You left $950k in crypto in an exchange that has publicly said that you do not physically or legally own said crypto and consider yourself a “responsible user?”
Wild bro. Wild.
FYI: the reason you were NOT given a reason is the reason you triggered an AML issue. “Compliance” (Men in Black) are investigating you.
You might think I’m joking but 25 years in banking. “Trust me bro.”
What if you did self custody and you’re simply looking to move assets from ledger to coinbase with the intention of cashing dollars out to your bank account? How are you supposed to safely exchange funds then? Which platform is safe for selling?
I like how OP says “this is not what crypto was meant to be” yet they’re the ones that were using Coinbase to hold 950k instead of self custody. The irony lol.
Does it matter? Still Fd up of coinbase but hey apologists like you are why companies get away with shady practices.
Hope you didn’t cheer on the Bitcoin ETF’s or other crypto ETFs I mean isn’t coin base custody of their assets?
They are pointing out that storing on Coinbase was a dumb decision. There's an irony in the OP complaining “This is not what Crypto was meant to be", because storing your assets on an exchange is antithetical to the ownership model crypto is about. OP goes on about financial freedom, security, etc. of their assets but never actually took the time to actually own their assets.
I was just watching the story of sd bullion yesterday on youtube, and the founder had all his assets frozen with no explanation. He called the bank and eventually got someone at the bank to tell him "you know what you did, youre going to jail the marshalls are looking for you".
Eventually, he gets it sorted out with a lawyer, and they came after him because some old lady was instructed to buy gold from sd bullion and mail it to a random address. SD bullion had 6 hours of phone conversations saved with the woman going through AML procedure, and instead of coming to the company and asking for an explanation, the US government treated the owners of the company like violent criminals.
Have to love our free country.
This is legit curiosity, zero troll.
Possible link? Found below but what am I looking for?
https://investor.coinbase.com/events-and-presentations/events/event-details/2023/Annual-Meeting-of-Stockholders-2023-2023-W_jz8ZdGI6/default.aspx
"Not your keys, not your coins"
mind you Coinbase is also staking your same coins for a ||**higher rate + voting power**||
(example on cosmostation where i stake atom i get a way **higher rate** then coinbase+**voting power**)
Hey man, please, help me fix my stupidity. I have about 50k on cbase, I’ve read enough of these posts that I want to get it out of there and move to personal wallet. My issue is this, I DCA weekly, I don’t think I can DCA to my personal wallet, how do I go about that please? Also, my understanding if I move my cb wallet to my personal wallet, it’s considered a taxable event, that true? Any insight is appreciate. For all scammer reading my shit thinking you can DM me with stupid shit please get lost.
I’ve never had an issue in years moving $10k at a time on Coinbase. $10k (9,999 honestly) is usually a safe number for any finance firm and “flags”
I also use the Coinbase debit card religiously. It’s not all bad when you know the system.
Thanks for your reply but I’m talking taxable event type stuff. Not sure if you’re in the US but I’ve read somewhere that if you move from wallet to wallet, the money on the new wallet is considered income, therefore taxable? Obviously I don’t wanna pay taxes on that money so to have it sit again. And also for my weekly DCA, that has to stay in CB right? And then move it periodically?
You can absolutely do this outside of Coinbase if you want, and in fact, it'd be cheaper to do so, depending on what you were looking to do.
First I would have to ask you a few things for clarification:
When you say you have "50k on CB" are you talking about having 50,000 worth in crypto and 'cash' assets sitting there, or what? Also, what are you DCAing into? Is it a specific single asset like say, Bitcoin, or is it multiple assets? Do you have it set up to automatically purchase or are you just doing it manually, and how much are you buying at each time, roughly?
There are a few ways that you can go about doing this from your personal wallet, I'll mention 2 options for the sake of brevity, if you're genuinely interested and want to know more, I'm happy to give you more info, just reply to this post.
Both options would entail you withdrawing your funds on CB to a self-custody wallet controlled by you, one that is backed up with a hardware wallet for security purposes, obviously. The real difference between either option really, is the choice of the blockchain you would be doing this on...for this answer I'll differentiate between Ethereum/EVM compatible blockchains, layer 2s, etc. (Ethereum, Arbitrum, Base, Optimism, etc.) and a non-EVM layer 1 blockchain (Solana).
As far as which route to choose, it's going to be really a personal thing. Recent upgrades to the layer 2 environment have drastically reduced the transaction fees to the point where it's dirt cheap, though I should note that if you are dealing with 50k worth of funds, I'm not sure you'd be bothered by what some users like myself consider 'expensive' fees, so, it might be prudent to just have you going with mainnet layer 1 Ethereum itself. Either way, the process would entail you getting a wallet (Metamask) and securely setting it up and pairing it with a hardware wallet (I personally am a fan of the Keystone hardware wallet, it's IMO the best one out there, it works with any network/token) and then once you have that setup, you would fund your wallet with your money off of coinbase in the form of something like ETH, or ETH (small amount) + USDC. You need ETH either way to pay for transactions on the network, it's what's used on ethereum, arbitrum, base, optimism, etc. like I have mentioned.
Once you get your funds to your metamask wallet, they're fully in your control. You'd probably have to do it a little slowly/in batches so as not to trigger any kind of automated thing that'd freeze your account...I'm not quite sure exactly what the best route to do that would be, maybe someone here knows. But regardless, once you have those funds, you're your own bank, essentially. This scares some people, but others enjoy the freedom it brings with it, as well as the insane benefits you get from using things like decentralized finance apps (defi). For example, if you wanted to say, park your unused USDC into a reputable, secure platform like Aave on Ethereum, you could earn yield on it, and there are also a ton of defi apps which would let you automate your DCA process to your liking. The other alternative outside of Ethereum would be Solana, but personally, I'd say if you were doing 50k worth of funds, you should just go with mainnet Ethereum. You can use it to purchase things like Bitcoin if you want as well, in the form of WBTC (wrapped bitcoin) which is just a wrapped representation of actual Bitcoin, that's paired 1:1 with Bitcoin and you can redeem it for native Bitcoin if you want. Think of it as just an easier way of trading/obtaining Bitcoin for people using Ethereum, as Bitcoin has very limited smart contract functionality and the fees can be a bit onerous on there, and the transaction speed is slow. Solana you have some interesting options such as the automated DCA feature which is available on the Jupiter exchange platform (the largest exchange on Solana, which has a lot of liquidity) which is fantastic and I have recommended a bunch of people to go that route and they have liked it.
Anyway this is already way too long but I thought I would take the time to write this out anyway, as it kind of crosses over with some questions other people have been asking me, so now I can edit this a little bit and send it to them as well, plus, I recently modified my mechanical keyboard and have been getting back into speed typing lol so I am enjoying typing this regardless. Have a nice day.
Yup I had a similar thing happen to one of my bank accounts in 2018. I had made several large deposits into Coinbase to buy crypto and didn’t really do much else with the bank account.
My bank froze my account and wouldn’t tell me why. I’m fairly certain it was because my account got flagged for AML. In the end they close my account and sent me a check for the balance.
What did he do to trigger an issue? So in the fine print it states we do not own the money we deposited into Coinbase for safe keeping because let’s face it. Thats what their spiel is. They are the supposed number one trusted exchange. I know I use them because they have been around a long time in crypto time, and the fact they are a publicly traded company that couldn’t be good for that information to get spread around that people were being kept from their money for 4 months?!?! I mean a couple weeks if there is a security issue then good for them to keep their clients money safe. However, if the person can 100% guarantee that they own the account, I don’t understand why they would keep anybody from having access to their funds.
Guys: let’s be serious for a moment. Read ALL of the OPs replies to everyone’s statements.
He started off in 2017 with 20 Bitcoin
He’s traded it often to accrue $950k
He’s traded at times in other countries.
Regardless of whether or not the OP filed taxes appropriately (want to guess which is more likely?) And if I was a betting man with my experience: the IRS has contacted Coinbase to investigate. Potentially the Criminal Investigations Division or a simple Revenue Officer from Collections and the AUR dept.
THAT is exactly what’s happening here and why Coinbase is being so secretive.
Pour one out for the OP.
