COINBASE ADMITS TO ACCIDENTALLY DRAINING USERS’ BANK ACCOUNTS

Coinbase – one of the most popular digital currency exchanges – has admitted to accidentally draining users’ bank accounts by severely overcharging their past cryptocurrency purchases.

Users have been taking to Reddit to report of significant overcharges on their cryptocurrency purchases. User thepokernit reports being charged 17x the expected amount on a $1000 purchase, claiming the mistake has left him or her flat broke. Another user ipizi reports being charged an astounding 50x what was expected — costing him or her $67k in total.

This isn't merely a cast of Redditors throwing FUD or spreading lies, either. Justin_coinbase, an official member of Coinbase’s engineering team, has confirmed the serious issue on Reddit with the following message.

Justin ends his message by candidly stating, “I apologize for the trouble, we are working as quickly as we can to help anyone affected by this. Thanks!”

Another Coinbase support technician, Coinbase-Olga, has recently issued the following update on Reddit.

It’s safe to assume that anyone affected by Coinbase’s extreme error feels far from comforted by the exchange’s response. Even if the overcharges are refunded, some users who didn’t plan on having their bank accounts drained may be finding themselves in a dire situation.

At the time of this writing, Coinbase has yet to make an official announcement about the situation either on their website or via social media.

Coinbase is one of the most widely-used cryptocurrency exchanges in the United States, trading Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. The exchange has more than 13,000,000 registered users.