Coinbase After 5 days, we will automatically sell cryptocurrency in your account

[CoinSkank64]

Your recent purchase failed!
Until resolved, your ability to trade and transact is disabled.After 5 days, we will automatically sell cryptocurrency in your account to collect any outstanding payments.

Its a sad story really ! 3 years ago in the nicehash hack i lost all my btc so last bull run was a just me sitting in my room crying! Well i got luck and they paied it back 16 . dec 2020 i was a happy man for 3.5 hrs !! But the it happend! i have been buying cryto and keeping it on coinbase for 3 years now! But i was planing to give my family some cryto for xmax.. did buy some cryto on coinbase whit my card 9 dec and was going to split it up and make wallets for them!! BUT NOW my coinbase account have been locked and they will not get back to me ! its been over 5 days now!

Ofc i click pay and i have more then one card put in there now but the site will not give me a way to pay the crypto! i have all my lifes savings on coinbase ! i know that dumb now but i did not know that when i did it!!

I just want to ask if anyone els have gotten this and if its bugged because the resent versification or something i have put my drive licnes in and its says im top dawg over ther and i have been that since 2017!

put inn tickets a week ago but nothing! no email form when the 5 days started i had to find out my self that the account was disabled when i was going to send crypto! can have been locked for 7-9 days now for all i know! and what cryto do they sell ? i did buy a small amount of a coin i did not have and the balance is 0 so that is strange aswell.. guess this xmax will be full of fear and dread!. just dont know if i can take it no more! i lost my job because of covid and this is real all i have lest for me and my childern! .. sold all my stocks for cryto in November aswell!

any one waited for them to sell cryto to get there money back!! ? how long did you have to wait ?

[mk4]

You already got screwed up by leaving funds on a custodial service in the past, and you pretty much did the same mistake. You've already been in this space for more than 3 years, you should've known the risks of leaving funds on a custodial wallet/exchange by now. Especially Coinbase? Quite notorious for locking up accounts.

But anyway, since they're disabling your account, they probably smelled something fishy. All you can do right now is to wait and wish they respond soon.

You might want to check this out though: https://NotYourKeys.org/

[PrimeNumber7]

It sounds like you purchased some coin before a recent deposit cleared the banking system, and the deposit ultimately failed. It sounds like as a result, you have a negative fiat balance, and Coinbase will sell any coin in your account to cover the negative fiat balance. My suggestion would be to make a deposit to cover your negative fiat balance, if you can.

[joniboini]

It sounds like you purchased some coin before a recent deposit cleared the banking system, and the deposit ultimately failed.

Is that even possible? I thought exchanges would wait until there is a clear confirmation about the transfer. Sounds like it's their mistake but the user needs to pay for it. It sounds fishy if that's true.

[PrimeNumber7]

It sounds like you purchased some coin before a recent deposit cleared the banking system, and the deposit ultimately failed.

Is that even possible? I thought exchanges would wait until there is a clear confirmation about the transfer. Sounds like it's their mistake but the user needs to pay for it. It sounds fishy if that's true.

If I am not mistaken, Coinbase allows "instant" purchases when a credit/debit card is attached to a users' account.

[o_e_l_e_o]

If I am not mistaken, Coinbase allows "instant" purchases when a credit/debit card is attached to a users' account.

This is correct. In addition, fiat banks have been known to reverse transfers to Coinbase once they realize it is a cryptocurrency exchange. OP, check with your bank. Did a card transaction decline? Did a payment get reversed? Either way, if Coinbase are not allowing you to top the account back up to come out of the red, then their support are the only people who can help right now.

Coinbase are an awful exchange, and their support is no different. In the past, other users have had to wait weeks or months to get simple things resolved. The best you can do is keep your issue on their radar. Keep sending tickets. Try PMing some of their staff who are active on reddit: https://www.reddit.com/user/coinbasesupport and https://www.reddit.com/user/justin_coinbase. Make some Twitter posts about it. Usually they are only actually motivated to help customers recover locked funds or accounts if it looks like there will be community backlash - they don't actually care about helping you get your money back.

[hugeblack]

Your recent purchase failed!
Until resolved, your ability to trade and transact is disabled.After 5 days, we will automatically sell cryptocurrency in your account to collect any outstanding payments.