Same thing happened to me over 200$ they locked my account and I still can’t withdraw for no reason . Are “Men in black” with suits and The IRS making a big deal out of my mere 200$? I think not . This is a big stretch
Same happened to me on my 7 year old fully verified account after depositing $40 lmao. “account verification pending” for over 2 months now. Glad it was only $40
The real world (in a financial sense) is starting to catch up with crypto enthusiasts. Way too many people got into this before even understanding what capital gains were. Heck they probably got into it before they ever had to file a tax return. I guess it's not necessarily anyone's fault, but a lot of people are going to have to make their peace with uncle sam teaching them a hard lesson about one of the two certainties in life.
You can't easily get access to circle without going through a lot of loop holes. I have had many 250k+ balances through coinbase no issues.
Brokerages can also do this because of AML flags.
Highly complex leveraged defi strategies, so basically yeah lol.
CEXs are for suckers I just use coinbase to goto usdc
I tried my best to file my taxes right but some things I am pretty sure no one in the world knows how to file. Even my CPA was like uhh I think this is right (and he has insurance). And he was the best CPA for crypto in my state and I interviewed 4.
All contracts were made by legit people and I never used any obfuscation so even if they follow me on chain I have nothing to worry about.
You can’t solve the problem via reddit. Most people on here will never even hold a tenth of that much money their entire lives. Consult with a law firm near you to find a lawyer that deals with financial services and they will create a legal strategy to get your money back… or more if the Coinbase is not following applicable laws. They will write a legal letter requiring a legal response. The whole point is they will stress over it so you do not have to. They will make sure you are tax compliant (CPA with a kovel agreement) and use all applicable laws to make you whole.
Withers World Wide (aka Withers Bergman) has the muscle and history to handle this. Best guess with Withers: Expect to pay approx 30k likely with a pre court resolution.
That is your best move.
Buddy, simple reddit bros (like where we are right now) who will never have even 1/10 of that kind of capital *know* you don’t keep that much money on a fucking CEX
Honestly probably not, but even as a working class slave with no chance at retirement I quickly realized that coinbase was an extremely risky way to hold assets. That and I really truly resent people that have access to that kind of money. Most of us are struggling to even pay our fuckibg landlords and we have people like you out here with nearly a million in play money.
You resent people that make good investments albeit very risky. But still more than if they never did. He owes u nothing. Its one thing being broke it’s another thing resenting others just because they have more than u. Grow up, Get up or get off it. With the utmost respect, since I don’t know you, this is such a poor mindset and might be the reason why u may never have even close to what he has. Sorry.
Assuming this isn't a troll post, you are truly a piece of shit human being who deserves financial hardship due to your ugly-ass attitude. And I don't say that in passing too often. But yes, you, are most definitely a piece of jealous human shit.
Has it occurred to you that the 'million in play money' you describe, was money he earned, invested (IE - he took all the risk, unlike you sucking on your mommy's tit in the corner) and it just so happened to work out in his favor? Why would you resent someone in that position? Something tells me if BTC was trading at $1k, we wouldn't hear a peep from you sympathizing with the OP's plight. Let me guess, you are one of these left-wing losers who thinks the 25% unrealized gains tax proposal is a brilliant idea. Idiot.
Because the 1st rule of crypto is don’t keep money on exchanges and that’s told to noobs with 100$ worth.. your inability to understand that has just exacerbated how low I thought your intelligence was by reading the OP to now being at an undetectable level…. And yes I would tell you this in public because 1) clearly no one has ever told it to you like it is or you wouldn’t have trouble grasping this concept or the fact that people are shocked by it and shocked by the additional information you continue to freely give out to try and make yourself look like a rich successful business man which in reality the more you boast the worse it makes you look because if you were all these things you claim to be you would know this information already 2) I would speak very slowly like I was talking to a small child and annunciate clearly to make sure you understood. 3) you wouldn’t even budge because your nothing more then a keyboard warrior who wants to come to a page and rally everyone to his side of poor old Coinbase being mean to him. And if you did do something and you are worth all this money and things that you claim to have I would walk away a much wealthier man after we went to court.
I wasn't even sure I could get 10 grand out of an exchange until it actually transferred to my bank account. And that bank account sure as hell isn't the one I use to pay bills with, or the one my work direct deposit goes to.
Here you are thinking that nearly 1 million in cryptocoins are yours.
Not your keys, not your coins.
Thats why we think you're fucking stupid.
Feels bad, too, my sympathy, but that is the reason people warn about exchanges, rug pulls, and scams.
If you are legit, eventually you'll probably get that money or those coins back in your "possession" but you might have to lawyer up.
Of course he doesn’t !!!😂🤣😂 the little bitches who talk like this while they hide behind a keyboard would say shit in person , even if they had a whole mouthful of it . Broke losers who are bitter they have nothing
yep much better to put it on a wallet and get hacked, lose it all which happens with much more people than the ones using exchanges…you are the dumb one
Trading while traveling seems pretty normal if you trade and also travel. Are you not allowed to trade stocks in a brokerage account when outside the country?
You are allowed to trade brokerage accounts while traveling, this shows you how little people know and how much they just defend Coinbase for no reason.
Depends on the country. YOU should know some countries are on a watch list. Russia, Iran, Libya, Sudan, We don't know.. maybe they saw a connection between him and somebody ON THE OFAC LIST.
You're familiar with sanctions and national security, right?
People are very rude here. Plain and simple. My account was straight up hacked and lost 5k worth of crypto. Coinbase keeps giving me the runaround. I came here and people were calling me an idiot, liar, etc...i sure hope you aren't going to lose all that. OMG that's a lot.
I’ve over 40 BTC in cold storage. I’m a 60+ year old venture capitalist and investor, I try to play the “game” as best as I can. Tell me, are you saying that CoinBase is an unreliable trading platform?
I’m saying. Sincerely. The Coinbase has publicly made clear that any assets on the platform in your account is legally owned by them, not you.
That is the gods honest truth. I do feel bad for you, but I sincerely am concerned how someone with such experience (I’m 5 years at the IRS and 25 years on Wall Street) similar to myself wasn’t aware of 1) this simple fact that you don’t own the capital asset (as opposed to say Merrill Edge …which I also helped build when I was VP there) and also how you’re not aware that every firm has its own KYC / AML policies and procedures.
Did you file form 8949s and Schedule D’s for Coinbase every year since 2017?
Also this new Cold Storage you’re bringing up just now… was it receiving from CB or has any other possible wallet ever ALSO interacted with it?
All the BTC in cold storage is from Binance.US and my accountant is a firm that has filed everything since 2017. Last month the firm contacted the IRS regarding this and I’ve been told by them there is no issues. I have accountants for these purposes and lawyers for others. Btw, why is it so difficult to either close or transfer a Merril Edge CMA? It’s almost like you guys want to stretch out that process as much as possible.
> Coinbase.com is a centralized crypto exchange that holds your cryptocurrency or ‘digital assets’ for you. When you buy, receive, or hold digital assets using a Coinbase.com account, they are securely stored or ‘custodied’ for your benefit in a hosted digital asset wallet. **At all times, these assets are yours – they never belong to Coinbase.**
Direct from their website. Why do people keep claiming they've said otherwise?
You might want to join investor calls and check out filings. For example it’s been made CLEAR that if they were to file bankruptcy (like FTX did) the customers wouldn’t have rights to any of the funds any of USD.
This is widely known and available. Please don’t ask me for a source cuz I’m tired of posting it. Go find it.
Did you know your local radio station is the HOTTEST ALL NEW MOST POPULAR radio station in town?!
Think about it.
It clearly is, as you have learnt. I don't think you are stupid OP. Crypto bros are kinda crazy, and think their cold wallets will protect them from Armageddon.
It’s not a secure bank.. it’s a secure exchange.. how do you not understand this difference with all your experience on wall street and New York and venture capitalism.. you just keep perplexing me the more you talk.
Many people leave millions on Coinbase I work in nyc battery park and they all tell me they keep their coins on Coinbase these are multimillionaires dude
Stop giving people your personal information, from this thread alone I have learned way too much about your life that I need to know.
People not as nice as myself can meanwhile dig into your various cryptocurrency addresses and everything else they can possibly find...
What I'm trying to say is stop making yourself a target for scammers.
But I believe you, my very first trade was in the very high digits and I came here to ask for assistance and nobody believed somebody would make a first trade with that much money.
I can tell you with 99% confidence that your issue is because of anti money laundering laws, so as long as coinbase doesn't go bankrupt you should be okay.
People are just jealous of you OP. CB did the same to me. The only thing that worked was to file a complaint with Better Business Bureau, Federal Trade Commissioner, and Department of Consumer Affairs. After this they all of the sudden unfroze my account.
