Class action lawsuit against Coinbase, inc

[MPOE-PR]

It's not a matter what I want to do, but a matter of what needs to be done to weed out all the fraudulent/dishonest/incompetent companies associated with bitcoin, which is almost all of them.  And it is a matter of justice being served.  Are you okay with a dishonest company handling something you believe in?

So stop giving them money. Stop giving them BTC. When "companies" can't follow the established standards, don't use their services. Don't order their products. When they make it clear they're scamming, either willfully or out of sheer lack of ability, don't use them. Even if there's no convenient alternative yet.

No matter how many lawsuits are discussed, no matter how many fantasies of vengeance are born, this shit will continue (and likely multiply further) until people stop enabling the clueless to wander in and wildly mishandle things.

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[btcton]

Personally, I have had no trouble with them except with their customer support. It's good but REALLY slow. Not worthy of a class-action lawsuit, though, the company is just receiving more traffic than it can handle.

[oaxaca]

What bank are they using?

Silicon Valley Bank
555 Mission Street
Suite 900
San Francisco, CA 94105
415.764.3100 (phone)
415.615.0076 (fax)


http://www.svb.com/

[redwraith]

Personally, I have had no trouble with them except with their customer support. It's good but REALLY slow. Not worthy of a class-action lawsuit, though, the company is just receiving more traffic than it can handle.

Agreed.  Vocal minority is at play here, no need for a fucking class action lawsuit!  I'll really be pissed if OP fucks up my one really reliable way to acquire BTC.  I'm sorry that your experience has been less than satisfactory, but have you heard that they now have about 600,000 accounts up from 30,000 a year ago?   That means that they are POPULAR and effective, but are struggling to keep up with demand.  Just because you had a bad experience doesn't mean they're fraudulent!   

[nahtnam]

What bank are they using?

Silicon Valley Bank
555 Mission Street
Suite 900
San Francisco, CA 94105
415.764.3100 (phone)
415.615.0076 (fax)


http://www.svb.com/

How did you get this info?

[Xiaoxiao]

I am 110% okay with class action lawsuit. Sign me up!

[infinitybo]

Before to file a complain against coinbase, reread your valid contract.

[ziyan]

The information posted on this thread is inaccurate:

Coinbase Inc. is not a California based company. They are in fact based in Oregon.

After filing a complaint to the attorney general of DoJ of California, I have subsequently received a letter in the mail recommending that complaints against Coinbase should be redirected to DoJ in Oregon. Here is the company details:

Coinbase Inc.
14525 SW Millikan Way #26680
Beaverton, OR 97005-2343
(415) 843-1515

The complaint can be filed online here:
https://justice.oregon.gov/forms/consumer_complaint.asp

Hope this helps!

[nahtnam]

The information posted on this thread is inaccurate:

Coinbase Inc. is not a California based company. They are in fact based in Oregon.

After filing a complaint to the attorney general of DoJ of California, I have subsequently received a letter in the mail recommending that complaints against Coinbase should be redirected to DoJ in Oregon. Here is the company details:

Coinbase Inc.
14525 SW Millikan Way #26680
Beaverton, OR 97005-2343
(415) 843-1515

The complaint can be filed online here:
https://justice.oregon.gov/forms/consumer_complaint.asp

Hope this helps!

This is true, but their office is located in SF.

[Bill Bisco]

Just a note, I sent them an email in december and got a reply roughly 30 days later.  It seems that just like mt gox and bitstamp they are overwhelmed with service tickets.

[nahtnam]

Just a note, I sent them an email in december and got a reply roughly 30 days later.  It seems that just like mt gox and bitstamp they are overwhelmed with service tickets.

This is true. Its been about 2 weeks now and still no reply.

[BitApparel]

coinbase finally replied to state of california.  i will upload copy some time...

[OhShei8e]

630,000 accounts and a handful of clients with serious problems? This should hardly be surprising.

This way it has also begun with Gox.

You can't trust anyone.

[Jeronimus]

my question is, can a customer cancel an order if the price falls dramatically?

If yes, then it is all fair game. If not, and they only cancel when the price goes up, while forcing you to buy even if the price bottoms, then this is fraudulent behavior.

[BitApparel]

my question is, can a customer cancel an order if the price falls dramatically?

