Coinbase fiasco!

esteban003

I have been trading with Coinbase for a year now with no problems at all, however, on the 19th November 2021 my account was suspended "for technical reasons"

I bought the new Crypto coin GYEN, £452 on the 17th November and another purchase of £ 423 on the 19th November as this coin was increasin in value.

On my account, there was over £41,000, however, my account was suspended and after two complaints to COINBASE, all I get the following message:

Case #08636369 - Account suspended

Hi there,

You say sorry about the inconvenience, however, I wanted to sell my stock at £ 567.84 and now is £ 418.19!

What are you going to do about this?

As soon as I am able to do any transaction I am going to move my stock to Etoro.

I await your response.

Regards

Thank you for reaching back out about this issue. Unfortunately this issue is still unresolved. Rest assured, we are working hard to rectify this situation as soon as possible.

Thank you for your continued patience, and sorry for any inconvenience caused.

Regards,
Coinbase Support

I don't know, if I will get my original investme out, get the current price of £415.59 or some compensation on the £41,000 ! I am unable to trade at the moment and certainly I don't want to increase any holdings at all.

I have a photo of my portfolio showing my credit before the suspension took place.

Any ideas on what my options are?

Any help greatly appreciated!

KInd regards,

esteban003

HCIMbtw

probably best to ask on the reddit or wait for a response from their customer service. They have a history of restricting withdrawals and access to sh*tcoins particularly when trading is volatile or at a peak, but that doesn't explain shutting down your account 

Zola.

Coinbase have that reputation sadly. Customer service non existent. Did you go through all the proper KYC measures?

Best bet is probably to kick off stink on social media about it where they are active. 


If you must use them (and even worse, buy shitcoins), its best to withdraw everything from an exchange and into a hardware wallet as it prevents this type of scenario.

Did you see this? 

https://cointelegraph.com/news/coinbase-reportedly-down-for-some-users-after-fixing-connectivity-issue

esteban003

Thank you for your reply. The problem at the moment is that as I am unable to trade, GYEN is going down on a daily basis. Latest price is £418.08 !

I certainly will not used Coinbase anymore. Some forum members asked if Coinbase is realiable, well, learn from my experience as also their fees for any transaction are not cheap!

Zola.

Between coinbase and shitcoinery, I hope you don't get burned too badly. Nightmare. Let us know how it plays out and good luck. 

HCIMbtw

So i was just doing a bit of reading about this.. apparently GYEN is a "stablecoin", but there was a glitch on November 19th which screwed up a decimal place on the coin... while the official response from Coinbase is 'nothing to see here, nobody was overcredited coins, we are working through the IT issues', this following comment from a person is pretty enlightening: 

My thinking…. Coinbase IT department is reviewing every account and every transaction with GYEN trades from the last week. There was a technology glitch and many people received coins in their account that they really did not purchase. So ….many dishonest people sold coins that they really did not own and the market crashed. I was watching the last trades close the last 8 hours before it crashed. Many many huge sold trades the day Coinbase stopped all trades and lock accounts. Again, just my thinking.

looks like a decent amount of people in the same position who owned the coin, now locked out of their accounts.. 

Edit- this youtube vid explains the issue kinda well - https://www.youtube.com/watch?v=TnaLPx7nQ28, but honestly there are a lot of butthurt people trying to claim they should have like £35k off a £500 investment in a stablecoin, that is meant to be index linked to the japanese yen.. this obviously didnt happen adn everything f'd up, but in reality if you knew u ere buying a japanese yen stable coin, invested £500, then you should probs have about £490 right now.. the 'SCAM' component, from Coinbases side seems to be that they are resolving the issue and leaving owners with much less... I can understand being !!!!!! at this. 

Scottex99

Yeah CB shouldn't have restricted your account and should defo have explained why. But the bigger fiasco is probably buying a JPY pegged stablecoin because its "pumping" due to a glitch.

Would be like sticking a grand on Chelsea at 100/1 to win the league with an online bookie, clearly a bad price that wont be honoured, no matter how much you complain

esteban003

My latest e-mail to Coinbase is below as I have made an official complaint and I am no further forward.

Bought GYEN on the 17th November £452 and later on as the price was going up, I bought another £423 on the 19th November.

I have a screen shot that my investment went to £ 41,667.47. However today is £419.98

My account was suspended and now I have been notified that I am able to trade again but not with GYEN. Are they joking!

My only coins at the moment is with GYEN and I have lost total faith in Coinbase. NO way I am going to invest with Coinbase again!!!!

I made my official complaint on the 20th November!

 

Thrugelmir

Crypto isn't regulated. Complaining is likely to achieve very little. 

Scottex99

Did you read the replies? It was a glitch, you won’t get anything. Take your 400 quid and buy BTC and ETH

fwor

esteban003 said:

I have a screen shot that my investment went to £ 41,667.47. However today is £419.98

There's no point in just repeating the same thing over again. The £41,667 was due to an error. It doesn't matter what financial system you're using - if there has been an error then it will be corrected and you won't gain.

You need to analyse the price at the time that you purchased - correcting if necessary for the apparent factor of 100 error - and work out the quantity of GYEN you ~actually~ purchased, and then use today's price to see if £419.98 is the correct amount. If not, you can make a rational case to Coinbase that they have made an error.

However, if what you said is correct and you bought while the price was rising, it's quite possible that you really will have half of what you invested left, now that prices have returned to where they should be.

And yes, I can't get my head around a "stablecoin" that can rise to three or more times it's supposedly "stable" value - but you could argue that that is not Coinbase's problem. Quite why anyone would choose to buy a "stablecoin" while the price is rising is another question - but that is a moot point now.