“Coinbase, by going public and subject to stricter regulatory scrutiny, is getting more into the light where there is, or will be, greater visibility and comfort,” she said. .
One of the most annoying aspects of Coinbase, some users say, is that a real person doesn’t seem to be reading their complaints.
“There’s no one on the other side,” said Cheryl Hung, a marketing consultant in Los Angeles.
Ms. Hung said she and her fiancé, Paul Hwang, started investing in cryptocurrencies in 2019 and chose Coinbase because it is a “large, reputable company” in terms of security. But in January, someone stole $ 26,000 in cryptocurrency from their account. They say they don’t know how it happened.
“We have just lost all the money we can use to buy a house or improve our lives,” said Hwang.
The couple asked Coinbase for help, but they said they received a response via pro forma email. Trying to receive Coinbase phone line and get an automatic response. After The Times asked about their case, Ms. Hung said they received another email from the company with more information about their account.
Coinbase says customer support agents actually answer questions.
For most Coinbase users, the legal recourse is also limited. Under the company’s terms of service, users agree to settle disputes through private arbitration or small claims court, instead of pursuing a class action.
That did not prevent Mr. Pierre from suing. Mr. Pierre, who worked for Coinbase from 2017 to 2018, said he initially found the decentralized format of digital currencies “interesting”. But after losing his Coinbase savings, he says he has seen value in traditional, bank-regulated institutions fall back “in times like these.”
“I’m not excited anymore now,” he said.