Coinbase empies bank accounts without consent

Digital currency exchange Coinbase said it inadvertently charged punters for transactions they never made, effectively draining money from their bank accounts. It has promised to refund the money taken.

For the last few days, netizens have been complaining that funds had vanished from bank accounts linked to Coinbase without reason. Some people report multiple charges being made that drained their accounts and left them with heavy overcharge fees and the inability to pay bills and rent.

“We can confirm that the unexpected charges are originating from our payment processing network, and are related to charges from previous purchases,” a company rep called Olga said on Reddit.

“To the best of our knowledge, these unexpected charges are not permanent and are in the process of being refunded. We apologize for the poor experience.”

Rather bizarrely the post also asks those people affected by the errors to post up details of the transactions, including their location, the bank used, the number of bogus charges and the case number from the bank. From a security situation that’s very poor practice indeed.

Source: Oh sh-itcoin! Crypto-dosh swap-shop Coinbase empties punters’ bank accounts • The Register