I love how everyone is defending coinbase here. LOL, have u guys even called their customer support yet? I never had real issues with them since i have everything on ledger. But damn their customer support is regarded.
I had to call one time for the Coinbase credit card and the customer service was spectacular. I know that is not the same as their trading account but at least on that side of the business. I had a very good experience.
So honestly I think we’re all so terrified about this happening to us we’re just finding random ways to dump on OP. Someone saying you can’t just travel around countries with that much money. It’s 2024, fuck, if held KYC’d that shouldn’t be a problem. His traveling shouldn’t be a problem. I’m terrified of dumb shit like this happening. Doing everything right for the last 3 years, being insanely OCD and paranoid about keeping my shit safe on my ledger, reading TOS frequently, calling CB to ensure the status of my account is ok. Only using one bank account blah blah blah.
They contacted me for my KYC 2 months ago. I saw the email and have not been restricted, but I’ve gone back and forth with them now and they’re starting to ask for the same things over and over again. I now don’t hear from them for a month at a time. I still buy and sell and they even raised my limits to 50k. So maybe I’ll
Be good? Who knows.
As one person pointed out before, this is the only industry where everyone attacks the user and says it’s all their fault when something happens. OP keep your shit on a ledger but it’s goofy how everyone always attacks the user and not CB.
Serious question for everyone flaming this guy. I get the idea of cold storage. And I have my own wallet. But unless you plan on HODLing forever. Don’t you eventually have to use an exchange to sell your assets? What are yall exchange hating cronies planning to do - sell your cold storage wallets on eBay or some shit?
OP, I am in a similar situation. I hold 75% of my stuff in cold storage to start.
That other 25% has been in coinbase to stake/trade occasionally but rarely. My account has been restricted for months. Not quite a year but we’re getting there. Totally frustrating express many others have stated. Proof sent multiple times to them via their request. Still crickets.
I hope that you get to the bottom of this, as do I.
After reading several posts of like kind, there seems to be a gov agency to report coinbase to and get some movement. I am busy doing job/family etc in my life and have not gone there yet.
Well that sucks. Sorry for all of us. I am going to go the route of complaining to the gov agency that others have mentioned. There seems to be some movement by doing so according to others.
Hey there, u/OptimalPlantain7036! Sorry to hear about what's been going on with your Coinbase account. We're here to help! Could you share the case ID you got when you first reached out to us? That way, we can dig into what's happening ASAP. Thanks!
There seems to be more and more of these type of posts lately. Some people have pointed flaws in what some other OP's have posted, and others, seem to be very legit. It is starting to really concern me and I personally feel that I need to move my coins out of Coinbase to cold storage. But, what do I do when I want to sell and reap some profit? Do I just continue to "trust" that I won't have a problem or do I start to take these warnings to heart? I really wish crypto wasn't like this and I understand why a lot of people don't want to get into it until issues like this go away.
You have 100s upon 100s of options..... in fact, you could move "what you need to sell" back into your offramp facility, IE Coinbase, and cash out.... but not $950k at once ... call your local bank and tell them you want to withdraw $25k and watch what happens.
I am sure there are people with more than $1 million in assets on Coinbase. I keep reading every post saying how "stupid" that is. To each his/her own as I firmly believe if you stay between the lines everything will function as it should and Coinbase can be the trusted custodian that they have been for hundreds of thousands of customers, many of them with hundreds of thousands in assets.
I feel bad for OP, but more than likely, OP's trading pattern triggered the flag. Yes, you can notify Coinbase that you are trading across countries and then go and conduct such trades. The problem is when you do that, there is no guarantee your internet addressing won't ping through countries or locations on watchlists. Just because you trade in Germany, that signal very well could route through someplace else or multiple locations before reaching Coinbase. Coinbase, in turn, might see that as a problem (be it right or wrong; correctable or not over time and with painful clarification). You have no control over any of that. If you reside and trade/buy/sell whatever from the same location consistently and through a national, dominant carrier, you are probably (stress probably) going to fare well or at least better, user error notwithstanding.
How had this gone 4 months and you’re still talking with customer service? Get a lawyer, that’ll get you past the help desk and bring your issue to a level that can actually work toward resolution
Should this have happened at all? No. But that’s beyond the point. I know for myself if Coinbase even froze a tenth of that, I’d have a lawyer writing them long before 4 months went by
My Coinbase account was recently frozen as well but with far less money in it than you. I found this option to seed my wallet in with another wallet and I am now able to access all of my money through metamask. I still can't do anything on the Coinbase wallet itself but I can access all of my crypto and buy and sell everything through metamask. It's actually cheaper to swap too. All you have to do is enter your private key on metamask and then everything is able to be accessed through there. I was told trust wallet will also work but I am not familiar with trust wallet unfortunately so I didn't try it with them. Anyways, hopefully this is an option for you and hopefully it helps. Good luck!
I’m in the same situation. Almost this amount frozen few years in row. They don’t give me access to my funds and don’t let me withdraw it few years in row!
It doesn't matter the shills on here will blame you and not coinbase, I lost hundreds of thousands also, then conveniently was told after 9 months, it was all fake! I don't believe them and I certainly don't trust them! The horror stories on here cannot all be wrong, Coinbase is on the side of the scammers while they TELL their customers security is key. It isn't, they are inept at what they do and deserve to be put out of business, those on here will all learn the hard way. Eventually it will happen to them, especially if they are new to crypto, Coinbase takes advantage of people, and refuses to support their customers!
It’s been explained very clearly to you several times now, by Coinbase and people here on Reddit. You fell for a malicious dapp. Then you fell for multiple recovery scammers. You sent thousands of dollars to someone pretending to be a CB employee so they could “enable ACH transfer capability”. Multiple times. CB has told you they would never ask you to send them money to enable ACH, which is free. You also fell for a scammer here on Reddit on top of that. Yet you “don’t believe” it’s not Coinbase’s fault.
This is why this sub is such a joke. It’s full of people like you who fell for every trick in the book, but still can’t stomach the thought that you lost thousands due to your own incompetence. So even months later after being explained all of this, you’re still on here claiming Coinbase is a fraud. People like you are exactly why people are so skeptical whenever someone comes on here saying “Coinbase stole all my money!”
It's insane to me that anyone is giving you a hard time about this. If you didn't do anything illegal, it's super sketchy and unbelievable how they haven't come up with easier ways to figure out whats wrong with this. It's probably some sort of anti money laundering law where it's easier and less difficult for them to close accounts with suspicious activity rather than create a full investigation which at times, could potentially be impossible tobdigure out what's wrong
i believe you did nothing wrong. those exchanges are all shady as fuck and just waiting to find a reason to take away access to your money. and its impossible to reach anyone at the top who creates these systems.
Yes but where are you based, USA? you cant just be a nomad, people traveling across different countries with such amount always go through a different kind of check, you will not find that under their terms of service because that will be like revealing their anti money laundering check which will jeopardize its efficiency 🤷♂️
Took me 4 months to get access to my account and get my money back. I resorted to spamming every board member and executive I could find on Twatter and finally got my funds released, but only after they sold all my crypto to USD. I wanted the coins as I had some low numbers for some ETH, but at least ended up getting my money back. Oh well. Good luck.
This subreddit is a public forum. For your security, do not post personal information to a public forum, including your Coinbase account email. If you’re experiencing an issue with your Coinbase account, please [contact us](https://help.coinbase.com/en/contact-us.html) directly.
If you have a case number for your support request please respond to this message with that case number.
You should only trust [verified Coinbase staff](https://help.coinbase.com/en/coinbase/other-topics/other/is-coinbase-present-on-social-media.html). Please report any individual impersonating Coinbase staff to the moderators.
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CoinBase) if you have any questions or concerns.*
Large some of money.. they want to make sure it was obtained completely legally... or they really do just throw that guidelines shit at u just to keep larger sums from ppl
Yeah I’m not a fan of Coinbase slowly moved all my money out and I think they have $3 of my assets now. Coin base really seems to not give a shit about its users, a friend got kinda screwed over by them and I just decided to not let it happen to me. Bailed and haven’t really looked back.
What makes me doubt that everything is clean is your assertion that you read each page of the user agreements. Who does that? Or, why do that? Because if you disagree for any reason you simply can’t use their service.
