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Author Topic: Coinbase issues - updates indicate it's under control  (Read 120 times)
HodorHodl (OP)
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February 15, 2018, 07:55:40 PM
Last edit: February 17, 2018, 04:43:17 PM by HodorHodl
 #1

You can check the drama here: https://www.reddit.com/r/CoinBase/

Effectively, it boils down to this:

- Their payment system is broken
- People are being debited up to 17x their transaction
- Others are being refunded for legit transactions

Money is spraying everywhere, and not in most people's favour.

Un-link your cards and accounts until it's sorted. Few nasty stories on the sub.

H.

Update 2018-02-17: VISA have taken liability for issues caused, confirmed CoinBase not at fault.

https://techcrunch.com/2018/02/16/visa-coinbase-not-at-fault/?ncid=rss
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February 15, 2018, 08:49:54 PM
 #2

For those who haven't seen Coinbase's answer:

Quote
Update as of 9:37 AM PST on February 15, 2018

We are actively investigating some reports from our customers about unexpected credit or debit card charges appearing on their statements from previous Coinbase purchases.

We can confirm that the unexpected charges are originating from our payment processing network, and are related to charges from previous purchases. To the best of our knowledge, these unexpected charges are not permanent and are in the process of being refunded. We are running joint investigations with all parties involved, and will provide updates as we receive them.

We apologize for the trouble, and are working as quickly as possible to help anyone affected by this.

Minor update in wording at 10:31 AM PST for better clarity.

HOW YOU CAN HELP

Please let us know by commenting here if you have been affected by these charges, and provide the following info:

[debit, credit, or bank transfer], [your country], [which bank you saw the additional charge on], [number of additional charges], [delay since original transaction], [is the charge posted or pending], [your case number]

Example: debit, US, MYBANK, 1, 1 day, pending, #100001

Your reports will go a long way toward helping us track down what may be happening here and reaching a quick resolution. We will follow up via your case in order to collect additional info if needed, so please make sure to include a case number!

Once again, we apologize for the poor experience.

[1] https://www.reddit.com/r/CoinBase/comments/7xs1aq/update_on_multiple_charges/

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February 15, 2018, 08:52:29 PM
 #3

Read someone got charged 50 times, that's crazy! how the hell they could let this happen, at least no one will lose their money, coinbase is working on refunding the wrong charges made.
HodorHodl (OP)
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February 15, 2018, 09:01:37 PM
 #4

Read someone got charged 50 times, that's crazy! how the hell they could let this happen, at least no one will lose their money, coinbase is working on refunding the wrong charges made.

Well we hope that nobody will lose their money, but while the charges themselves are alarming, what is at least as scary is the fact that they don't know who to refund. They sent me 200 euro for a transaction I made on 25th January. There was no multiple charge.

I'm concerned at the lack of organisation. They appear to be simply refunding randomly.
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February 15, 2018, 09:13:39 PM
 #5

For those who haven't seen Coinbase's answer:

Quote
Update as of 9:37 AM PST on February 15, 2018

We are actively investigating some reports from our customers about unexpected credit or debit card charges appearing on their statements from previous Coinbase purchases.

We can confirm that the unexpected charges are originating from our payment processing network, and are related to charges from previous purchases. To the best of our knowledge, these unexpected charges are not permanent and are in the process of being refunded. We are running joint investigations with all parties involved, and will provide updates as we receive them.

We apologize for the trouble, and are working as quickly as possible to help anyone affected by this.

Minor update in wording at 10:31 AM PST for better clarity.

HOW YOU CAN HELP

Please let us know by commenting here if you have been affected by these charges, and provide the following info:

[debit, credit, or bank transfer], [your country], [which bank you saw the additional charge on], [number of additional charges], [delay since original transaction], [is the charge posted or pending], [your case number]

Example: debit, US, MYBANK, 1, 1 day, pending, #100001

Your reports will go a long way toward helping us track down what may be happening here and reaching a quick resolution. We will follow up via your case in order to collect additional info if needed, so please make sure to include a case number!

Once again, we apologize for the poor experience.

[1] https://www.reddit.com/r/CoinBase/comments/7xs1aq/update_on_multiple_charges/
Thank Jesus for Coinbase replying to this issue as soon as they could. Coinbase must do something about its payment gateway and its merchants must be rechecked by them. Coinbase are one of the largest crypto currency companies and errors like this one is not going to help them.


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o_e_l_e_o
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February 15, 2018, 10:01:06 PM
 #6

Most recent update from their Twitter https://twitter.com/coinbase/status/964248915695448064:
Quote
1/ We're investigating an issue where some customers recently were charged incorrectly for purchases of digital currency with credit and debit cards. This is related to the recent MCC code change by the card networks and card issuers charging additional fees.

2/ We have identified a solution and any future purchases will not be affected by this issue. We will ensure any customer affected by this issue is fully refunded for any incorrect charge. We expect this to happen for customers automatically through their bank.

3/ If you believe you were affected by this issue, please contact support at http://support.coinbase.com . We will be reviewing all card transactions from the last few weeks to ensure any customers affected are notified. We will post on Twitter and our blog with further updates.

Reports of people having their bank accounts emptied by CoinBase. Utterly ridiculous.

Everyone who has ever used Coinbase should unlink all their payment methods, check their bank account and consider temporarily freezing their cards and accounts.

I stopped using Coinbase back when they were blatantly taking part in insider trading around the Bitcoin Cash launch. Shady to say the least. This should be the final straw for most people.


FrueGreads
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February 15, 2018, 10:24:49 PM
 #7

I don't think you need to remove your bank account since to perform a deposit you need to start it at your bank so you should be fine (at least that's how it works with me, as far as I know). Removing credit cards might be a good idea though, although this thing all started with the credit card payment suspension. I think everything will be solved with no problems, and I do hope that no scandals will come out of this, since coinbase is quite large in cryto world, and bitcoin doesn't need bad news at this time.

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aardvark15
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February 16, 2018, 02:38:28 AM
 #8

You can check the drama here: https://www.reddit.com/r/CoinBase/

Effectively, it boils down to this:

- Their payment system is broken
- People are being debited up to 17x their transaction
- Others are being refunded for legit transactions

Money is spraying everywhere, and not in most people's favour.

Un-link your cards and accounts until it's sorted. Few nasty stories on the sub.

H.

I’ve always considered Coinbase to be a good exchange and I never had any problems with them until a couple of days ago. Luckily my problem is minor. I bought some Etherium through them last week with no problem. Then 2 days ago I tried to buy some more but the buy would never go through. Several times I tried and then I noticed that they were saying my payment source didn’t work (but I had no problem last week with same bank). I called support and they said to send a screenshot of the error. Later I tried the buy again so I could screenshot it, this time the trade worked so I didn’t have to follow through on the support ticket. I think they have some glitches going on right now that they need to fix.
HodorHodl (OP)
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February 17, 2018, 04:44:13 PM
 #9

Updated - VISA have confirmed liability is on their side, not Coinbase.

*phew*
godzillarekt007
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February 17, 2018, 06:01:18 PM
 #10

Updated - VISA have confirmed liability is on their side, not Coinbase.

*phew*

I gotta say not only does that surprise me but I am relieved for those who had any confidence in Coinbase. Now what you should do is get the hell of Coinbase because if not this time they will screw you over some time down the line. Why would you pay 5% vig on BTC when you can pay as little as 0.25% at a fine exchange like Bitstamp? I know Coinbase is convenient but not when they go down every time there is a peak moment. Bitstamp on the other hand has not crashed since their hack a couple years back, you can be sure of this.

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