If yes, then it is all fair game. If not, and they only cancel when the price goes up, while forcing you to buy even if the price bottoms, then this is fraudulent behavior.

of course you can't, i don't see that option available anywhere...

[aryanet]

During the rush I was trying to buy as much as I can. I faced the limits of Coinbase accounts when they are created. Since nothing was mentioned in the terms of service about having multiple accounts, I thought I open a few more accounts to execute more purchases. I provided all honest and valid information and all my accounts were level 2 verified. They cancelled all my purchases worth $76K. I contacted their support but they never reinstrated any of my transaction and told me I am fraud. I offered them to go to their office since I work in SF and give them copies of my identification, etc to proof I am a legit person. They ended up whitelisting my main account only but did not re-instate any transactions. Their Chief Compliance Office replied to me and said that I have a point that the TOS does not forbid owning multiple accounts. She called my actions fraudulent although did sympathize with my loss and said they are anti-money-laundering policies they have to follow. I work in the financial industry so I knew about AML. I forwarded her an AML checklist which is produced by largest auditor of financial companies Price Waterhouse Coopers. Basically, all the AML bullshit they have to follow boils down to properly reporting large transaction > $1000/day to Financial Crimes Enforcement Network (FinCen). This is something that can be easily automated and I know banks do it as well. They never argues back although all my points were logical. Olaf replied to me and said they cannot share their algorithm with public because fraudsters will take advantage of it. This was the last reply to my question as to why they call my actions fraud.

I eventually took it easy on them and did not file for arbitration as they are a Silicon Valley company and are trying to help bring bitcoin to mainstream. When they got $25M in funding, I was happy for them too. However today....

Today, I am fucking mad. I tried to login on one of those accounts that I had created and I noticed, it no longer exists. It included information about all those cancelled transaction they fucked up. I tried another account and the same. My accounts, except the primary one which I use now were deleted without any notice. This is an awful practice. It shows that they tried to delete information which could be used against them. Luckily I had a backup of all the transaction and I kept all the emails and old TOS.

If you are going to participate in a lawsuit, I am in.

[Olaf (Coinbase)]

Hello, Olaf from Coinbase here.

I just saw this thread. I'm extremely sorry for the trouble people here experienced using our site! I believe some of these problems stemmed from our slow customer support during the November/December time frame. We were swamped with the 10-fold price increase. We now have a much larger team - I want to address any outstanding problems. Please let us know!

PM me or email support@coinbase.com - I want to work out any issues anyone is encountering.

Again, I'm sorry for any problems that occurred during the price run up. Let us know what we can do.

[Xiaoxiao]

Hello, Olaf from Coinbase here.

I just saw this thread. I'm extremely sorry for the trouble people here experienced using our site! I believe some of these problems stemmed from our slow customer support during the November/December time frame. We were swamped with the 10-fold price increase. We now have a much larger team - I want to address any outstanding problems. Please let us know!

PM me or email support@coinbase.com - I want to work out any issues anyone is encountering.

Again, I'm sorry for any problems that occurred during the price run up. Let us know what we can do.

I just pm'd you.... it has been 8 months since I was ripped off by you guys, and nothing has been done about it or even a reply!

[nahtnam]

Hello, Olaf from Coinbase here.

I just saw this thread. I'm extremely sorry for the trouble people here experienced using our site! I believe some of these problems stemmed from our slow customer support during the November/December time frame. We were swamped with the 10-fold price increase. We now have a much larger team - I want to address any outstanding problems. Please let us know!

PM me or email support@coinbase.com - I want to work out any issues anyone is encountering.

Again, I'm sorry for any problems that occurred during the price run up. Let us know what we can do.

I just pm'd you.... it has been 8 months since I was ripped off by you guys, and nothing has been done about it or even a reply!

Their support team is much bigger now. Just email support@coinbase.com

[tvbcof]

(To me) the most valuable thing which could come out of such an adventure would be to compel evidence about the factors which go into Coinbase's risk management procedures.  Specifically, if and what influence the U.S. Justice Department has on these decisions and through what arms of their operations.  Equally it would be interesting to know if an appeal to state secrecy of some sort is attempted in order to avoid transparency as it relates to issue.

If none of these issues play a roll in Conibase's operational tactics and the issues are demonstrated to be nothing more than a crude implementation of pilfering dimes from their low-end customer base I'd be somewhat surprised.  I would not rule out out of course, but it does not seem likely to me.