A Massive Cryptocurrency Exchange Is Draining Its Customers’ Bank Accounts

One of the world’s biggest cryptocurrency exchanges seems to be having some… technical difficulties, shall we say. According to a number of users, Coinbase is draining their bank accounts – and in many cases seriously overdrawing them – with repeated transactions.

A brief squiz at the Coinbase subreddit proves that the problem is somewhat widespread:

The reports from users on Reddit all follow a similar pattern: they’ve been slugged with repeated Coinbase charges for large sums which don’t necessarily align with previous legitimate charges from the crypto exchange. Here’s one from one user:

My bank account went from very comfortable to negatives balance, not to mention extra $5 charges, and overdraft fees. As a result my rent check bounced, and my bank went further into negative for a NSF charge for $25. My landlord is not a nice person and is on my CASE and I have nothing to offer him. I am FREAKING OUT.

Despite the fact that the issue seems to have become far more pressing over the past 24 hours or so, it isn’t exactly a new issue. A Coinbase employee made a post on Reddit over a week ago about reports of double charges from some users. The employee blamed it on new bank policies on cryptocurrency transactions, and said it only affected certain banks and credit cards.

“At this time, this issue only appears to be affecting a small number of banks, and only when using cards,” the post reads. It called for users to report the precise details of the unusual transactions on their accounts.

The company reportedly had a similar issue all the way back in 2016 – the heady days when your parents didn’t know about Bitcoin and didn’t talk about it at family functions.

At the moment, there don’t seem to be any reports coming from Aussie banks and customers about this problem, but we’ll keep you posted.