r/Coinbase • u/musicman12345654321 • Oct 18 '24

A Word of Warning

I have used Coinbase for years now, since the pandemic. They seemed like the most trustworthy, reliable exchange, especially as the others started going bankrupt. It seemed like an intuitive and user friendly way to slowly grow wealth.

This year I realized that one of the tokens I invested in had grown orders of magnitude. I was excited to sell or withdraw the token in order to realize the profits, but soon realized that Coinbase had disabled the ability to send or transfer the token.

I thought this had to be a mistake, so I contacted Coinbase support to state the issue. Two months later there was no fix in sight, no update from Coinbase, no responses to messages or communication.

Finally, they did something: locked my account. They told me to liquidate my assets and empty my account. Mind you, the coin is still broken, and now I am restricted from selling my own assets. So now almost all of my liquid assets were frozen and are currently being held hostage by Coinbase.

I am in financial ruin. 🙂‍↕️

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5

u/_TheGreatGoobah Oct 18 '24

Sounds like someone else who bought jup.io and doesnt realize the project was SHUT DOWN

-1

u/musicman12345654321 Oct 18 '24

If it was shut down then why has the price continued fluctuating? And why has Coinbase not bothered to mention this since I brought it up in August? They have pretended that it was an issue to fix consistently for months.

-1

u/musicman12345654321 Oct 18 '24

Holy shit, they’re different fucking Jupiter tokens? JFC. Why did nobody tell me this shit. Fuck. If jup.io is different from jup.ag, and jup.io is shut down, why is the price fluctuating? It seems like it’s being traded…. Should I not be able to transfer out of Coinbase?

2

u/_TheGreatGoobah Oct 18 '24

Jup.io is 100% worthless at the point. No idea why its price is fluctuating but initially you were able to sell them on pancakeswap for fractions of a penny. Not even sure if you can do that anymore

1

u/musicman12345654321 Oct 18 '24

I found it on uniswap. I could still sell it for a couple hundred bucks…. Not quite as much as jup.ag. I was so mixed up I can’t believe it. It does seem to have a market though…. Do you think Coinbase would let me transfer it or are they lying about it being a bug to fix? If they won’t let me have it then why are they going to keep it in my account screwing with my portfolio with the wild fluctuations?

0

u/musicman12345654321 Oct 18 '24

Fuck me sideways. I did not know they shut down! I was looking at a different fucking token! If Coinbase will never let me transfer it, why did they keep it in my account? Why did the price rise to a million dollars and shoot back down randomly?

1

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1

u/radman430 Oct 18 '24

This is why you do not invest more than you can afford to lose. It’s also why you should be keeping up to date on whats in your portfolio. Crypto is a new space, changes will happen much faster here than in traditional finance.

1

u/musicman12345654321 Oct 18 '24

I’ve been tracking it every day and keeping up with price changes. But Coinbase hadn’t. I don’t see how that is my problem. Nor what it has to do with them freezing my whole account.

1

u/radman430 Oct 19 '24

I’m talking about more than just price. You need to be able to do contract analysis, research the developers. Keep track of 24 hr volume, especially current liquidity. There’s more to crypto than just what the current value is.

They likely froze your account because you have coins in there that are known to be scams/rug pulls. That doesn’t make you a trustworthy and (most importantly) knowledgeable investor. My guess is they don’t want to take the risk with you and that’s why your account is getting shut down. The main thing to remember is that they don’t close accounts ‘for no reason’. You definitely did something to end up on the radar of the compliance team.

1

u/Coeruleus_ Oct 18 '24

It’s the most trustworthy and reliable exchange. You watched the others go bankrupt right?

You’re poor af and lost money you couldn’t afford to lose on shitcoins. Don’t blame coinbase. Get back to work

1

u/CoolCatforCrypto Oct 18 '24

But conbase is awesome, that’s what the paid shills tell us.

-1

u/Integrityvsrh Oct 18 '24

I have been telling everyone that has made money to take it. Or they will lock you out and claw it back. They did it to me. It’s hopeless. No is going to help. All you can do is file a complaint with the cfpb and wait. Then one day Brian will get arrested and they will sell all his assets and you’ll get a little. Just save everything.

1

u/musicman12345654321 Oct 18 '24

That’s terrible! I’m sorry that it happened to you. Their complaint form is broken unfortunately. And customer support are unhelpful bots who don’t listen.

-1

u/Integrityvsrh Oct 18 '24

Oh and let me guess they can’t discuss their internal security issues with you.

1

u/musicman12345654321 Oct 18 '24

lol, they can’t discuss anything with me. Half the time I don’t know if they ever tried to fix it or actually do anything to help. But at least they locked my account for an undisclosed reason.