$50k wire to Coinbase lost! No help from them !

[alpha6164]

My best friend wired $50k to Coinbase on Jan 4th and money still has not deposited.  He has emailed support multiple times with no damn help.  His bank even sent him the IMAD # and Bank of NY has verified that they received the funds and tx it to Coinbase account and Coinbase essentially said no we haven’t gotten anything. 

 

He did a tweet amd tagged @coinbase and @coinbasesupport and no one has responded to him that way either. He is starting to freak out and I feel horrible cause he did this based on my damn recommendation.  

 

Does anyone have any other solutions? 

Edited January 20, 2018 by alpha6164

[marousi]

I had a different situation with coinbase, my usd acct was hacked even though I had 2fa enabled on my smartphone. I feel terrible for your friend.

[Pllunge]

So sad .. these days u cant trust no exchange ... they are all trying to play you out ... thats why as soon as i deposit money to coinbase transfer them to wallet ...

[rootvegetable]

14 minutes ago, alpha6164 said:

My best friend wired $50k to Coinbase on Jan 4th and money still has not deposited.  He has emailed support multiple times with no damn help.  His bank even sent him the IMAD # and Bank of NY has verified that they received the funds and tx it to Coinbase account and Coinbase essentially said no we haven’t gotten anything. 

 

He did a tweet amd tagged @coinbase and @coinbasesupport and no one has responded to him that way either. He is starting to freak out and I feel horrible cause he did this based on my damn recommendation.  

 

Does anyone have any other solutions? 

Did he go through the proper dispute resolution/customer support process and receive an official response? If he hasn't received an official response yet, it's impossible to know what the situation is behind the scenes, and chances are it's just part of a back log that will eventually get sorted out. But again, without an official response from them there's no way to know what the problem is. Unfortunately getting a customer support response can take a long time.

Edit: One thing to note as well is that it's not entirely uncommon for large money transfers that fall outside the normal activity of certain bank accounts to take up to 3 weeks to clear. And this is the case for bank to bank transfers, whether or not both accounts are under the same name or are different. The money leaves the senders account immediately, hangs out in limbo for 3+ weeks, then appears in the receivers account. I wouldn't panic yet is all I'm saying.

[alpha6164]

^^^ yes he did the dispute but they basically blew him off.  It’s so damn weird.  Never seen a company that takes in millions of dollars daily that doesn’t even have a god damn proper support.  

 

Can you imagine Fidelity, E-trade or any US stock platforms did that same crap ? This is one of many reasons why people are skeptical of all crypto because of this kind of bull **** 

[Benchmark]

That sucks big time, but don't give up. Pretty much all exchanges seem to be slow in their response times lately. Some people only get their issue solved after months. 

Keep contacting them through all channels.

[rootvegetable]

7 minutes ago, alpha6164 said:

^^^ yes he did the dispute but they basically blew him off.  It’s so damn weird.  Never seen a company that takes in millions of dollars daily that doesn’t even have a god damn proper support.  

 

Can you imagine Fidelity, E-trade or any US stock platforms did that same crap ? This is one of many reasons why people are skeptical of all crypto because of this kind of bull **** 

Would you mind posting their exact response? Obviously redact the personal identification information. 

[Champipple]

It takes a week for just a regular wire transfer to go through.  I mistakenly did a wire transfer earlier this week instead of having it deducted from my debit card which is pretty instant. Money was taken right out of my account but won't be credited to CB until next week. I think that totally blows.   Not surprised that regulators are coming down on these exchanges.  

As alluded to a few posts earlier, its probably because of the size of the transfer. I'm sure it will get resolved but no consolation to your buddy right now. I'd be livid. 

[PaulKim]

Man, that is complete horse ****.

Why did you recommend Coinbase?

Gemini is 10x better for wire transfers. Super fast and no fees. Offices in NY.

I used coinbase for my first purchase, never again. Felt like and still feel like a sucker for ever using them.