Coinwaste (or Coinbase?)

Coinwaste (or Coinbase?)
Photo by PiggyBank / Unsplash

I've been a fairly loyal Coinbase user since roughly 2017. I've read the horror stories on Reddit about locked funds and believed like others that those folks must be doing something wrong.

Here I am, abandoning Coinbase with haste.

They decided to de-activate my Coinbase Card without any notification via email, text, or in-app. When attempting to access my card section of my app, it said my card was deactivated and to contact support.

When I contacted support, they told me it was locked and needed to be escalated. They were not able to provide me any kind of timeline - indicating just to wait to hear back.

Since July was a day away and a large swath of payments would be hitting my Coinbase Card and they had deactivated and given me no way to get help other than to wait - I moved all my charges over to another card and locked my Coinbase Card (so if they reactivated it payments would still fail.)

The paltry rewards now offerred by Coinbase Card made this not sting as badly, but it still took a long time to move everyhthing over in such short order.

The card didn't get reactivcated until after the July 4th holiday, which was too late to be useful. I can either update my services to use Coinbase Card again and risk them randomly shutting me off or locking my funds, or I can not do that.

So I moved all of my funds, including staked assets, out of Coinbase and intend to avoid them until they start doing better.

The email that they sent to tell me what happenned? It included details from someobody elses accounts. I did not make an ETH purchase using payment method ending in 9108 because that is not a payment method on my account.

I also don't have an MTL Wallet with any balance at any point to remove $0.01 from as listed.

I was also never negative in my balance - so all incorrect details which don't apply.

None of the listed transactions are from my account.

So aside from my name and email, none of the details applied to me. This is getting scary since my card was locked for 6 days.

Ignore the other email...right? No, I don't think I will.

Oh - right! Disregard. All is resolved. Nothing to see here? My confidence is not high enough to continue housing funds with Coinbase as the custodian. Your results may vary.

Abandon (At least until they get their act together.)

Update 10/10/2023 - I have moved my Ethereum back to Coinbase as I don't trust Lido enough and I want to to continue staking. I have not move my remaining finances (Coinbase Debit Card and other crypto assets) back to their systems yet though.

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