Confirmation: Coinbase Reveals It Overcharged, Drained Customer Accounts

The popular cryptocurrency exchange Coinbase accidentally charged its customers as much as 50 times too much on credit and debit cards. In many cases, this unexpected overcharging drained bank accounts or maxed out the credit cards.

More than one customer highlighted the discrepancy it what charges they expected versus what charges actually occurred on Reddit. While it’s often difficult to separate fact from fiction in online crypto forums, in this case, the discrepancies were all too real.

According to a Bitcoinist report, a member of Coinbase’s team took to Reddit to confirm the situation.

Justin_coinbase, an official member of Coinbase’s engineering team, wrote, “We are actively investigating some reports from our customers about unexpected credit or debit card charges appearing on their statements from previous Coinbase purchases. We can confirm that the unexpected charges are originating from our payment processing network, and are related to charges from previous purchases. To the best of our knowledge, these unexpected charges are not permanent and are in the process of being refunded…”

Ultimately, Coinbase is investigating the situation and in an update, another Coinbase team member revealed the issue originated downstream from the service, and that the exchange is working to correct the situation.

Coinbase is a wildly popular U.S. exchange, and more than 13 million registered users use it to trade Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.