Letter to Brian Amstrong CEO of Coinbase,

the 7th of April 2021

Somebody has traded with my Coinbase crypto currency.

Dear Brian,

Having some cryptocurency on coinbase I've lost 1.4917 btc and 19.353 ethereum. Which with today's rate is equivalent to about 80 000 USD. This represents for me two years of salary.

What happened? Some orders on February 4th and February 6th happened. The orders/transactions happening on those two dates were not initiated by me neither from something or someone I could identify via the security settings parts of Coinbase. Those orders were trades between crypto currencies I have never traded before and led me to lose the amount of crypto stated above. Those orders benefited Coinbase and there were overs 2000$ that have been invoiced to me in fees (due to the huge amount of orders).

What next? I've contacted Coinbase support as soon as I was aware of this issue. It has been two months and still no answer on what happened exactly.

What's wrong with that?

  1. This should not be able to happen. My account was secured, and this type of transaction shouldn't be able to happen. It seems someone was able to freely play with my crypto currency. Is it someone who was able to get illegal access to my account through Coinbase ?
  2. Support hasn't been helpful. I've done my best to show patience and been giving all information they have asked me. On top of mispelling my name multiple times, support wasn't able to give me any details on what happened.

What's next? I believe in Coinbase mission's to create an open financial system for the world. I also believe in enabling economic freedom for every person in the world => This is not possible if Coinbase is not secure. Those things shouldn't happen => I shouldn't be able to lose two year salary overnight, I should not be ignored by Coinbase support, we should be able to solve that issue in the best way possible and I should be able to retrieve what has been lost. I'm putting all my hope on you answering that email or at least forwarding it to the person who will be able to solve that issue.
Looking forward to hearing from you

Sydney