because Coinbase is considered as one of the most trusted and safe crypto exchanges out there.
A report coming from Mashable shows the complaints filed by users. The disgruntled customers claim that Coinbase is not responding to complaints, and has even stolen funds from their users. The major allegation against Coinbase is that it consistently steals and mishandles the assets of its users.
Some of the complaints are included in the report:
“Coinbase has been in possession of my funds ($21,000) since August 30th, 2017,” reads the complaint from September of last year. “They have effectively stolen my money at this point. They have no way to reach them by phone, and they are ignoring my repeated attempts to resolve this matter.”
Another one reads, as reported by the Business Insider:
“Coinbase suddenly and erroneously froze…my account [containing more than $100,000 of bitcoin] without explanation more than one month ago…Coinbase does not get back to you…Coinbase effectively cuts off consumers from their rightful property and forces risk of loss and lost profits.”
Coinbase’s user base has basically exploded since the creation of the company. Coinbase explained that they are doing their best to tackle all users’ complaints and handle the accounts of their clients appropriately. Given the increasing interest in cryptocurrencies, and the good reputation of Coinbase, it is possible that there will be certain mishaps, especially for a “start-up” like Coinbase. The company has since hired more support team to handle the situation.