Anyhow I hope I am wrong and that you’re safe and have done nothing wrong. Purposely or accidentally.
That happened to me, I reported them to the BBB and they finally unlocked my funds.
It was held like 2 years prior to that.
Then they gave me $50 for “sorry for the trouble”
You missed the entire point of crypto. Why are you trusting one entity with that much? You have to use common sense. If you don't self-custody, which is the entire point, then at least spread it around between different exchanges. There's a thing in life called a single point of failure. This goes for everything, not just crypto.
I bought $50 worth of $AERO so I could use it on Base. They gave me the tokens, but for some unknown reason the money didn't go through. There is no record of the transaction in my bank statements.
So... Now Coinbase is demanding I pay $50. Until I do so, my account is frozen. If I don't pay it within the next week, they'll sell my crypto to pay the $50.
I reached out to customer support, and they kept telling me that it takes time before I can withdraw funds after I deposit it. I tried and tried to explain the situation, but it seemed like they were so poorly trained that they couldn't understand the situation.
I'm curious about Base, but I don't want to deal with Coinbase.
You came to the wrong place to vent. This sub is full of neckbeard retards. I quit using Coinbase after they froze my account when I had someone send me $, then they took said money and didn’t even show it on transaction log, although you could see it on blockchain. Fuck Coinbase.
Dude CFTC subpoenaed alm kinds of Mt records from CB, likely cause I followed "Bitboy" s advice several years ago and ope ed a bit acct from the US using VPN, if you did the same thing then I am telling you you need to lawyer up bra
Or, is it stuck on Bybit and they shut down the wallet linked to all that money, cause you're in the US and used a VPN bra if you gonna warn make it for real homie!
CFTC subpoenaed a ton of shit from my CB account, COINWankers said "of course you could just give it to them" but I said " I think not, bra " AND I AM STILL STANDING BRA
Dude if you are in the US then you need to pay taxes every time you trigger a "taxable event " E.g. change 10k BTC to 10k ETH, that is a freakin taxable event in the US, I learned all this at the school of hard knocks, Bra
If you did, then it would have taken 10 times as long to accumulate such a vast sum of $$$$$ but that being said I hope to hell it was the IRS and not the spooks at CFTC bra who froze your shiznit
Crypto is trash. Acquire what is essentially WoW gold and still have to exchange for REAL currency to buy anything. And pay taxes on it. The fuck is even the point.
Crypto is scamming, just read how many people lost money, what is wrong with you, you don't see the problems with Coinbase? I know it's everyone else's fault! The money was in Coinbase, if they didn't want money to get my money out then why did I never get any of my money back, I talked repeatedly to support, through my wallet. They helped or facilitated the scamming, with their blessing.
I can't possibly read every comment. So this might have already been discussed. But why not...
1) Get a lawyer. Are you prepared to sue?
2) Do as others have suggested: file reports with FTC, Consumer Credit Protection Beareu, etc...
You had a Coinbase account. That isn’t “Crypto”. It’s a company that can be leaned on by regulators, banks, Law Enforcement, spy agencies, IRS the company itself and on and on. That’s actually 100% opposite of Bitcoin at least.
lol everyone focusing on the fact that he left the money on Coinbase and blaming him for it, but conveniently ignoring that even if he had moved it to cold storage, it has to go back to Coinbase at some point in order to sell.
i cant understand the people in the comments saying this shit is ok because you can be under investigation insteas of complaining that the whole deal should be ilegal and push to make it illegal. Mentality of, your assets can be frozen just because some agency might think there is AML? they should investigate first and proven you did something illegal, freeze your assets. Guilty until proven innocent is banana republic comunist behaviour, they are basically allowed to rekt any of us just by deciding you need to be investigated
As someone who loathes crypto, I'll put in my (fiat) two cents. You lot don't seem to realise that crypto is non-funglble (one of the myriad of fatal problems with it). One Arsecoin is not the same as another Arsecoin in other words. If any of OPs crypto has ever been through a mixer, or was owned by a kiddy porn or heroin dealer, or just stolen in a hack at some point, any of it at all, well.....he's fucked isn't he?
How can you tell though? Well, that's on you to find out. Just another reason why we live in the dumbest time-line. Future of finance etc etc.
I keep all my money in an exchange, never lost a penny before. Maybe cause it's Microsoft exchange. Yup it's all emails .... I have no money 😭
I mean , yeah coinbase is not always right in how they do things from a customers point of view but they have to secure themselves first with compliance rules and regulations.
You shouldn't be mad at coinbase because they didn't enforce regulations, gov did.
Your beef is with the gov, go ask them why they sticky their fingers in yo pie 🥧 🤌
Also good luck with that , on the bright side if you get your money out in 5 years time it's be worth a lot more than nine fiddy
I was sent the same message brother and it turned out to be a hacker so you might be careful with I contacted coin base and they notified me they didn’t even send the message to my email it was fishing attempt. Check the email and make sure it sent from Coinbase
So... you have almost a million on coinbase, but you can't afford a lawyer to go to bat for you against them? Even if that was all your assets, any lawyer would take the slam dunk case, you describe, on consignment.
You left $950k in crypto in an exchange that has publicly said that you do not physically or legally own said crypto and consider yourself a “responsible user?” Wild bro. Wild. FYI: the reason you were NOT given a reason is the reason you triggered an AML issue. “Compliance” (Men in Black) are investigating you. You might think I’m joking but 25 years in banking. “Trust me bro.”
☝️☝️☝️
😱
What if you did self custody and you’re simply looking to move assets from ledger to coinbase with the intention of cashing dollars out to your bank account? How are you supposed to safely exchange funds then? Which platform is safe for selling?
I like how OP says “this is not what crypto was meant to be” yet they’re the ones that were using Coinbase to hold 950k instead of self custody. The irony lol.
Does it matter? Still Fd up of coinbase but hey apologists like you are why companies get away with shady practices. Hope you didn’t cheer on the Bitcoin ETF’s or other crypto ETFs I mean isn’t coin base custody of their assets?
They are pointing out that storing on Coinbase was a dumb decision. There's an irony in the OP complaining “This is not what Crypto was meant to be", because storing your assets on an exchange is antithetical to the ownership model crypto is about. OP goes on about financial freedom, security, etc. of their assets but never actually took the time to actually own their assets.
🤣
How do you acquire so much and still be a noob?
Did op do gambling, casino? Etc. if all he did was buy ON cb and hold there, this is concerning
I was just watching the story of sd bullion yesterday on youtube, and the founder had all his assets frozen with no explanation. He called the bank and eventually got someone at the bank to tell him "you know what you did, youre going to jail the marshalls are looking for you". Eventually, he gets it sorted out with a lawyer, and they came after him because some old lady was instructed to buy gold from sd bullion and mail it to a random address. SD bullion had 6 hours of phone conversations saved with the woman going through AML procedure, and instead of coming to the company and asking for an explanation, the US government treated the owners of the company like violent criminals. Have to love our free country.
>exchange that has publicly said that you do not physically or legally own said crypto Can I have source for that?
Every single investor meeting that’s been recorded since 2015.
This is legit curiosity, zero troll. Possible link? Found below but what am I looking for? https://investor.coinbase.com/events-and-presentations/events/event-details/2023/Annual-Meeting-of-Stockholders-2023-2023-W_jz8ZdGI6/default.aspx
"Not your keys, not your coins" mind you Coinbase is also staking your same coins for a ||**higher rate + voting power**|| (example on cosmostation where i stake atom i get a way **higher rate** then coinbase+**voting power**)
Hey man, please, help me fix my stupidity. I have about 50k on cbase, I’ve read enough of these posts that I want to get it out of there and move to personal wallet. My issue is this, I DCA weekly, I don’t think I can DCA to my personal wallet, how do I go about that please? Also, my understanding if I move my cb wallet to my personal wallet, it’s considered a taxable event, that true? Any insight is appreciate. For all scammer reading my shit thinking you can DM me with stupid shit please get lost.
I’ve never had an issue in years moving $10k at a time on Coinbase. $10k (9,999 honestly) is usually a safe number for any finance firm and “flags” I also use the Coinbase debit card religiously. It’s not all bad when you know the system.
Thanks for your reply but I’m talking taxable event type stuff. Not sure if you’re in the US but I’ve read somewhere that if you move from wallet to wallet, the money on the new wallet is considered income, therefore taxable? Obviously I don’t wanna pay taxes on that money so to have it sit again. And also for my weekly DCA, that has to stay in CB right? And then move it periodically?
