Coinbase Will Liquidate Assets, Denies Withdrawal Access

10 points by cesarizu ↗ HN
I find myself in a dire situation that I never imagined possible with Coinbase, one of the leading cryptocurrency exchanges. Despite my relentless efforts, I'm trapped in a nightmarish scenario where my assets are on the verge of being liquidated, and I've been rendered helpless in withdrawing them.

The issue stemmed from Coinbase's sudden imposition of new terms and conditions, which I was unable to accept due to a persistent technical glitch. Despite exhaustive attempts across various browsers and devices, I've been met with an impenetrable wall preventing me from accessing my account.

Compounding my frustration is the fact that I'm not based in the US or EU, leading me to suspect that my geographical location might be a contributing factor to this ordeal.

Months of attempting to contact Coinbase have yielded no resolution. I've meticulously followed every instruction they've provided, resubmitted identity verification documents countless times, and even created a new account at their insistence, only to find myself still locked out of my assets.

Now, to add insult to injury, I've received a chilling notice that my assets will be seized if I fail to withdraw them immediately. It's a desperate situation, and I'm at my wits' end.

I'm reaching out to the community in the hopes of finding a solution or gaining some insight into navigating this Kafkaesque nightmare. If anyone has faced a similar predicament or has any suggestions on how to proceed, your input would be invaluable.

Time is of the essence, and any assistance in resolving this crisis would be greatly appreciated. Thank you for standing in solidarity during this challenging time.

7 comments

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> I'm not based in the US or EU

Where are you based?

> Months of attempting to contact Coinbase have yielded no resolution

What methods did you use?

I'm based on Ecuador. I contacted them through their chat and their support email, exchanging about 50 messages so far.
Try submitting a complaint [1]. In all likelihood, you will need to send a physical letter to “the address for service for the relevant Coinbase entity” [1]. Perhaps you can find it here [2].

In the letter give your account details (name, number, description of assets), reference a copy—ideally notarised—of your valid government-issued photo ID (assuming the account is in your name), and provide a wallet where you would like your assets sent. As a back-up, provide bank details for liquidated proceeds to be sent. Avoid emotional language.

It doesn’t seem like you have many legal protections as a cryptocurrency holder in Ecuador, so perhaps this can be considered a teaching moment while preparing yourself emotionally for losing these assets.

[1] https://help.coinbase.com/en/contact-us/submit-a-complaint

[2] https://help.coinbase.com/en/coinbase/other-topics/legal-pol...

[3] https://www.supercias.gob.ec/portalscvs/index.htm

Thanks, I'll try these other avenues.
Hire a US lawyer.
Thanks, I fear that it would be more expensive than what I have in that account.