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Coinbase stole my crypto (yes they did!)

Coinbase won’t let me withdraw my ethereum. My account is restricted. No idea why they have restricted my account. Never even got a notification that my account was restricted to begin with. Submitted a support ticket for this. Coinbase’s response:

Please provide the following information regarding your crypto sends to external wallets:

-Name of the recipient

-Your relationship to the recipient

-Purpose of sending these funds

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I told them funds are going to myself for cold storage.

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Coinbase’s response:

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Thank you for your response. Your account status is under review.

We can’t guarantee a change to your current account status, and any decision based on our review will be final. We’re also not able to provide additional information regarding this account review.

Thank you for your patience as we complete this process; we’ll follow up by email once this review has been completed.

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Just received an automated email today (5 days later) saying the ticket has been closed. No other word from coinbase on their decision about my account. Logged into my account and it’s still restricted. I cannot withdraw my funds.

Conclusion: Coinbase is beyond terrible and I would not recomend them to anyone. Their fees are high and they may lock you from withdrawing your crypto. They have no phone support.

Solution: Swan bitcoin seems has the lowest fees out there and they have phone support! All my future bitcoin purchases will be through Swan. Kraken for everything else.

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Update:

My account was finally unlocked and I was able to withdraw my crypto. Scary ordeal, but a happy ending.

What do you think?

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3 Comments

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