The title of the topic is misleading about the reality that the platform explained. If you read the phrase well, you will notice that the goal of the sale is to sell the cryptocurrency in your account to collect any outstanding payments that are similar to the way PayPal makes your account negative.

I do not think that anything strange is happening here except for failure. As for the delay, it is the cause of the recent rise in digital currencies.

Next time, avoid keeping any currency on centralized platforms.

[CoinSkank64]

Well im not sure how a automatic recovery can get delayed? And its just sad they can lock up all your crypto for as long as they want to when the user just use the platform how its ment to be used!! and i did not get any crypto up front ! since the cryto i did buy  have 0 balance! And i understand they want to get payed! but then give me a way to pay!

[bitcoinblog]

If I am not mistaken, Coinbase allows "instant" purchases when a credit/debit card is attached to a users' account.

This is correct. In addition, fiat banks have been known to reverse transfers to Coinbase once they realize it is a cryptocurrency exchange. OP, check with your bank. Did a card transaction decline? Did a payment get reversed? Either way, if Coinbase are not allowing you to top the account back up to come out of the red, then their support are the only people who can help right now.

Coinbase are an awful exchange, and their support is no different. In the past, other users have had to wait weeks or months to get simple things resolved. The best you can do is keep your issue on their radar. Keep sending tickets. Try PMing some of their staff who are active on reddit: https://www.reddit.com/user/coinbasesupport and https://www.reddit.com/user/justin_coinbase. Make some Twitter posts about it. Usually they are only actually motivated to help customers recover locked funds or accounts if it looks like there will be community backlash - they don't actually care about helping you get your money back.

what is the reason behind not supporting their customers ? are they not interested in getting more customers by providing them better support and i am sure exchange like coinbase who are implementing more coins are well aware of customer support.

I am using coinbase too since i joined cryptoworld and found no problem in using them , may be bcoz i never purchased coins with my cards ever. But this looks like story is different then what is written.

[o_e_l_e_o]

And its just sad they can lock up all your crypto for as long as they want to when the user just use the platform how its ment to be used!!

That is the price you pay when you store your coins with a third party such as an exchange. They are no longer your coins - they belong to the exchange, the exchange can do whatever they like with them, and there is nothing you can do about it except wait for their awful customer support to get to your ticket in a few days/weeks/months. If you don't like their answer, tough. In future, you should withdraw any and all coins from Coinbase immediately after purchasing and hold them in your own wallet where you, and only you, control the private keys.

are they not interested in getting more customers by providing them better support and i am sure exchange like coinbase who are implementing more coins are well aware of customer support.

Because customer support is expensive. Why waste money on employing more staff when they can just increase their profits instead. You have just proved exactly why they don't need to provide better support: Even when users have terrible experiences with Coinbase and share them online, instead of people saying "Oh my god, that's terrible, I'm going to withdraw my coins immediately so it doesn't happen to me", users like yourself say "Well, it hasn't happen to me, so I'll just keep using Coinbase". Everyone thinks it only happens to other people until it happens to them, at which point it is too late to get your coins back. People continue to make post after post after post about how terrible Coinbase is, and users like yourself continue to ignore them until it is too late.

There is a reason that people have been warning against using Coinbase for years. There is a reason that there is an entire #deletecoinbase campaign. Do yourself a favor and take control of your own keys and your own coins.

[CoinSkank64]

Sorry i have dyslexia and english is not my first language. so maybe i have not make it clear!

I know i was dumb leaving my coins on coinbase!

I did not turst myself whit other keys before learing about ledger and i have order one on the blackfriday sale!

Since nicehash got hacked in 2017 i look at coinbase and they had 90% of ther coins in cold storage and i was okay whit loosing 10% if they got hacked for a while but i put more and more into my account all the time! All from mining and creditcard. Free xfer to coinbase!

Im not a high payed guy so getting 1 btc took me 3.5 years! i have no education and can cant write or read verry well but i work whit mecanical stuff so that okay! i cut back on cofe and lunch at work and did shorther vactions for the kids! hoping one day they did not have to feeling like a looser like me when i had all the btc for my family! I was not going to spend any of my btc bofer 1 mill USD pr coin!

I use to be they guy that tought coinbase only locked account for drugdealers and scammers!

