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1  Bitcoin / Wallet software / Coinbase Wallet - Is my $ lost because I pressed this one button (dangerous)? on: February 08, 2021, 07:08:42 AM
I have been a user of Coinbase and Coinbase Pro for years, so when I decided to try a Wallet with them I think my gravest error was perhaps being too comfortable with the brand and services -- and it cost me $15,000...and growing...

It began with excitement to try Uniswap.  I looked at the wallets that could link and there I saw one by Coinbase.  Great.  They have been my loyal crypto bank for years.  So I excitedly downloaded the App and created a wallet.  It asked me to create a user ID, a pin, plus another thing I could "Save for Later."  I plowed ahead and the wallet worked well.  It used my biometrics to open and close and transfers happened almost instantaneously between my CB acct and the Wallet, like Coinbase Pro does.  It seemed like another great product that linked my accts together and I was in good hands.  So I transferred more funds into it.  And then I transferred more funds...

Until one day after my iPhone auto-updated, when I tried to open my Wallet it asked me to create a new Wallet or use a back up.  Back up?  I touched my thumb to the pad again. Why isn't it opening like usual?  My stomach started to sink.  Is this Keys and Back Up thing they now want, could that possibly be, the seemingly random action that I was able to click past and "Save for Later" when first setting up my account?  I think you know where this is going.

I am not totally unfamiliar with Seed Keys.  I had a Nano Ledger in the day and that product made you very aware of your Seeds.  It was impossible to even begin to use the product without them.  I used Trust Wallet and it made me go through an entire process of re-arranging the Seed words before I could even proceed with the account, all helping me as a consumer understand the significance and importance of the process and making sure I did not proceed carelessly.

Upon realizing that Coinbase was not one of the aforementioned quality providers of Seeds, I started to have a panic attack and after convo with tech friend decided to restore my iPhone to before the update.  (Note: While restoring iPhone I had to "Save for Later" about a half dozen actions like Siri, Apple Wallet, other add-ons and extras like we often see).  Once updated, I waited for the apps to load.  Then I held my breath and first tried Coinbase main app.  It opened automatically with my fingerprint.  Bingo.  Then I tried Coinbase Pro.  It also opened with my fingerprint.  I was feeling hopeful!  So I confidently tried Coinbase Wallet... and it loaded..for a moment...before flashing an error message:  "Failed to retrieve keys, please sign in again (Error Code -25300).  Two buttons overlayed above my account that show values updating in real time: Sign Out or Retry.  I have "Retried" a hundred times but it just flashes the same message. 

I can't get past the error message yet I can see my coins in the wallet, the values updating in real time, as a reminder of how much I failed my family and myself, and about how much Coinbase failed me.  In trying to protect the sacred Keys from some villain in a virtual world, they failed to protect me, the long-standing customer, an average person prone to digital overload in the real world.

I wrote Coinbase promptly and they kindly told me they would transfer me to a Specialist.  After several days I got a copy and pasted email of the same canned fine print from the website about how the Seed Keys are my sole responsibility and essentially that my funds are gone.  What Seed Keys, I said?  You never showed them to me.  Literally.  I don't know where they resided in the app.  I submit that is a problem.  As I long time customer of Coinbase, I am very disappointed and believe that my trust in the company is partially what emboldened me to press "Save for Later."  It was like buying a trusted name brand.  It is why I chose their wallet in the first place.  I know we can point fingers and say, welcome to crypto, dummy!  Or...you are an idiot!  Trust me, I know!  But I can't help but think how easily Coinbase could have and should have protected people like me with better processes that are at least up to industry standard.

One problem is I sincerely don't believe Coinbase cares about me or my business.  If they did, they would have put more than five seconds into making sure this cannot happen so willy-nilly.  As an example, even when you delete an account from Google Authenticator it says it is holding onto it securely for 48 hr hours.  And I can't even proceed into some exchanges without setting up 2FA and authenticating all my credentials simultaneously.  Yet CB allowed me to unknowingly hand over the keys (excuse me, throw away the keys) by pressing "Save for Later" and an auto-Apple Update... while providing the illusion through a pin and biometrics that I was secure.

Long story short (too late)...Is there any possible way to retrieve the keys or do a workaround since my phone pretty much opens it up but just can't get past the error message?  Is there any action at all to take?

Moreover, I want Coinbase to make sure they fix this issue by adopting industry standards with protocols for Seed Key distribution so it never happens again to anyone else.

Any ideas toward any of these is very welcome!

"Save for Later"



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