Friday, February 16, 2018

Coinbase Empties Crypto-Enthusiasts Bank Accounts - News Article Sample
Friday, 16 February 2018

In a bizarre development on the blockchain front, American cryptocurrency exchange operator Coinbase, saw a flurry of customers complaining about unauthorised charges on their debit and credit cards, draining their linked accounts of all funds. Punters betting on Bitcoin and other cryptocurrencies via the Coinbase platform were up in arms on reddit and other online media ranting about this breach of personal security. 

Although customers have been reporting unauthorised charges on their cards and linked accounts since January 31st, the situation took a turn for the worse on February 15th. The dire scenario is evident from this reddit thread where one user comments, “I was double charged for thousand dollars and I was over drafted from my checking account and I have rent to pay today with negative dollars. Coinbase royally f*** me. And no answer on support for 2+ hours.” This seems to be a common theme of grievance for a lot of Coinbase users today.

Coinbase denied reports of a possible hacking attempt or any fraudulent motives on their part. A rep for the company said, “We have determined that the erroneous credit and debit charges are the result of Visa reversing and recharging transactions. This was not done by Coinbase. We are working with Visa to ensure all affected customers are reimbursed.” They also promised to refund all the money siphoned off from various accounts on their official blog stating, “Coinbase will ensure that each affected customer will be refunded in full for any erroneous charge.”

Visa on the other hand denied the charges(pun intended) levelled against it in this fiasco. In a statement to the Financial Times, a Visa spokesperson said the company “has not made any systems changes that would result in the duplicate transactions cardholders are reporting.” Clarifying their stance further, he added, “We are also not aware of any other merchants who are experiencing this issue.” The company did however promise to cooperate with intermediary banks to help resolve the matter.

Even as Bitcoin prices recovered from the February 5th low of $6914, clearing the 5 digits hurdle reaching $10293 today, Coinbase was making a series of temporary changes to deal with the issue. Paypal withdrawals have been put on hold, while addition of new credit cards to Coinbase accounts for U.S. customers has been disabled - effectively barring their clients from trading without glitches on this crucial day. 

Interestingly, this isn’t the first time they are dealing with this issue, they had a similar snag with customers being double charged in May 2016.

At post time, Coinbase is actively dealing with customers and responding to complains on reddittwitter and their official blog, offering their full cooperation in resolving the problem for all affected users.

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