Im not okay whit them locking my account whit no email and telling me they are going to sell my crypto in 5 days! that was the problem but now its gone 10 days! and no cryto sold and when i CLICK the big red PAY now button to they only show me what i need to pay whit no way to pay it! it does not come up! tryed phone,mac,brave,tor,ie,opera!

i did not get coins, not get a mail telling me it was a problem had to find out myself. now i dont know how and when something is going to happen and im scared.

I was hoping maybe someone els had them sell crypto from their account before? and how long did it take?

i will post again here if i get my account back and how long it took! 

[PrimeNumber7]

Coinbase are an awful exchange, and their support is no different. In the past, other users have had to wait weeks or months to get simple things resolved. The best you can do is keep your issue on their radar. Keep sending tickets. Try PMing some of their staff who are active on reddit: https://www.reddit.com/user/coinbasesupport and https://www.reddit.com/user/justin_coinbase. Make some Twitter posts about it. Usually they are only actually motivated to help customers recover locked funds or accounts if it looks like there will be community backlash - they don't actually care about helping you get your money back.

All exchanges have struggled with support in recent years as they have experienced growth their support teams cannot keep up with.

Raising the issue on social media is a good way to get the attention of support, and may elicit a quicker response. I don't think opening multiple tickets will be helpful.

[o_e_l_e_o]

Since nicehash got hacked in 2017 i look at coinbase and they had 90% of ther coins in cold storage and i was okay whit loosing 10% if they got hacked

This would only ever protect you if Coinbase's main wallets and servers were hacked directly, which is the the least likely attack vector. It would offer no protection whatsoever if your individual account was hacked, phished, password reset, etc. It also offers no protection against Coinbase themselves locking access to your funds as you have just discovered.

I use to be they guy that tought coinbase only locked account for drugdealers and scammers!

They lock a lot of accounts for unknown reasons. They are not very transparent with their automatic algorithms or processes which flag accounts up as being "high risk" but things as simple as withdrawing to a gambling site will get your account locked.

i will post again here if i get my account back and how long it took! 

Have you tried contacting their representatives directly using the reddit links I gave above? Or opening a new thread in the /r/coinbase subreddit?

[New_order]

Your recent purchase failed!
Until resolved, your ability to trade and transact is disabled.After 5 days, we will automatically sell cryptocurrency in your account to collect any outstanding payments.

Its a sad story really ! 3 years ago in the nicehash hack i lost all my btc so last bull run was a just me sitting in my room crying! Well i got luck and they paied it back 16 . dec 2020 i was a happy man for 3.5 hrs !! But the it happend! i have been buying cryto and keeping it on coinbase for 3 years now! But i was planing to give my family some cryto for xmax.. did buy some cryto on coinbase whit my card 9 dec and was going to split it up and make wallets for them!! BUT NOW my coinbase account have been locked and they will not get back to me ! its been over 5 days now!

Ofc i click pay and i have more then one card put in there now but the site will not give me a way to pay the crypto! i have all my lifes savings on coinbase ! i know that dumb now but i did not know that when i did it!!

I just want to ask if anyone els have gotten this and if its bugged because the resent versification or something i have put my drive licnes in and its says im top dawg over ther and i have been that since 2017!

put inn tickets a week ago but nothing! no email form when the 5 days started i had to find out my self that the account was disabled when i was going to send crypto! can have been locked for 7-9 days now for all i know! and what cryto do they sell ? i did buy a small amount of a coin i did not have and the balance is 0 so that is strange aswell.. guess this xmax will be full of fear and dread!. just dont know if i can take it no more! i lost my job because of covid and this is real all i have lest for me and my childern! .. sold all my stocks for cryto in November aswell!

any one waited for them to sell cryto to get there money back!! ? how long did you have to wait ?

Nicehash paid all those miners affected by the hack in 2017, I received 80% of my btc in 2018 and this month of December they decided to pay the last reimbursement, I was happy as anything because bitcoin is in a very good shape right now, just the perfect timing 👍

If coinbase later letgo of your assets please stop storing your coins on such platform, I have huge respect for coinbase but the fact is this platform is centralized, you aren't able to control your funds because you have to keys to your cribs lol, start storing coins on wallets that gives their users the keys ( private key or Mnemonic seed)

[shield132]

You already got screwed up by leaving funds on a custodial service in the past, and you pretty much did the same mistake. You've already been in this space for more than 3 years, you should've known the risks of leaving funds on a custodial wallet/exchange by now. Especially Coinbase? Quite notorious for locking up accounts.

