Top Class Actions’s website and social media posts use affiliate links. If you make a purchase using such links, we may receive a commission, but it will not result in any additional charges to you. Please review our Affiliate Link Disclosure for more information.
Coinbase Wallets Class Action Overview:
- Who: A pair of Coinbase wallet holders locked out of their crypto accounts filed a class action lawsuit Tuesday.
- Why: The cryptocurrency exchange company allegedly froze them and other account holders out of their Coinbase wallets or allowed them to be hacked.
- Where: The class action lawsuit was launched against Coinbase Global, Inc and Coinbase, Inc in California federal court.
A pair of cryptocurrency users say their Coinbase wallets were either hacked or frozen without warning and their pleas to release their accounts so they could access funds went unheeded by Coinbase Global, Inc and Coinbase, Inc, in a class action lawsuit lodged against the companies in California federal court Tuesday.
Lead plaintiffs, Cristian Kelly and Kenneth Thall, want to represent others who lost access to their Coinbase wallets. They say Coinbase, the largest cryptocurrency exchange in the US, misled them about the security of its services and “real-time” access to funds stored with the company.
Coinbase users can store their cryptocurrencies in a digital “wallet,” as well as buy, sell, spend, and trade cryptocurrency.
Coinbase Wallets Hacked, Frozen Without Warning
Kelly claims that his Coinbase wallet — containing approximately $18,000 in Ethereum cryptocurrency — was potentially hacked when he called the company to add a feature to his account. He says that instead of helping him get to the bottom of the situation, Coinbase froze him out of his account for months.
Thall alleges that he was alerted by his bank that his Coinbase wallet containing about $8,000 in Bitcoin may have been hacked. Thall says that when he brought up his concerns to Coinbase, he was similarly locked out of his account for an extended period of time.
Kelly and Thall say that they decided to store their cryptocurrency in Coinbase wallets based on the companies’ promise to provide “customers a secure way to purchase, store, and transact in crypto assets” and provided “24/7/365” access to their funds.
Instead, the plaintiffs say that they were locked out of their Coinbase wallets for extended periods of time.
“Because of the extreme volatility of cryptocurrencies’ value – with freefalls of 40% within 24 hours not unheard of – the inability to access an account to sell, buy, or trade cryptocurrency leads to severe financial loss,” alleges the class action lawsuit. “Making matters worse, Coinbase fails to timely respond to customer pleas for support and help, and also fails to preserve and safeguard customer funds as it promises.”
Indeed, Kelly and Thall each claim that the crypto company ignored their repeated requests to unfreeze their Coinbase wallets. They want to represent consumers nationwide who signed on with the rapidly growing crypto exchange company.
The plaintiffs are seeking damages on behalf of Coinbase wallet holders, along with a court order forcing the company to unfreeze accounts.
Coinbase has found itself in legal hot water recently, with another group of Coinbase wallet holders lodging a class action lawsuit in California federal court in June. Last year, the company paid out nearly $1 million to settle claims that they aided and abetted the theft of Cryptsy cryptocurrency.
Do you have a Coinbase wallet? Have you ever been hacked or locked out of that account for no reason? Tell us about your experience in the comments section!
The plaintiffs are represented by Timothy G. Blood, Thomas J. O’Reardon II, and James M. Davis fo Blood Hurst & O’Reardon, LLP and James M. Evangelista, David J. Worley, Kristi Stahnke McGregor, and Leslie G. Toran of Evangelista Worely, LLC.
The Coinbase Wallets Class Action Lawsuit is Kelly, et al. v. Coinbase Global, Inc., et al., Case No. 3:21-cv-06010 in the U.S. District Court for the Northern District of California San Francisco Division.
Don’t Miss Out!
Check out our list of Class Action Lawsuits and Class Action Settlements you may qualify to join!
Read About More Class Action Lawsuits & Class Action Settlements:
- Bipartisan Bill to Study Blockchain Technology, Cryptocurrency Passes the House for Second Time
- Judge Rejects Certification in $400M Bitcoin Fraud Class Action
- Coinbase Randomly Locks Users Out of Accounts for Months, Deletes Funds, Class Action Lawsuit Alleges
- Rapper ‘The Game’ Faces Class Action Lawsuit Over Cannabis Crypto Startup
167 thoughts onCoinbase Wallets Hacked, Frozen Without Warning, Claims Class Action Lawsuit
My Coinbase Wallet was hacked for 300,000,000+ Shiba Inu tokens. Then worth over $4000. They said they were going to lock my wallet while they did an investigation, but they locked my main coinbase acct during 2 FULL MONTHS of extreme volatility. I couldn’t buy any of the dips, or trade, lost out on thousands! I pleaded with them and have records of trying to contact them weekly, sometimes daily. Was impossible to get am actual person. When they did finally get a real person working my case 2 months later, they unlocked my acct, said there was nothing they could do and gave me $10 in Bitcoin for my troubles. What a slap in the face. I can still see the transaction where money was taken from my wallet. Almost seems like coinbase is in on it.
I was hacked for $9000.00 on Coinbase- after 3 months of limited email communication- I received an email apologizing for my experience and a credit of $300.00.
Please add me. My coinbase account was hacked and they did absolutely nothing. All I received were automated emails. I dont know where my money is. Coinbase is beginning to look like scammers
I have not been able to access my Coinbase account for more than two years. I’ve tried to contact Coinbase support but only get automated replies.
hope I can join. I live in Canada. Have been locked out for no reason and cant get any help. Cant believe they can get away with this. They should be in jail.
I have been locked out of my account for at least 3 weeks now. I have a substantial amount of coins in my account and have the potential of losing hundreds of thousands of dollars. Please add me to the lawsuit.
Please add me
Please add me
Please add me
Hello,
My coinbase account has been disabled for 2 weeks now. I can log in and see my balance but I can’t make any transactions. I would like to withdraw my money and close my account.
I had been using a PREPAID coinbase visa card–this is money that belongs to me. After making a handful of purchases successfully the card started getting declined even though it has a $750 balance and I didn’t violate the user agreement. The card is declined everywhere now and I can’t get make transactions in my account. This is unacceptable.
When I discovered my coinbase account was disabled I filled out a help/support ticket as there is no way to talk to a human. I got automated responses with unhelpful links, and then finally a message stating that they would have one of their “Coinbase Card US support specialists” take a look.
Regarding the card, it is possible to speak to a human, but they aren’t helpful. I’ve called the visa debit card number 8 times–there is never a manager available. I’ve asked to have the case escalated and still haven’t received a return phone call. After waiting days I finally got an email from the “card specialists” stating the following:
“Transactions may be declined for a variety of reasons, especially if the transaction looks fraudulent or violates the user agreement. For security reasons, we are not able to provide specific information on how we made a determination to decline a transaction.” Additionally, a link was provided that explained why the card can get declined.
AND YET my account is still disabled and I can’t use the card that has MY MONEY on it. This is money that I need access to.
I am interested in taking action against Coinbase. Please let me know if you need any more information.
Thank you,
Leslie
Please add me