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You are here: Home / News / Fintech / Coinbase Users Continue Berating Exchange for Poor Support and Fund Mismanagement
coinbase

Coinbase Users Continue Berating Exchange for Poor Support and Fund Mismanagement

August 26, 2021 by Akash Anand

The growth of the digital asset world resulted in its peripheral industries picking up steam from all directions. Apart from the updates and developments, the cryptoverse has also been witness to news reports involving exchanges mishandling user funds. Coinbase came under fire for the same reason recently when multiple users raised complaints on Twitter.

Since 2016, Coinbase has had over 11,000 tickets raised against it. Coinbase chief executive Brian Armstrong mentioned the ongoing stalemate by claiming people don’t need to be scared of crypto like the old days. This however did not change the fact that thousands of new users have held the exchange culpable to massive fund losses.

In a report about Coinbase’s reaction towards the complaints, CNBC mentioned:

“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 accounts, followed by poor customer service from Coinbase that made those users feel left hanging and angry.

Some reports from earlier this year touched on cases of funds mysteriously disappearing from their accounts. Just this March, a user sued Coinbase after losing over $100,000 from their cryptocurrency savings. This was one of several cases with some still unsolved.

Large groups of the cryptocurrency community pointed out that Coinbase only took up the complaints brought up by users with a significant number of followers. The Brian Armstrong-led exchange has reverted to some individual complaints. According to policy, Coinbase’s insurance policy does not cover theft from said accounts.

Filed Under: Fintech, World Tagged With: Coinbase, Coinbase Pro, Cryptocurrency, Users

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