Bitcoin Forum

Hi there,

I've posted on every other medium I could find about my frustrating problem, but I've received no response, solution, or support whatsoever from Coinbase.  I'm starting to post on Bitcoin forums on the off chance that someone from Coinbase (or someone who has knowledge of their system) could help me.

On October 21st, I opened a Level 1 account with Coinbase and purchased 1BTC. The very next day, my checking account was debited the $184.14 the BTC was worth. My coin was due to come in on Friday the 25th.

On Friday, my transaction was cancelled due to a "high-risk" transaction. What I've gathered that to mean is that Coinbase's automated system calculated my account as being possibly fraudulent. Yet, how COULD it be fraudulent if Coinbase already debited my account?

Like I said, I've gotten zero answers about my problem, zero responses from the website. I've posted on Coinbase Support, sent a private support e-mail, and I've written about my problem on Twitter, Reddit, and other forums. As of right now, Coinbase's silence has me convinced that they've stolen my money.

CAN ANYONE HELP, THANKS.

The funds were never debited from your checking account, they are 'authorized', this blocks the funds until the transaction is complete.

As coinbase did not complete the transaction the funds should report to your account within 2 business days.

I assume tomorrow those funds will be back in your account.

As far as the high risk message, it happened to me too, seems to happen a lot.

Cheers...

Don't worry, they didn't steal your money. Someone else had  a similar problem with Coinbase's automated system. Olaf from Coinbase responded in this thread: http://www.reddit.com/r/Bitcoin/comments/1opvdq/cmon_coinbase_high_risk_really/

You should be alright. Good luck!

This has happened to dozens of users, including myself on my first coinbase transaction.

I opened up a support ticket or sent an email (I forget which) and the problem was resolved within 24 hours and I received my coins.

I wouldn't worry about it, and your situation will likely be resolved if you're diligent about following up with it.

Post back if there are continuing issues.  Keep in mind it's also the weekend.

Good point...

Coinbase is a 9 to 5 USA based business...

So if you had an issue on Friday expect a response by COB on Monday.

Cheers...

Thanks thanks thanks so much! You all have given me much of the information I needed, and have been a real comfort.  :D

Coinbase is legit. Thy are based in San Francisco. $6 million in funding from reputable investors.

There probably was some glitch/mistake. Just get in touch with them and it'll be handled.

Coinbase did this TWICE to me, but keep on ordering and your account will eventually white-listed. After one successful purchase, you wont have any issues! Also if your BANK was debited, and not refunded, file a dispute with your bank or try pm'ing Olaf from Coinbase (https://bitcointalk.org/index.php?action=profile;u=145044)!

9 AM to 5 PM? Hahaha, I keep in contact with Olaf to help him on bugs and what not, and he is at least in the office until 8-9PM. (I haven't mixed up timezones since I live an hour away from Coinbase's office!)