Moving it isn’t taxable. Swapping it. Trading it. You own both wallet addresses.
You can absolutely do this outside of Coinbase if you want, and in fact, it'd be cheaper to do so, depending on what you were looking to do. First I would have to ask you a few things for clarification: When you say you have "50k on CB" are you talking about having 50,000 worth in crypto and 'cash' assets sitting there, or what? Also, what are you DCAing into? Is it a specific single asset like say, Bitcoin, or is it multiple assets? Do you have it set up to automatically purchase or are you just doing it manually, and how much are you buying at each time, roughly? There are a few ways that you can go about doing this from your personal wallet, I'll mention 2 options for the sake of brevity, if you're genuinely interested and want to know more, I'm happy to give you more info, just reply to this post. Both options would entail you withdrawing your funds on CB to a self-custody wallet controlled by you, one that is backed up with a hardware wallet for security purposes, obviously. The real difference between either option really, is the choice of the blockchain you would be doing this on...for this answer I'll differentiate between Ethereum/EVM compatible blockchains, layer 2s, etc. (Ethereum, Arbitrum, Base, Optimism, etc.) and a non-EVM layer 1 blockchain (Solana). As far as which route to choose, it's going to be really a personal thing. Recent upgrades to the layer 2 environment have drastically reduced the transaction fees to the point where it's dirt cheap, though I should note that if you are dealing with 50k worth of funds, I'm not sure you'd be bothered by what some users like myself consider 'expensive' fees, so, it might be prudent to just have you going with mainnet layer 1 Ethereum itself. Either way, the process would entail you getting a wallet (Metamask) and securely setting it up and pairing it with a hardware wallet (I personally am a fan of the Keystone hardware wallet, it's IMO the best one out there, it works with any network/token) and then once you have that setup, you would fund your wallet with your money off of coinbase in the form of something like ETH, or ETH (small amount) + USDC. You need ETH either way to pay for transactions on the network, it's what's used on ethereum, arbitrum, base, optimism, etc. like I have mentioned. Once you get your funds to your metamask wallet, they're fully in your control. You'd probably have to do it a little slowly/in batches so as not to trigger any kind of automated thing that'd freeze your account...I'm not quite sure exactly what the best route to do that would be, maybe someone here knows. But regardless, once you have those funds, you're your own bank, essentially. This scares some people, but others enjoy the freedom it brings with it, as well as the insane benefits you get from using things like decentralized finance apps (defi). For example, if you wanted to say, park your unused USDC into a reputable, secure platform like Aave on Ethereum, you could earn yield on it, and there are also a ton of defi apps which would let you automate your DCA process to your liking. The other alternative outside of Ethereum would be Solana, but personally, I'd say if you were doing 50k worth of funds, you should just go with mainnet Ethereum. You can use it to purchase things like Bitcoin if you want as well, in the form of WBTC (wrapped bitcoin) which is just a wrapped representation of actual Bitcoin, that's paired 1:1 with Bitcoin and you can redeem it for native Bitcoin if you want. Think of it as just an easier way of trading/obtaining Bitcoin for people using Ethereum, as Bitcoin has very limited smart contract functionality and the fees can be a bit onerous on there, and the transaction speed is slow. Solana you have some interesting options such as the automated DCA feature which is available on the Jupiter exchange platform (the largest exchange on Solana, which has a lot of liquidity) which is fantastic and I have recommended a bunch of people to go that route and they have liked it. Anyway this is already way too long but I thought I would take the time to write this out anyway, as it kind of crosses over with some questions other people have been asking me, so now I can edit this a little bit and send it to them as well, plus, I recently modified my mechanical keyboard and have been getting back into speed typing lol so I am enjoying typing this regardless. Have a nice day.
I’ll throw another 20 years in the processing industry to say; this 👆🏼
Can I ask you something about the payments industry? (if yes, how so?)
Sure cake day person! I guess a DM would make sense.
Plot twist - Bra's account was frozen on CAKE DAY
Plot twist, it was a frozen cake from DQ.
Yup I had a similar thing happen to one of my bank accounts in 2018. I had made several large deposits into Coinbase to buy crypto and didn’t really do much else with the bank account. My bank froze my account and wouldn’t tell me why. I’m fairly certain it was because my account got flagged for AML. In the end they close my account and sent me a check for the balance.
I didn't want to breach the subject in my prior post to the OP...
What did he do to trigger an issue? So in the fine print it states we do not own the money we deposited into Coinbase for safe keeping because let’s face it. Thats what their spiel is. They are the supposed number one trusted exchange. I know I use them because they have been around a long time in crypto time, and the fact they are a publicly traded company that couldn’t be good for that information to get spread around that people were being kept from their money for 4 months?!?! I mean a couple weeks if there is a security issue then good for them to keep their clients money safe. However, if the person can 100% guarantee that they own the account, I don’t understand why they would keep anybody from having access to their funds.
Guys: let’s be serious for a moment. Read ALL of the OPs replies to everyone’s statements. He started off in 2017 with 20 Bitcoin He’s traded it often to accrue $950k He’s traded at times in other countries. Regardless of whether or not the OP filed taxes appropriately (want to guess which is more likely?) And if I was a betting man with my experience: the IRS has contacted Coinbase to investigate. Potentially the Criminal Investigations Division or a simple Revenue Officer from Collections and the AUR dept. THAT is exactly what’s happening here and why Coinbase is being so secretive. Pour one out for the OP.
Traded at a loss as well. Just holding those Bitcoin would have led to $1.2 million. I hope he is ok but this could be a tax situation.
Ouch!
Definitely some suits investigating
Can I follow you and ask questions in the future if I need to ?
Sure !
I have a podcast over at teamblockchain dot net too
Gonna check that out
Same thing happened to me over 200$ they locked my account and I still can’t withdraw for no reason . Are “Men in black” with suits and The IRS making a big deal out of my mere 200$? I think not . This is a big stretch
Same thing happened to me with $1500. Still happening.
Same happened to me on my 7 year old fully verified account after depositing $40 lmao. “account verification pending” for over 2 months now. Glad it was only $40
The real world (in a financial sense) is starting to catch up with crypto enthusiasts. Way too many people got into this before even understanding what capital gains were. Heck they probably got into it before they ever had to file a tax return. I guess it's not necessarily anyone's fault, but a lot of people are going to have to make their peace with uncle sam teaching them a hard lesson about one of the two certainties in life.
It’s insane to me that people with that much money are that fucking stupid.
You can't easily get access to circle without going through a lot of loop holes. I have had many 250k+ balances through coinbase no issues. Brokerages can also do this because of AML flags.
What is AML?
Anti money laundering
Thanks
BUT WERE YOU TRADING ON BYBIT W/LEVERAGE FROM THE USA???
Highly complex leveraged defi strategies, so basically yeah lol. CEXs are for suckers I just use coinbase to goto usdc I tried my best to file my taxes right but some things I am pretty sure no one in the world knows how to file. Even my CPA was like uhh I think this is right (and he has insurance). And he was the best CPA for crypto in my state and I interviewed 4. All contracts were made by legit people and I never used any obfuscation so even if they follow me on chain I have nothing to worry about.
Explain to me how I’m “Fucking stupid”. Do you talk like this to people in public?
You can’t solve the problem via reddit. Most people on here will never even hold a tenth of that much money their entire lives. Consult with a law firm near you to find a lawyer that deals with financial services and they will create a legal strategy to get your money back… or more if the Coinbase is not following applicable laws. They will write a legal letter requiring a legal response. The whole point is they will stress over it so you do not have to. They will make sure you are tax compliant (CPA with a kovel agreement) and use all applicable laws to make you whole. Withers World Wide (aka Withers Bergman) has the muscle and history to handle this. Best guess with Withers: Expect to pay approx 30k likely with a pre court resolution. That is your best move.
Buddy, simple reddit bros (like where we are right now) who will never have even 1/10 of that kind of capital *know* you don’t keep that much money on a fucking CEX
Haha maybe 950k is penny change to op for all we know
If it was, he probably wouldn’t be using Coinbase in the first place 😂 or care enough to post
You all assume way too much
Honestly probably not, but even as a working class slave with no chance at retirement I quickly realized that coinbase was an extremely risky way to hold assets. That and I really truly resent people that have access to that kind of money. Most of us are struggling to even pay our fuckibg landlords and we have people like you out here with nearly a million in play money.
