Slashdot Mirror
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 Don't purchase risky currency from the same account from which your rent check is withdrawn.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 haven't used coinbase lately, but I believe you essentially have to link your bank account now.
All major credit cards recently blocked them, and if you want the lower fees and faster processing you need to link a bank account. Otherwise the fees are high and the wait is long. For people itching to get in while it's low (actually, it's already past $10,000 again) or trade frequently and make money off of day-to-day swings, time is of the essence.
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?
It's almost like a magical gathering of users?
#DeleteFacebook
Buys Crypto Currency
Looks like an irresponsible idiot
I think the two go together. Your vendor got exactly the right impression.
But hey its the irresponsible idiots who change the world. I too have Crypto holdings :)
**Life is too short to be serious**
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.
Comment removed based on user account deletion
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