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Coinbase is Erratically Overcharging Some Users and Emptying Their Bank Accounts
A growing number of Coinbase customers are complaining that the cryptocurrency exchange withdrew unauthorized money out of their accounts. From a report: In some cases, this drained their linked bank accounts below zero, resulting in overdraft charges. In a typical anecdote posted on Reddit, one user said they purchased Bitcoin, Ether, and Litecoin for a total of $300 on February 9th. A few days later, the transactions repeated five times for a total of $1,500, even though the user had not made any more purchases. That was enough to clear out this user's bank account, they said, resulting in fees. [...] Coinbase representatives have been responding to similar complaints on Reddit for about two weeks, but the volume of complaints seems to have spiked over the last 24 hours. Similar complaints have popped up on forums and Twitter.
It looks like a hack to drive up the price of Crypto. A new age pump and dump. Instead of banding with a group of friends, hack coinbase accounts to buy the coin you are trying to pump. Even if Coinbase detects it and returns the funds after a few days you have succeeded in pumping up the coin. Litecoin went up 30% yesterday while rest of the market was up 10%
**Life is too short to be serious**
Too funny.
At least you can plant a tulip and watch it grow into something beautiful.
Irrelevant to this story, I recently had Amazon try to wipe me out with a ~$3000 price on an item that had been subscribed for > 1 year... guessing someone flubbed a price change or something. Dunno what's up with this :L
There is no XUL, only WebExtensions...
... I set up a separate low-balance checking account just for less secure transactions. It can only get hit so hard, acting as a buffer to my household finances. I can transfer money in/out at my financial institution, but my household funds never get exposed to the world.
This sig has been enciphered with a one-time pad. It could say almost anything.
Buyer beware. I would never associate my primary bank account as a means to buy crypto currency. Create a separate account and only put in what you plan to spend. Don't purchase risky currency from the same account from which your rent check is withdrawn.
I am shocked, shocked that linking my bank account to some random website that deals in imaginary currency could have ill effects.
{Your pyramid scheme winnings, sir}
Thank you.
I see your problem right here. Don't link accounts. Make payments manually (either write a check or kick off a one-time electronic payment as required). Even if a screw up is due only to some institution's screw up (not intentional and/or malicious) you have little recourse to repair damages due to mandatory arbitration clauses.
Have gnu, will travel.
Since I never jumped on the crypto currency bandwagon, it is kind of fun to watch the entire crypto currency ecosystem implode.
First law of people: People are generally stupid.
I'd like to issue an apology for this mishap. Some accounts were incorrectly charged because browsers were using a cached version of the site. To fix this problem, flush your cache, then load the site and your bank account will be properly drained of it's funds. ;)
Anons need not reply. Questions end with a question mark.
Oh yeah, one of the basic functions of a blockchain :-/
What the fuck are they doing over there at CoinBase?
I tried to buy $500 worth of BCH when it first hit Gdax/Coinbase and my card was declined because my visa provider thought it was suspicious. Coinbase is technically British and a lot of fraud reports were coming from them etc so it was automatically flagged. Unfortunately my idiot card provider didn't notify me in any way that they locked my entire credit card. I tried to use it for a very important purchase later and it got declined, which naturally makes me look like an irresponsible idiot to that vendor. They didn't call me or send anything in the mail about how they, quote, "thought my card was stolen and being used for illegal purchases." You'd think that'd be worth a phone call or email perhaps. NOPE.
You just need to follow through. Head for the seediest part of the town you live in, wrap a $100 bill around the stems and give the bundle to the woman with the shortest skirt you can find.
It's just asking for trouble. Even if you get your money and the fees back, your time is gone forever.
LK
"Hi. This is my friend, Jack Shit, and you don't know him." - Lord Kano
It's almost like a magical gathering of users?
#DeleteFacebook
God I hope we hit peak cryptocurrency soon and I can stop seeing these goddamned fucking stories about how broken it is.
You wanted to play in an unregulated financial industry ... Well, you got it. Now shut the fuck up about it.
You're not dealing with banks, or real financial institutions, you're dealing with wannabe internet millionaires with no experience in the financial industry. If you get ripped off, this is precisely what you wanted when you said how awesome it was that it was free from government interference.
Awww, you mean you didn't know it was an unregulated financial market? Do your goddamned homework.
Do you people not understand that none of the protections you get from the actual banking industry apply here? You're in the wild west of crooks, thieves, idiots, and assholes.
I'm afraid my sympathy for people finding this out the hard way is pretty much exhausted. Now I just find it fucking hilarious.
That's what you get when you buy something subject to wild price swings. :)
Oops, sorry, but in the 6ms it took to process your initial request the price of the currency doubled so we just need to sort that out. 6ms later, agh, drats, the price changed again. Just one more correction, that should do the trick, honest. 6ms later, dammit...
I figured with all of the Bitcoin exchanges that have been hacked or "hacked" (excuse for fraud), I made a separate bank account just for Coinbase transactions. There is only $10 in that account, so they aren't going to get much if they try to withdraw from it.
Coinbase isn't supposed to be "retail".
"I don't know, therefore Aliens" Wafflebox1
You can file a claim with your bank if an incorrect ACH charge occurs. The law says you will get your money back if it was not legit.
The one thing I can say to make myself feel better about not getting into Bitcoin at the start, is that I would probably have used that particular site to store them. And I would be right where I am now, holding nothing.
If you think I voted for Trump because of this post, you're wrong. I voted for Dr. Jill Stein of the Green Party. Again.
What probably happened: too many people tried to cash out their crypto coins for real money, but Coinbase didn't have enough to cover it... so they pulled this stunt to quickly acquire enough real $$ to pay the people trying to convert.
Comment removed based on user account deletion
Anyone that has your bank account and routing number can immediately drain your account with no warning until you go to use the ATM or look at your bank statement. There is no security build in to the system at all.
Any time you give away these pieces of information to anyone, you just have to take it on faith that they won't drain your account.
This includes any time you write a personal check. The numbers are printed on the check. If you don't implicitly trust the person or the security methods of their organization, get a cashiers check.
Make a separate account if you want to do this. For instance, if you want to use PayPal, you need a bank account tied to it. The bank account I use for PayPal has exactly 1 dollar in it, until I want to send money to someone.
I'm a good cook. I'm a fantastic eater. - Steven Brust
If you have any money in that account other than the money you want them to take... you are an idiot.
I'm a good cook. I'm a fantastic eater. - Steven Brust
Stuff like this is why I just laugh every time some crypto-coin-kiddie starts prattling on about how 'banks are dead' and 'crypto(currency) is teh futurez.
It's a crap pyramid scheme and we all know it.
An enigma, wrapped in a riddle, shrouded in bacon and cheese
Distributed ledgers are some freakin cool technology, and a worldwide Internet currency feels straight out of the future.
Rose coloured glasses? I don't know... but slashdot users are not the same I remember from 15 years ago.
Top comments: cryptocurrencies are garbage and should burn. Like wtf?
A government is a body of people notably ungoverned - AC
Dont worry i'm sure lots and lots of regulations are on the way.
If only there was a type of money that could be sent over the Internet but you could control it like cash... We could call it ECash. Then no one could double charge you.
If it was really so obvious, nobody would have gotten fleeced.
LK
"Hi. This is my friend, Jack Shit, and you don't know him." - Lord Kano