Coinbase, a cryptocurrency exchange has been under pressure from their customers over lack of customer service following the numerous hacked into their funds.
Over time the federal trade commission and consumer financial protection bureau recorded over 11,000 complaints since 2011 from customers due to lack of customer service from Coinbase.
During an interview session with some of Coinbase users, Many complained of their cryptocurrency being drained by hackers and accusing Coinbase of being negligent towards them. A Coinbase user Mr. Tanja vidovic reported to have lost over $168,000 worth of Cryptocurrency holding in his Coinbase account back in April after recieving countless password change but effort to reach out to their customers care for immediate help was futile.
Coinbase’s Regulatory Response Team eventually emailed the victim stating that transactions on the blockchain are irreversible adding that Coinbase’s insurance policy does not cover theft from individual accounts, email which didn’t go well with many of their users.
After been sued by an angry customer for losing over $100,000 worth of cryptocurrency, the frustration of the users led to a social media rage anchor by the popular Analyst Kaleo, addressing over 300,000 of his followers on the lack of support system from Coinbase and the nonchalant attitude towards their users.
In April, when Coinbase officially went public, Coinbase CEO Brian Armstrong address the press saying, “People no longer need to be scared of it [crypto] like in the early days.”