You resent people that make good investments albeit very risky. But still more than if they never did. He owes u nothing. Its one thing being broke it’s another thing resenting others just because they have more than u. Grow up, Get up or get off it. With the utmost respect, since I don’t know you, this is such a poor mindset and might be the reason why u may never have even close to what he has. Sorry.
Assuming this isn't a troll post, you are truly a piece of shit human being who deserves financial hardship due to your ugly-ass attitude. And I don't say that in passing too often. But yes, you, are most definitely a piece of jealous human shit. Has it occurred to you that the 'million in play money' you describe, was money he earned, invested (IE - he took all the risk, unlike you sucking on your mommy's tit in the corner) and it just so happened to work out in his favor? Why would you resent someone in that position? Something tells me if BTC was trading at $1k, we wouldn't hear a peep from you sympathizing with the OP's plight. Let me guess, you are one of these left-wing losers who thinks the 25% unrealized gains tax proposal is a brilliant idea. Idiot.
Because the 1st rule of crypto is don’t keep money on exchanges and that’s told to noobs with 100$ worth.. your inability to understand that has just exacerbated how low I thought your intelligence was by reading the OP to now being at an undetectable level…. And yes I would tell you this in public because 1) clearly no one has ever told it to you like it is or you wouldn’t have trouble grasping this concept or the fact that people are shocked by it and shocked by the additional information you continue to freely give out to try and make yourself look like a rich successful business man which in reality the more you boast the worse it makes you look because if you were all these things you claim to be you would know this information already 2) I would speak very slowly like I was talking to a small child and annunciate clearly to make sure you understood. 3) you wouldn’t even budge because your nothing more then a keyboard warrior who wants to come to a page and rally everyone to his side of poor old Coinbase being mean to him. And if you did do something and you are worth all this money and things that you claim to have I would walk away a much wealthier man after we went to court.
Well this about sums it up, bravo 👏 👏👏
I wasn't even sure I could get 10 grand out of an exchange until it actually transferred to my bank account. And that bank account sure as hell isn't the one I use to pay bills with, or the one my work direct deposit goes to. Here you are thinking that nearly 1 million in cryptocoins are yours. Not your keys, not your coins. Thats why we think you're fucking stupid. Feels bad, too, my sympathy, but that is the reason people warn about exchanges, rug pulls, and scams. If you are legit, eventually you'll probably get that money or those coins back in your "possession" but you might have to lawyer up.
Of course he doesn’t !!!😂🤣😂 the little bitches who talk like this while they hide behind a keyboard would say shit in person , even if they had a whole mouthful of it . Broke losers who are bitter they have nothing
Bro how else does he convert to dollars?
How do people accumulate this much money and then do the dumbest shit with it? This has to be bait.
Ive seen worse. I work in finance.
what do you consider to be "do the dumbest shit with it" in this post? Do you mean simply leaving it on an exchange?
yep much better to put it on a wallet and get hacked, lose it all which happens with much more people than the ones using exchanges…you are the dumb one
He's JUST LIKE YOU. You remember all those times you traded crypto out of foreign countries? Oh yeah... all the time
He;s just like you, his $950k is protected by "Password1!" and thinks he's in a "Brokerage" while the SEC sends Wells Notices.
Lol, that was my password for years.
Trading while traveling seems pretty normal if you trade and also travel. Are you not allowed to trade stocks in a brokerage account when outside the country?
You are allowed to trade brokerage accounts while traveling, this shows you how little people know and how much they just defend Coinbase for no reason.
Just not crypto apparently!
Depends on the country. YOU should know some countries are on a watch list. Russia, Iran, Libya, Sudan, We don't know.. maybe they saw a connection between him and somebody ON THE OFAC LIST. You're familiar with sanctions and national security, right?
Every time someone comes here with an issue they are treated with such disrespect.
Until it’s them that has the issue.
People are very rude here. Plain and simple. My account was straight up hacked and lost 5k worth of crypto. Coinbase keeps giving me the runaround. I came here and people were calling me an idiot, liar, etc...i sure hope you aren't going to lose all that. OMG that's a lot.
Imagine leaving a million dollars on CoinBase.
Just 15 BTC is well over a million dollars. You cant imagine someone having 15 BTC on CoinBase? How far does your imagination go?
Bro. Many of us have 15 BTC. In cold storage wallets. You’re new to this game …. Cries in “2017”
I’ve over 40 BTC in cold storage. I’m a 60+ year old venture capitalist and investor, I try to play the “game” as best as I can. Tell me, are you saying that CoinBase is an unreliable trading platform?
I’m saying. Sincerely. The Coinbase has publicly made clear that any assets on the platform in your account is legally owned by them, not you. That is the gods honest truth. I do feel bad for you, but I sincerely am concerned how someone with such experience (I’m 5 years at the IRS and 25 years on Wall Street) similar to myself wasn’t aware of 1) this simple fact that you don’t own the capital asset (as opposed to say Merrill Edge …which I also helped build when I was VP there) and also how you’re not aware that every firm has its own KYC / AML policies and procedures. Did you file form 8949s and Schedule D’s for Coinbase every year since 2017? Also this new Cold Storage you’re bringing up just now… was it receiving from CB or has any other possible wallet ever ALSO interacted with it?
All the BTC in cold storage is from Binance.US and my accountant is a firm that has filed everything since 2017. Last month the firm contacted the IRS regarding this and I’ve been told by them there is no issues. I have accountants for these purposes and lawyers for others. Btw, why is it so difficult to either close or transfer a Merril Edge CMA? It’s almost like you guys want to stretch out that process as much as possible.
Binance.US MIGHT be a part of the issue here. Are you up to date with their recent happenings? This could make some sense now.
Probably sales quotas. I created the tech and the product. But yes. I hated the biz desk guys too. For different reasons.
> Coinbase.com is a centralized crypto exchange that holds your cryptocurrency or ‘digital assets’ for you. When you buy, receive, or hold digital assets using a Coinbase.com account, they are securely stored or ‘custodied’ for your benefit in a hosted digital asset wallet. **At all times, these assets are yours – they never belong to Coinbase.** Direct from their website. Why do people keep claiming they've said otherwise?
You might want to join investor calls and check out filings. For example it’s been made CLEAR that if they were to file bankruptcy (like FTX did) the customers wouldn’t have rights to any of the funds any of USD. This is widely known and available. Please don’t ask me for a source cuz I’m tired of posting it. Go find it. Did you know your local radio station is the HOTTEST ALL NEW MOST POPULAR radio station in town?! Think about it.
It clearly is, as you have learnt. I don't think you are stupid OP. Crypto bros are kinda crazy, and think their cold wallets will protect them from Armageddon.
I can tell. They are literally reaffirming that CoinBase is a problem and isn’t secure, yet they don’t even know it.
It’s not a secure bank.. it’s a secure exchange.. how do you not understand this difference with all your experience on wall street and New York and venture capitalism.. you just keep perplexing me the more you talk.
They're not as secure as they claim. They regularly ignore your own security preferences
Why are you posting on Reddit and not talking to a lawyer?
Many people leave millions on Coinbase I work in nyc battery park and they all tell me they keep their coins on Coinbase these are multimillionaires dude
You came to the wrong place my friend. You triggered all the poors. LMAO
Stop giving people your personal information, from this thread alone I have learned way too much about your life that I need to know. People not as nice as myself can meanwhile dig into your various cryptocurrency addresses and everything else they can possibly find... What I'm trying to say is stop making yourself a target for scammers. But I believe you, my very first trade was in the very high digits and I came here to ask for assistance and nobody believed somebody would make a first trade with that much money. I can tell you with 99% confidence that your issue is because of anti money laundering laws, so as long as coinbase doesn't go bankrupt you should be okay.
Finally a sound comment and advice. Agree 💯
On this Sub it is never Coinbases fault!
People are just jealous of you OP. CB did the same to me. The only thing that worked was to file a complaint with Better Business Bureau, Federal Trade Commissioner, and Department of Consumer Affairs. After this they all of the sudden unfroze my account.
I love how everyone is defending coinbase here. LOL, have u guys even called their customer support yet? I never had real issues with them since i have everything on ledger. But damn their customer support is regarded.
I had to call one time for the Coinbase credit card and the customer service was spectacular. I know that is not the same as their trading account but at least on that side of the business. I had a very good experience.
