Coinbase Collusion????

[OwenMeany]

I was in the midst of being scammed when I realized it, I then immediately attempted to withdraw my funds from the FX6/Sundell platform (known-scammer site). From what I understand, FX6/Sundell does not typically transfer money out of their platform (other than gratuitous small transfers to gain trust and legitimacy). They first demand a “ERC-20 Chain Fee” of, in my case, 5% of the transfer amount, whereas the actual fee is $1.36.

These funds are to be paid up front and are not to be paid out of the funds transferred. Even if paid, I am unaware of anyone ever getting their funds out. Nonetheless, they did transfer the equivalent of my funds in Tether to my Coinbase Wallet.

I suspect they did so as I had convinced my “liaison” I had to withdraw “those” funds specifically because of various made-up, banking, account-access nonsense, but that once received I would re-fund my FX6 account with a much larger amount. I took this transfer into my Wallet as a good sign that I will survive. But, now I am not so sure.

However, Coinbase placed “60-day restriction” on my account because I had allegedly tried to send funds out of an account that was not mine….I have no recollection of doing anything of the sort. [thought it is a tricky and confusing process to transfer money/crypto around in this world of scammers]. After several phone calls to Coinbase and CS chats, I was conceived that my funds were safe, and I would wait out the restriction.

Now, the restriction lift date has come and gone and Coinbase refuses access to my funds and, more concerningly, the refuse tell me why. They say they have no obligation to explain their “internal decision making process" I can only think there might be some collusion between Coinbase and the well documented, scammer platform FX6. It seems a bit Kafkaesque that Coinbase can hold on to my funds and not have to tell me why!! Any input, comments or recommendations for next steps would be very much apricated.

I am screwed? I just cannot believe a high-profile, public company in an industry where credibility is everything,  Coinbase would be colluding and abetting FX6.....

Thank you!

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[Potato Chips]

Sad to say, it's pretty common with centralized exchanges to be super vague about the reasons why they suspend/freeze accounts. I don't think such action indicates colluding. In fact, Coinbase (if they want to) could scam people without the help of this no-name platform.

But yeahh, Coinbase is known to have stricter protocols which is one of the reasons why I don't like using them... I'm not sure what to suggest aside from regular follow ups through social media e.g. r/coinbase

About your funds sent by the supposed scam website, can I affirm the transaction is real and not some trust me bro? this means you see it in your CB wallet or block explorer?

[The Sceptical Chymist]

Coinbase's operations as far as their customers are concerned is a big black box of secrets, and they're not going to tell anyone why their account/funds/whatever was frozen.  That's happened to me, and it's happened to a lot of people from what I've read over the years in the scam accusation section.  Even though I don't think they're colluding with anyone in this instance (they're under way too much scrutiny right now to be doing anything of the sort), the fact that they did what they did isn't surprising to me.  They've proven to have a very quick trigger finger when it comes to pressing the nuke button for customer accounts.

In other words, Coinbase's actions probably have nothing to do with anything you did if you really got scammed and everything to do with them going above and beyond trying to comply with regulators.  They don't want anything to do with various entities that their customers either got or send their coins to, so they'll screw you at the drop of a hat.

[OwenMeany]

About your funds sent by the supposed scam website, can I affirm the transaction is real and not some trust me bro? this means you see it in your CB wallet or block explorer?

Thank you -- Can I ask for some clarification on this??


I am not troubled by CB's intent to fully comply with all restrictions and, even, to be quick on the trigger for any suspicious activity.

The real concern is that I have thousands of real investment funds that I earned and was duped into sending to FX6. My "principal" accounts for about 50% of the amount in my Wallet. If Coinbase "decides" my funds are part of broader scheme, they get to pocket the funds and I have no recourse? This should be alarming to everyone. I am doing everything I can do document everything, but I am very nervous. I noted that you cannot save your "Chat" records, so I have my phone set up to record them, as I record my calls too.

I have all the transaction records of my own personal funds going into Coinbase, if they want keep all the funds over that amount, I will consider that a win.

Again, any recommendations would be helpful.