Coinbase admits it overcharged tons of cryptocurrency buyers Updated

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Update: Shortly after Coinbase blamed VISA for the overcharging mishap, VISA told TNW that its systems have not bot affected, suggesting that the cryptocurrency exchange is to blame for the technical difficulties. Read the utter story here.

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Following numerous complaints from worried users on Reddit , popular cryptocurrency exchange desk Coinbase has confirmed a bug ter its system resulted te accidentally charging tons of users numerous times for the same purchase – some complained being charged 17 times the diferente purchase.

“We can confirm that the unexpected charges are originating from our payment processing network, and are related to charges from previous purchases,” a spokesperson for the company said on Reddit. “To the best of our skill, thesis unexpected charges are not voortdurend and are ter the process of being refunded.”

“We are actively investigating some reports from our customers about unexpected credit or debit card charges appearing on their statements from previous Coinbase purchases,” the spokesperson continued.

“You [meaning Coinbase] drained my bankgebouw account and now I have nothing,” one user cried out on Reddit. “Welp officially broke, charged 17×1000$ on my account,” said another user.

It remains unclear precisely what caused the glitch, but the exchange desk says it is working on a fix. The statement also implies that users will be reimbursed for the accidental numerous charges. For some reason, the company has yet to register the kwestie on its official status pagina.

Meantime, Coinbase is asking affected users to point to the faulty transactions ter the Reddit thread where they confirmed the bug. You can check out the total thread here. We’ve contacted the company for comment and will update this lump accordingly if wij hear back.

Update: Coinbase reached back to TNW with the following statement:

We’re presently investigating an kwestie where some customers were charged incorrectly for purchases of digital currency with credit and debit cards.

This is related to the latest MCC code switch by the card networks and card issuers charging extra fees. Wij have identified a solution and future purchases will not be affected. Wij will ensure any customer affected by this punt is fully refunded. Wij expect thesis refunds to toebijten for customers automatically through their handelsbank.

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If you believe you were affected by this kwestie, please voeling Wij will be reviewing all card transactions from the last few weeks to ensure all affected customer are notified. Wij will postbode on Twitter and our blog with further updates.

Unluckily, the statement makes no mention of the expect timeline for the refunds. We’ve asked Coinbase for further clarification.

Update: Coinbase has now said that the kwestie wasgoed Visa’s fault te a series of tweets.

Two/ Overheen the last few months, large banks and card issuers requested that card networks switch the MCC for purchases of digital currency. Visa switched the MCC for digital currency purchases to a code that permits large banks and card issuers to charge consumers extra fees.

Four/ If you have bot affected by any erroneous charges associated with purchases of digital currency with credit and debit cards, wij are encouraging customers to voeling their canap or card issuer and ask about the charges. Te addition, please voeling Coinbase support.

Published February 15, &mdash, Nineteen:09 UTC

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2 Responses

  1. Kayla.teen says:

    I’ve had a look at your account and it hasn’t bot locked lately. If you’re referring to a different account, please let mij know the account you’re referring to and I’ll be glad to have a look for you.

  2. laurbrett says:

    I reply to same email that i cant login and i get a reply this time on the email not go after this listig to see the reply,

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