But anyway, since they're disabling your account, they probably smelled something fishy. All you can do right now is to wait and wish they respond soon.

You might want to check this out though: https://NotYourKeys.org/

I think we shouldn't answer everyone with the text "not your keys - not your coins". It happened and this man is in trouble right now and our priority should be to help him instead of judging.

are they not interested in getting more customers by providing them better support and i am sure exchange like coinbase who are implementing more coins are well aware of customer support.

Because customer support is expensive. Why waste money on employing more staff when they can just increase their profits instead. You have just proved exactly why they don't need to provide better support: Even when users have terrible experiences with Coinbase and share them online, instead of people saying "Oh my god, that's terrible, I'm going to withdraw my coins immediately so it doesn't happen to me", users like yourself say "Well, it hasn't happen to me, so I'll just keep using Coinbase". Everyone thinks it only happens to other people until it happens to them, at which point it is too late to get your coins back. People continue to make post after post after post about how terrible Coinbase is, and users like yourself continue to ignore them until it is too late.

There is a reason that people have been warning against using Coinbase for years. There is a reason that there is an entire #deletecoinbase campaign. Do yourself a favor and take control of your own keys and your own coins.

It's not a waste of money, good customer supports means more loyal customers and satisfaction. Your 1K USD loss (for example) can bring you 10K profit from some customers. Also, I don't think that it's so hard and expensive for them to hire customer supports. If they can't afford it on their own, they can make a contract with companies like Majorel that has offices in some countries where the wage is very low while quality of service is still high (Asus uses Majorel for customer support service).

[CoinSkank64]

Tnx for all the tips Have DM them on twitter and reddit but nothing yett   just hope they will fix it soon! think alot of pepole got problems whit coinbase atm..

Sad to just watch the price goes up and up and up whit not knowing if i ever get my coins back! I hold some coins for my mom and dad aswell and they called me last night asking about the price and they was super happy!!...

[o_e_l_e_o]

good customer supports means more loyal customers and satisfaction.

I don't disagree, but my point is they simply don't need to bother. Coinbase have been awful for years. Like, really awful. They are anti-bitcoin and support attacks on bitcoin and on the bitcoin developers. They are anti-privacy, and not only hand your details over to the government but even build technology specifically for tracking your activities and rent that to the government. They insider trade. They dump shitcoins on their customers which their shareholders were holding bags of. They "crash" every time the price moves by more than a few hundred dollars. They lock accounts left, right, and center for little to no reason and provide little to no recourse. No other exchange has spawned an entire movement against them in the form of #deletecoinbase. They care about nothing except their own profits. They are legendarily awful. You couldn't pay me to sign up to Coinbase.

And yet, they continue to attract hordes of new customers and continue to be one of the biggest exchanges in this space. Why waste their profits on good customer support when they can continue to attract millions of users despite being completely trash?

think alot of pepole got problems whit coinbase atm..

A lot of people have a lot of problems with Coinbase all the time. Unfortunately you'll probably be waiting even longer than usual given the time of year.

Coinbase the most anti-Bitcoin organisation. Make #DeleteCoinbase great again

[Phoenix_PROG]

This is why its a bad choice storing large amount of crypto on any centralized wallets, they have the right to control you and your funds, they are the one to decide if you are going to withdraw or not, if you hate what you get OP it's better to move funds to better wallets that have private keys on ground for users

[buwaytress]

Tough luck OP but at least you'll get your money back, in some form or other. As soon as you get a hold of your dollars, you should be able to buy Bitcoin right back on another platform.

I actually may run into a similar problem (not the same, just a centralised service that's giving me some issue since Christmas), might open a thread to warn people if it doesn't end well for me.

[PerfectCircle]

You already got screwed up by leaving funds on a custodial service in the past, and you pretty much did the same mistake. You've already been in this space for more than 3 years, you should've known the risks of leaving funds on a custodial wallet/exchange by now. Especially Coinbase? Quite notorious for locking up accounts.

But anyway, since they're disabling your account, they probably smelled something fishy. All you can do right now is to wait and wish they respond soon.

You might want to check this out though: https://NotYourKeys.org/

I'm not surprised, I've seen newbies telling me that coinbase wallet is better than trust wallet lol, they can't even tell the difference that's why they got caught in such bad shape, they don't know about private keys and recovery seeds if not they won't dare leave their coins in the hands of a centralized platform