Users report stolen funds from Coinbase exchange
Users report stolen funds from Coinbase exchange Users report stolen funds from Coinbase exchange

An article appeared on the CNBC website that describes the problems of users of the Coinbase exchange. It shows that thousands of people have lost their money and the low level of customer service makes it difficult to explain the matter.

This type of article is unsurprising, as for quite some time it has been the rival exchange Binance that has continually come under the microscope of regulators. Coinbase, on the other hand, is seen as a more expensive (due to higher commissions) but safer alternative.

Customer complaints against Coinbase exchange

While it’s up to users of cryptocurrency exchanges to make all the necessary efforts to secure their funds, complaints about Coinbase have repeated the issue of poor contact (or a complete lack thereof) with customer service.

Interestingly, one of the victims admitted that he managed to contact the exchange. However, upon his request for the exchange to return the stolen funds, he received information that the company’s insurance policy does not cover such situations as theft from customer accounts.

Is the Coinbase exchange safe?

Some, on the other hand, are still waiting for any response from the support for many months. While it is not surprising that thieves are trying to take over the cryptocurrencies of exchange users, what is puzzling is the lack of an efficient response from Coinbase. The exchange and other services offered by Coinbase are chosen not only by individual customers, but also by major companies.

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Earlier this month, we described that Deutsche Telekom would benefit from Coinbase Custody. This is how the telecommunications giant decided to secure its Celo (CELO) cryptocurrencies.

How to secure your account on a cryptocurrency exchange?

At this point, it is worth reminding that Binance warns against increased activities of fraudsters who impersonate employees of the exchange and call random people. It is worth reminding your relatives and friends to be careful with such incoming calls.

For years it has also been a good rule to keep on cryptocurrency exchanges only as much money as is needed to complete a transaction. Instead, a common mistake is to treat exchanges like wallets for cryptocurrencies. Additionally, you should set a strong password and use two-step verification (in the form of a hardware token or application).