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
Honda, Hyundai, Kia, Subaru vehicle data collection class action lawsuit investigation
May 17, 2024 | Legal News
168 thoughts onCoinbase Wallets Hacked, Frozen Without Warning, Claims Class Action Lawsuit
I was lured onto the Coinbase wallet app. they told me what to do. I was instructed to deposit a small amount of ETH and a large amount of USDT. I was making mining revenue. after my account reached 20,000 there was an offer to participate in pledge mining. I was instructed by the scammer to do so. the next morning my money was gone. I was in a smart contract without any notification or agreement. I put in an extra 8,000 to get my balance to 30,000 in effort to get out of the contract. instead the amount was raised to 50,000. the website in now shutdown and I have traced my money to two crypto exchanges where it was likely withdrawn to a bank account.
My Money disappeared from my coinbase wallet
About 5 weeks ago someone contacted me on Twitter asking me if I am interested to invest in crypto, she mentions a way to get stable interest in a daily basis by savings account by joining a “mining pool” in Coinbase wallet. After doing my own research and reviewing the website of Coinbase wallet, I felt its very secure to have my money in Coinbase wallet. So follow her instruction, I transferred money from my bank to Coinbase then to Coinbase wallet and stored my money in USDT in my Coinbase Wallet app. When entering the ethereum-usdt.org/#/ URL into the Coinbase Wallet application, the mining pool asked me to click a button to join the mining pool. By clicking the link, I established a smart contract with the ethereum-usdt.org/#, I was getting money on a daily basis till last Friday on 11/12/2021 at 241 pm, I opened my wallet, and all my money was gone $200k and $30k from my metaMask wallet
I google a phone number to contact Coinbase wall but unfortunately, they don’t have customer service by phone, I still have the phone numbers and message history from the scammer
This happened to me too.
What recourse can we file.
This is beyond infurtiating. Coinbase has a responsibility to disclose. They are operating recklessly having this so common on there platform.
Looking for answers and support to file lawsuit to recover losses.
Coinbase locked my account claiming they didn’t get paid for a transaction that I don’t even recognize and I can’t get a hold of a live person and all my money is dwindled away
I was also lured into a Eth mining pool. I was told I just needed to put USDt in my wallet, and I would begin to collect part of the mining pools aquired profits. It seemed to be working. Until I some how got pulled into a smart contract, and my money was removed from my wallet. $25k . I pleaded over, over that I had no intention of being in a smart contract. The same reply fulfill the contract, and your money will be returned. The person who recommended the company insured me things would return to normal if I fulfilled the contract. Which required me to put another $25 k in. After much re assurance from Eth-Flowcell, that my money would be returned, I added the fund and waited. It took about 20 minutes after depositing funds in my wallet to be pulled to there accounts.
I waited a few hours, then contacted customer service asking about my funds being put back in my wallet. The said it may take up to 24 hrs to process. Sure enough about 20 hours later . I checked my account and I
$3800 In Eth in my account, but my $50 k was still missing. I contacted customer service, and they said I had been put back in a smart contract, requiring me to put another $50k in. There only excuse was that I had not to them to cancel contract before receiving reward, which was not true. Coinbase wallet needs to be held accountable for allowing a company like this access to there sight. I thought my money in wallet was secure:(. Ruined my Christmas. I hope there is a lawsuit I can join.
Happened to me too. I want to file a lawsuit.
My husband got hacked. They took about $18,000. After days and days of emails sent. He finally was able to get through to ask for his funds to be frozen in case of any future incidents. He tried to remove the rest of his funds but couldn’t. Then after his account was supposed to be frozen it happened again! Coinbase! It’s like they are helping the hackers
On Friday November 19, 2021 Coinbase Pro took the cryptocurrency Gyen out of the mechanism that keeps it in balance. The cryptocurrency rises & falls accordingly if the Japanese currency falls. It is not possible for a stable coin Gyen to enter the coinbase & make a 500% increase. This is a mistake of the Company Coinbase. I invested $4696.66 on November 18 and Coinbase has left me a balance of $1407 on November 19th. I was unable to sell my leftover balance when it was falling below my current purchase price of .028856 and then my money was frozed @ .0087 which coinbase has delisted the coin, they have stolen $3300 of my investment and will not give it back. I was frozen for over 12 days and lost thousands from no trading and removing my previous coin Gala to this fraud coin gyen. I am so furious how coinbase has treated me and their customers. I want to leave this exchange but can’t untill this is resolved to get my funds back.
At the time of the hack coinbase locked out my account. And I losted thousands of dollars
I was hacked by a scammer who contacted me through Twitter as coinbase support when I posted that my coinbase wallet is blocking some of my coins … he took all my funds leaving it at zero dollars
I tried to call coinbase to stop the transactions as the hacker was transferring one after another .. no success till he took everything .. can I sue coinbase and Twitter ?
I had my Coinbase account drained on 11/29/21. At the time of the hack I had there combination of USD, and several cryptos. The hackers stole about $33,000. They did a SIM SWAP over night and by the time I woke up in the morning, I had no cell reception and shortly after I found out that my Coinbase account was wiped out. Coinbase’s response was that their systems were not breached so as a result there is nothing they can do.
I still cannot believe how a publicly traded company does not have a higher responsibility to their customers especially as so many of us have encountered similar issues.
Recently I transferred $71,000 to Coinbase wallet and converted it in to USDT. Someone recommended joining a mining pool which you link your Coinbase wallet and provide liquidity to a pool. What I didn’t know was after I purchased a certificate to this mining pool using my Coinbase wallet I also agreed to a smart contract that gave these scammers full access to my Coinbase wallet. After 5 days of participating in this pool all of my USDT funds wore drained from my account and moved to unknown account. I did not think this was possible since the funds wore in my USDT Coinbase wallet. These scammers also use Coinbase logo to promote this scam. Coinbase failed to warn people about these smart contracts which currently is still open and scamming people as I write this. I would love to join this lawsuit and sue this company.
This happened to me as well.
December 1, 2021
Please let me know if your able to join a lawsuit. 4 of us lost about 90k
Pj4184@gmail.com
I want to file a suit as it happened to me.
I had a same issue,account has been locked and suddenly MATIC coins has been missing from my coinbase account