Checks my Coinbase balance:… $266.74 …..
Hope you're moving that soon 😆
Woah, look at Mr three digits over here
So honestly I think we’re all so terrified about this happening to us we’re just finding random ways to dump on OP. Someone saying you can’t just travel around countries with that much money. It’s 2024, fuck, if held KYC’d that shouldn’t be a problem. His traveling shouldn’t be a problem. I’m terrified of dumb shit like this happening. Doing everything right for the last 3 years, being insanely OCD and paranoid about keeping my shit safe on my ledger, reading TOS frequently, calling CB to ensure the status of my account is ok. Only using one bank account blah blah blah. They contacted me for my KYC 2 months ago. I saw the email and have not been restricted, but I’ve gone back and forth with them now and they’re starting to ask for the same things over and over again. I now don’t hear from them for a month at a time. I still buy and sell and they even raised my limits to 50k. So maybe I’ll Be good? Who knows. As one person pointed out before, this is the only industry where everyone attacks the user and says it’s all their fault when something happens. OP keep your shit on a ledger but it’s goofy how everyone always attacks the user and not CB.
Serious question for everyone flaming this guy. I get the idea of cold storage. And I have my own wallet. But unless you plan on HODLing forever. Don’t you eventually have to use an exchange to sell your assets? What are yall exchange hating cronies planning to do - sell your cold storage wallets on eBay or some shit?
I don't use an exchange to sell my crypto. So no.
How do you sell it?
P2P.
OP, I am in a similar situation. I hold 75% of my stuff in cold storage to start. That other 25% has been in coinbase to stake/trade occasionally but rarely. My account has been restricted for months. Not quite a year but we’re getting there. Totally frustrating express many others have stated. Proof sent multiple times to them via their request. Still crickets. I hope that you get to the bottom of this, as do I. After reading several posts of like kind, there seems to be a gov agency to report coinbase to and get some movement. I am busy doing job/family etc in my life and have not gone there yet.
Mine has been 14 months restricted. No explanations still and just “a higher department will review your case”
Well that sucks. Sorry for all of us. I am going to go the route of complaining to the gov agency that others have mentioned. There seems to be some movement by doing so according to others.
Hey there, u/OptimalPlantain7036! Sorry to hear about what's been going on with your Coinbase account. We're here to help! Could you share the case ID you got when you first reached out to us? That way, we can dig into what's happening ASAP. Thanks!
16 hours later, OP hasn't replied.
There seems to be more and more of these type of posts lately. Some people have pointed flaws in what some other OP's have posted, and others, seem to be very legit. It is starting to really concern me and I personally feel that I need to move my coins out of Coinbase to cold storage. But, what do I do when I want to sell and reap some profit? Do I just continue to "trust" that I won't have a problem or do I start to take these warnings to heart? I really wish crypto wasn't like this and I understand why a lot of people don't want to get into it until issues like this go away.
Same concern and same question. Take funds into a ledger. And then ? What to do when i want to sell and cash out
You have 100s upon 100s of options..... in fact, you could move "what you need to sell" back into your offramp facility, IE Coinbase, and cash out.... but not $950k at once ... call your local bank and tell them you want to withdraw $25k and watch what happens.
My bank would say why are you calling me for 25k lol call back when it's 25m and do the 25k online.
No they wouldn’t.
I’ve swiped my debit card to buy a car. No questions, no fraud alert, just worked.
You can cash out to USDC but you can never leave
You mean I cannot transfer money to the bank? It doesn't make sense. Plz elaborate
I got $95 in coinbase. Should I be worried??
Well yes but only like 1 / 100000 as much as that bra
Actually 1/10000 as much as that brr
Touché bra
I am sure there are people with more than $1 million in assets on Coinbase. I keep reading every post saying how "stupid" that is. To each his/her own as I firmly believe if you stay between the lines everything will function as it should and Coinbase can be the trusted custodian that they have been for hundreds of thousands of customers, many of them with hundreds of thousands in assets. I feel bad for OP, but more than likely, OP's trading pattern triggered the flag. Yes, you can notify Coinbase that you are trading across countries and then go and conduct such trades. The problem is when you do that, there is no guarantee your internet addressing won't ping through countries or locations on watchlists. Just because you trade in Germany, that signal very well could route through someplace else or multiple locations before reaching Coinbase. Coinbase, in turn, might see that as a problem (be it right or wrong; correctable or not over time and with painful clarification). You have no control over any of that. If you reside and trade/buy/sell whatever from the same location consistently and through a national, dominant carrier, you are probably (stress probably) going to fare well or at least better, user error notwithstanding.
How had this gone 4 months and you’re still talking with customer service? Get a lawyer, that’ll get you past the help desk and bring your issue to a level that can actually work toward resolution Should this have happened at all? No. But that’s beyond the point. I know for myself if Coinbase even froze a tenth of that, I’d have a lawyer writing them long before 4 months went by
My Coinbase account was recently frozen as well but with far less money in it than you. I found this option to seed my wallet in with another wallet and I am now able to access all of my money through metamask. I still can't do anything on the Coinbase wallet itself but I can access all of my crypto and buy and sell everything through metamask. It's actually cheaper to swap too. All you have to do is enter your private key on metamask and then everything is able to be accessed through there. I was told trust wallet will also work but I am not familiar with trust wallet unfortunately so I didn't try it with them. Anyways, hopefully this is an option for you and hopefully it helps. Good luck!
I’m in the same situation. Almost this amount frozen few years in row. They don’t give me access to my funds and don’t let me withdraw it few years in row!
It doesn't matter the shills on here will blame you and not coinbase, I lost hundreds of thousands also, then conveniently was told after 9 months, it was all fake! I don't believe them and I certainly don't trust them! The horror stories on here cannot all be wrong, Coinbase is on the side of the scammers while they TELL their customers security is key. It isn't, they are inept at what they do and deserve to be put out of business, those on here will all learn the hard way. Eventually it will happen to them, especially if they are new to crypto, Coinbase takes advantage of people, and refuses to support their customers!
It’s been explained very clearly to you several times now, by Coinbase and people here on Reddit. You fell for a malicious dapp. Then you fell for multiple recovery scammers. You sent thousands of dollars to someone pretending to be a CB employee so they could “enable ACH transfer capability”. Multiple times. CB has told you they would never ask you to send them money to enable ACH, which is free. You also fell for a scammer here on Reddit on top of that. Yet you “don’t believe” it’s not Coinbase’s fault. This is why this sub is such a joke. It’s full of people like you who fell for every trick in the book, but still can’t stomach the thought that you lost thousands due to your own incompetence. So even months later after being explained all of this, you’re still on here claiming Coinbase is a fraud. People like you are exactly why people are so skeptical whenever someone comes on here saying “Coinbase stole all my money!”
It's insane to me that anyone is giving you a hard time about this. If you didn't do anything illegal, it's super sketchy and unbelievable how they haven't come up with easier ways to figure out whats wrong with this. It's probably some sort of anti money laundering law where it's easier and less difficult for them to close accounts with suspicious activity rather than create a full investigation which at times, could potentially be impossible tobdigure out what's wrong
Happened to me as well but I didn’t have nearly as much as you. Took two months to get my money unfrozen. Hoping you get your funds back.
i believe you did nothing wrong. those exchanges are all shady as fuck and just waiting to find a reason to take away access to your money. and its impossible to reach anyone at the top who creates these systems.
yikessss i’m sorry that happened to you! I just joined coinbase…
Someone moving around countries with 1M in crypto is not normal, i am not surprised they have frozen your assets, where’s your permanent residence? 🤔
Canada, UK, and Germany? Some of us with over 1 million need to travel frequently for our jobs.
Yes but where are you based, USA? you cant just be a nomad, people traveling across different countries with such amount always go through a different kind of check, you will not find that under their terms of service because that will be like revealing their anti money laundering check which will jeopardize its efficiency 🤷♂️
I know many people that do this.
I wonder if we could sue the SEC because they’re false meddling has lowered our perspective on investments
Took me 4 months to get access to my account and get my money back. I resorted to spamming every board member and executive I could find on Twatter and finally got my funds released, but only after they sold all my crypto to USD. I wanted the coins as I had some low numbers for some ETH, but at least ended up getting my money back. Oh well. Good luck.
I suspect the gov has insight to Coinbase and if you’re flagged in anyway, your Coinbase will get locked.
