Did Coinbase Just Empty Its Users Bank Accounts?

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Did Coinbase Just Empty Its Users Bank Accounts?

Famous crypto currency trading website Coinbase has been accused of emptying its users bank accounts. People were worried and ‘freaking out’ after the incident.

Coinbase has misused their users bank accounts

It is not just one customer saying that Coinbase has misused their users bank accounts. In fact, a lot of people are now saying the same. Coinbase has been accused of withdrawing unauthorized money out of the accounts of some. As a result, the accounts were emptied to zero. This happened with those accounts that were linked to the website.

Crypto Currencies

One of the user’s who complained about Coinbase wrote on Reddit that they purchased Bitcoin and other crypto currencies for $300 but after three days, the transaction was repeated five times, which led to $1500 being emptied from their bank accounts. There was additional fees and lots of unauthorized transactions that led to the account of the user to get emptied. The user also complained that Coinbase charged extra $5 and overdraft fees. The account, he said, went further in negative. The user also said that the money in his bank account was his rent check and when the check bounced, he was left with nothing. “I AM FREAKING OUT”, wrote the user.

If you are thinking that there has been only one incident revolving this and it might be a mishap, you are wrong as there are many users who have reported the same. Coinbase representatives have been getting similar complaints on famous site Reddit for the last two weeks and the complaints have increased in the last 24 hours. The complaints were also posted on social networking sites Twitter and others.

Coinbase, in response to the complaints

Coinbase, in response to the complaints, did not take ownership of what was happening but in fact said that the charges are related to the past purchases of the users. This again has led many people to get nothing but confused.

CEO of Coinbase

Another user also posted a screenshot of what Coinbase was up to, posting extra charges being deducted from his account. The charges were as much as $931, while an additional $7.45 were deducted from his bank. The user wrote to the CEO of Coinbase, in an emergency, to reclaim his funds.