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Coinbase Cryptocurrency Exchange Slammed for Poor Customer Service

The popular cryptocurrency exchange service Coinbase has been slammed in recent years for its poor customer service. After the company apparently tried to overhaul its customer service options with a new hotline, many of its users still complain of its inefficiencies. Some cryptocurrency investors have even alleged that the terrible customer service has cost them thousands and thousands of dollars saved away in various cryptocurrencies.

Hackers Target Coinbase Accounts

As discussed in a recent article from CNBC, one Los Angeles couple reports that they lost $700,000 in cryptocurrency investments after their account was hacked. The couple watched in real-time as a hacker took the money out of their account, but they couldn’t do anything to immediately stop it because Coinbase was only contactable via email. Months later, Coinbase has allegedly done nothing to help the couple.

CNBC investigators claim to have found thousands of other user accounts that were also hacked in a similar way, with none of those users getting reimbursement from Coinbase. The company would take several months before admitting to the public that at least 6,000 accounts had been phished, but the company has yet to say that there have been hacks that disrupted its cybersecurity measures.

Years of Coinbase User Complaints

A look at Coinbase’s history reveals that the company is not unfamiliar with severe user complaints. The Federal Trade Commission (FTC), Consumer Financial Protection Bureau (CFPB), and the Better Business Bureau (BBB) currently have more than 12,000 complaints on file against Coinbase since 2016. About 12% of those complaints have been filed just in the last few months, which shows a recent increase in reported user issues.

Possible Legal Action Against Coinbase

At this time, it appears that there will be no significant remedies for people who have lost thousands of dollars in cryptocurrencies managed by Coinbase. The company’s customer service history does not seem to suggest that there will be rapid improvements there either, especially after the new support phoneline has already left many users with worsening gripes than before they had called.

Users might need to think about taking legal action against Coinbase to pursue at least a portion of their lost finances and investments. Forming a class-action lawsuit might be the right option, seeing that thousands of accounts have reportedly been hacked this year alone.

To learn more about the legal situation with Coinbase as new information becomes public, be sure to visit the blog of Vernon Litigation Group often. If you need the assistance of a securities attorney for a case, then you can contact the firm online to schedule a free and confidential consultation.

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