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Investors Overcharged by a Crypto Exchange

Samantha Mitchell

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Bitcoin Exchange Coinbase

An outcry erupted online when one of the leading Cryptocurrency exchanges was discovered to have been overcharging its customers. This came after a section of Bitcoin traders who use Coinbase noted that their accounts were in negative amounts.

Coinbase Draining Users’ Accounts

A section of Cryptocurrency users decided to air their grievances on the Reddit platform after experiencing certain problems with their accounts. They claimed that they had used about 212 Euros on the virtual currencies before they noticed that their transaction had been repeated five times. This later saw their bank account run out of funds they had, forcing them to seek intervention.

Writing on the Reddit platform, these users made alarming remarks on how Coinbase took all the money from their accounts after they had initiated a transaction from their debit cards. They said they had made the transaction worth $300 on three leading virtual currencies; Ethereum, Bitcoin, and Litecoin on the 9th of February.

Across the three transactions, they were charged $300 before the transactions would be repeated some days later. They said that nothing had happened for almost a week and all they can boast of is a canned response to their tickets. The fat bank accounts they earlier had gone down to a negative balance, not forgetting the additional overdraft fee and $5 charges.

One user cried out how his rent check bounced later on leaving him at the merciless hands of his ‘not-so-good’ landlord. On the other hand, one user cried out how he had been knocked with a total of fifty duplicate charges, which summed up to about 47,505 Euros.

Similar Reports in the Past

One Coinbase user said that he had already talked with his legal counsel and will ensure that all that money lost in Coinbase is recovered. Following this public outcry, an official from Coinbase came out to offer an explanation of what might have happened.

According to him, the issue might have happened due to the change that was done in the classification for all transactions that were involving Coinbase trading. They stated that similar complaints on double charges on Coinbase customer statements had been seen in the past. He said that these emerged after they made a change to the classification of their credit cards.

They added that although they are not certain if that change had a connection to the current problem, they have launched an investigation to ensure that the problem is fixed. At the moment, the problem appeared to be affecting just a tiny portion of banks and only occurs when the clients use their credit cards.

According to the consumers who experienced this issue, one charge always shows up as a purchase while the other one occurs as a withdrawal.

All Affected Customers to Get a Refund

Later on, Coinbase took it to the Internet space to assure the affected customers that they would get a refund. Through a blog post, the company said that as the investigation continues, all the affected clients would be fully refunded for the additional charge.

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