Coinbase Debit Card Has An Alarming Flaw: Lost Security Deposits

Coinbase Debit Card With Message About Security Deposits Disappearing
Coinbase Debit Card With Message About Security Deposits Disappearing

The Coinbase debit card has an alarming flaw according to a growing number of cryptocurrency holder reviews. Fact-based claims  from multiple customers have surfaced  showing their money disappears whenever held as a security deposit.   After a temporary hold of the funds gets released, it should be returned to the account, but with Coinbase the funds simply disappear.

What’s more alarming is crypto-exchange company’s actions in response to these posts. 

Users are sharing the facts of long outdated customer service case numbers and full details of transaction dates, along with screenshots of transactions.

Coinbase support is not helping. The reddit team seems to only delete these public comments after a mounting number of people posted similar stories.

Funds in Security Holds Go Missing After Released

Redditor user WonderfulNet5587 claimed to have been waiting for their money for nearly half-a-year, for what may be over $1,000 to be returned to their account.  And to date, the cryptocurrency from the hold has not been returned.  

“The support team is useless. Best thing to do is stay away from Coinbase altogether. Sucks, but I learned my lesson,” said the user on the lost Coinbase card funds.

WonderfulNet5587’s review was only a reply to the original issue.

The initial post was by a user named My_NFT_Photos.   This user made 3 posts on reddit in October about the disappearance of his USDT after his security deposit’s hold was removed.   The funds were never taken from Coinbase as it was a hold, but the funds were not given back ether.

The Coinbase debit card holder’s post reads:

– I rented a vehicle with the Coinbase card linked to USDT. A security deposit hold of $XXX was placed on October 8th.

– The hold was released around the 14th.

– My funds never re-appeared in my account, so I came here on October 19th for help.

– Today, November 4th I’m still missing that $XXX amount that was ~4x the amount I actually spent on the rental itself

— As of today, November 15th, these missing funds from My_NFT_Photos’ Coinbase accounts will have nearly 30 days in this ‘black hole’ of Coinbase.

Coinbase Deleting These Debit Card Reviews

What makes it most mysterious is the crypto-exchange’s response on their official subreddit channel or lack of.  Instead of replying to the user as normal, Coinbase deleted it [ see photo ].  The content reads ‘removed to the public but the user re-posted  on r/CryptoCoinOpps along with screenshots of the original post, now only visible to them.

There are other cases as well being logged around the web.  The Twitter hashtag #CoinbaseSupport is littered with posts of various users missing money, locked out their accounts, and other issues.

With light research, one can conclude this news report may be the first of an oncoming avalanche of reports on “Coinbase card’s black hole” for user funds. 

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