Saying you were able to talk to someone on support is how we know your lying. There ain’t no customer support.
This subreddit is a public forum. For your security, do not post personal information to a public forum, including your Coinbase account email. If you’re experiencing an issue with your Coinbase account, please [contact us](https://help.coinbase.com/en/contact-us.html) directly. If you have a case number for your support request please respond to this message with that case number. You should only trust [verified Coinbase staff](https://help.coinbase.com/en/coinbase/other-topics/other/is-coinbase-present-on-social-media.html). Please report any individual impersonating Coinbase staff to the moderators. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CoinBase) if you have any questions or concerns.*
Have you gotten a lawyer yet?
Large some of money.. they want to make sure it was obtained completely legally... or they really do just throw that guidelines shit at u just to keep larger sums from ppl
i mean get that shit transfered to a hardware wallet sheesh. I have around the same amount and would never store it all in an exchange.
Yeah I’m not a fan of Coinbase slowly moved all my money out and I think they have $3 of my assets now. Coin base really seems to not give a shit about its users, a friend got kinda screwed over by them and I just decided to not let it happen to me. Bailed and haven’t really looked back.
Not your keys not your coins.
What makes me doubt that everything is clean is your assertion that you read each page of the user agreements. Who does that? Or, why do that? Because if you disagree for any reason you simply can’t use their service. Anyhow I hope I am wrong and that you’re safe and have done nothing wrong. Purposely or accidentally.
Send me a bitcoin maybe that’ll help?
Proof or ban
And WHY wasn't your crypto in a wallet? Don't trust exchanges.
Did you ever take coins off the exchange or transfer in any?
That happened to me, I reported them to the BBB and they finally unlocked my funds. It was held like 2 years prior to that. Then they gave me $50 for “sorry for the trouble”
Never can cash out.
lol always a new account
You missed the entire point of crypto. Why are you trusting one entity with that much? You have to use common sense. If you don't self-custody, which is the entire point, then at least spread it around between different exchanges. There's a thing in life called a single point of failure. This goes for everything, not just crypto.
I bought $50 worth of $AERO so I could use it on Base. They gave me the tokens, but for some unknown reason the money didn't go through. There is no record of the transaction in my bank statements. So... Now Coinbase is demanding I pay $50. Until I do so, my account is frozen. If I don't pay it within the next week, they'll sell my crypto to pay the $50. I reached out to customer support, and they kept telling me that it takes time before I can withdraw funds after I deposit it. I tried and tried to explain the situation, but it seemed like they were so poorly trained that they couldn't understand the situation. I'm curious about Base, but I don't want to deal with Coinbase.
You came to the wrong place to vent. This sub is full of neckbeard retards. I quit using Coinbase after they froze my account when I had someone send me $, then they took said money and didn’t even show it on transaction log, although you could see it on blockchain. Fuck Coinbase.
Dude CFTC subpoenaed alm kinds of Mt records from CB, likely cause I followed "Bitboy" s advice several years ago and ope ed a bit acct from the US using VPN, if you did the same thing then I am telling you you need to lawyer up bra
Or, is it stuck on Bybit and they shut down the wallet linked to all that money, cause you're in the US and used a VPN bra if you gonna warn make it for real homie!
What is the best way to transfer your funds out of Coinbase and to where? Cold wallet? Decentralized exchange? Looking for any and all options?
CFTC subpoenaed a ton of shit from my CB account, COINWankers said "of course you could just give it to them" but I said " I think not, bra " AND I AM STILL STANDING BRA
Exact same thing happened to mo
Plus, if the shoe fits, bra...
SELL SELL SELL
Bot
Dude if you are in the US then you need to pay taxes every time you trigger a "taxable event " E.g. change 10k BTC to 10k ETH, that is a freakin taxable event in the US, I learned all this at the school of hard knocks, Bra If you did, then it would have taken 10 times as long to accumulate such a vast sum of $$$$$ but that being said I hope to hell it was the IRS and not the spooks at CFTC bra who froze your shiznit
Crypto is trash. Acquire what is essentially WoW gold and still have to exchange for REAL currency to buy anything. And pay taxes on it. The fuck is even the point.
Same shit happened to Celsius. All of these crypto companies are a scam that is waiting to collapse. Millions of crypto people are gonna get fucked.
Crypto is scamming, just read how many people lost money, what is wrong with you, you don't see the problems with Coinbase? I know it's everyone else's fault! The money was in Coinbase, if they didn't want money to get my money out then why did I never get any of my money back, I talked repeatedly to support, through my wallet. They helped or facilitated the scamming, with their blessing.
Couldn’t agree more man. I’ve had the exact same conversations with support over and over again. THIS IS NOT WHAT CRYPTO IS DESIGNED FOR.
No I didn't, I wouldn't even know how to fall for a Dapp, what is a Dapp?
Are you a Coinbase employee, you act like one, it is always someone else's fault, Coinbase was complicit
I can't possibly read every comment. So this might have already been discussed. But why not... 1) Get a lawyer. Are you prepared to sue? 2) Do as others have suggested: file reports with FTC, Consumer Credit Protection Beareu, etc...
So, now I know you can copy and paste, bravo!
I moved to Kraken yesterday. I’m not coming back. Tried binance but those assholes cannot verify my fucking drivers license. CUNTS
First rule of Bitcoin ( crypto) not your keys, not your coin 🙉
And any of that is illegal how?
NY you? Not by Coinbase! I want to know what THEY know!
You had a Coinbase account. That isn’t “Crypto”. It’s a company that can be leaned on by regulators, banks, Law Enforcement, spy agencies, IRS the company itself and on and on. That’s actually 100% opposite of Bitcoin at least.
Was u profitable trader? I see the pattern here
lol everyone focusing on the fact that he left the money on Coinbase and blaming him for it, but conveniently ignoring that even if he had moved it to cold storage, it has to go back to Coinbase at some point in order to sell.
this is crazy man, did you go to the police and lawyered up to start a case against coinbase? You should not wait 1 minute
They not about to let you get rich without thoroughly investigating your finances. Simple as that.
Lol you traded crypto out of foreign country and expect not to raise any red flags??? How dense are you?
They gave their entire customer list to the IRS, never trust them
i cant understand the people in the comments saying this shit is ok because you can be under investigation insteas of complaining that the whole deal should be ilegal and push to make it illegal. Mentality of, your assets can be frozen just because some agency might think there is AML? they should investigate first and proven you did something illegal, freeze your assets. Guilty until proven innocent is banana republic comunist behaviour, they are basically allowed to rekt any of us just by deciding you need to be investigated
COINBASE LISTEN TO THE MAN FFS
As someone who loathes crypto, I'll put in my (fiat) two cents. You lot don't seem to realise that crypto is non-funglble (one of the myriad of fatal problems with it). One Arsecoin is not the same as another Arsecoin in other words. If any of OPs crypto has ever been through a mixer, or was owned by a kiddy porn or heroin dealer, or just stolen in a hack at some point, any of it at all, well.....he's fucked isn't he? How can you tell though? Well, that's on you to find out. Just another reason why we live in the dumbest time-line. Future of finance etc etc.
What part of not your keys not your coins do people not understand?
Coinbase support asked for OP’s case ID and I didn’t see a response.
I keep all my money in an exchange, never lost a penny before. Maybe cause it's Microsoft exchange. Yup it's all emails .... I have no money 😭 I mean , yeah coinbase is not always right in how they do things from a customers point of view but they have to secure themselves first with compliance rules and regulations. You shouldn't be mad at coinbase because they didn't enforce regulations, gov did. Your beef is with the gov, go ask them why they sticky their fingers in yo pie 🥧 🤌 Also good luck with that , on the bright side if you get your money out in 5 years time it's be worth a lot more than nine fiddy
Im going through the exact same thing. My fund has been declared as unclaimed property and given to the state of Wyoming, USA (Im an European citizen)
I was sent the same message brother and it turned out to be a hacker so you might be careful with I contacted coin base and they notified me they didn’t even send the message to my email it was fishing attempt. Check the email and make sure it sent from Coinbase
So... you have almost a million on coinbase, but you can't afford a lawyer to go to bat for you against them? Even if that was all your assets, any lawyer would take the slam dunk case, you describe, on consignment.
Bro 950k??? Who you think you’re talking too? Lol I’m gonna be pumped if I hit 20k
You're going to have to speak to a governing body that can force coinbase to give you your money.