Was Coinbase hacked? Exchange blames Visa as customers overcharged for thousands


We're now investigating an issue where some customers were charged incorrectly for purchases of digital currency with credit and debit cards. As Bitcoin has suffered volatile ups and downs this past year, companies like Coinbase have struggled to maintain a stable product and keep customers reassured they're fast-changing cryptocurrency fortunes are at the very least safe and securely stored.

Coinbase, a popular way to buy, sell, and store digital currency including Bitcoin and Etherium, is now being accused of charging some of its customers five, seventeen, or even fifty times for the same purchase to the point those customers went broke - and it's not yet clear what's going on.

"Some customers might experience a delay between the issuance of the new charge and the offsetting refund, but ultimately customers should only have a single charge on their card statement", Coinbase says. They also told me Coinbase is a scam and not to use their service anymore.

After allegedly draining bank accounts, Coinbase promises refunds

Having investigated the matter, the exchange representatives tweeted that the problem were apparently "the result of Visa reversing and recharging transactions" and not Coinbase's doing, promising to reimburse "all affected customers". The company says that refunds should be issued directly through banks.

Purchases that occurred between 22 January and 11 February 2018 may have been refunded and reprocessed.

In one particularly severe case, a Reddit user was reportedly charged seventeen times for a payment made on the platform.

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"Over the last few months, large banks and card issuers requested that card networks change the MCC [merchant category code] for purchases of digital currency". The credit card processor didn't update its codes in time and had to reprocess large numbers of transactions. "For the benefit of consumers, we hope that this will not have additional cash advance fees". The banks cited cryptocurrency's volatile nature and the risks associated with it as the reason behind the ban.

Though thousands of dollars in ghost transactions is a huge deal coming from any company, Coinbase appears to have learned some lessons when it comes to crisis management.

Coinbase has, so far, taken no position.

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Reddit customers also seem to be dissatisfied with other exchanges. "Well done Coinbase, Scotiabank advisers are telling their clients that you guys are a scam".

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