{"id":105979,"date":"2018-02-16T11:30:05","date_gmt":"2018-02-16T16:30:05","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=105979"},"modified":"2021-09-16T07:21:40","modified_gmt":"2021-09-16T11:21:40","slug":"passing-the-buck-visa-blames-coinbase-for-erroneous-error-that-overcharged-customers-drained-accounts","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/passing-the-buck-visa-blames-coinbase-for-erroneous-error-that-overcharged-customers-drained-accounts","title":{"rendered":"Passing the Buck \u2013 Visa Blames Coinbase for \u2018Erroneous\u2019 Error that Overcharged Customers, Drained Accounts"},"content":{"rendered":"

As was previously reported<\/a>, Coinbase \u2013 one of the most popular digital currency exchanges \u2013 experienced one of the more egregious errors in recent cryptocurrency history by duplicating users\u2019 past debit\/credit card and bank purchases, effectively siphoning money from accounts without authorization.<\/strong><\/p>\n

\n

The costly error reportedly left many users\u2019 bank accounts completely drained. Some users on Reddit reported unauthorized transactions upwards of $50,000, while many others reported duplicated purchases on smaller transactions. Even those less affected have been left with a massive headache from filing support tickets with Coinbase, calling their banks, and disconnecting their linked accounts.<\/p>\n

Yesterday, Coinbase confirmed the mistake, but later passed the blame on to Visa \u2013 stating the \u201cerroneous credit and debit charges are the result of Visa reversing and recharging transactions. This was not done by Coinbase.\u201d<\/p>\n

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1\/ We have determined that the erroneous credit and debit charges are the result of Visa reversing and recharging transactions. This was not done by Coinbase. We are working with Visa to ensure all affected customers are reimbursed.<\/p>\n

\u2014 Coinbase (@coinbase) February 16, 2018<\/a><\/p><\/blockquote>\n

Visa, however, begs to differ.<\/p>\n

A spokesperson from Visa told<\/a> the Financial Times<\/em> that the financial institution \u201chas not made any systems changes that would result in the duplicate transactions cardholders are reporting [\u2026] we are also not aware of any other merchants who are experiencing this issue.\u201d<\/p>\n

Some users have reported on Reddit that purchases via linked bank accounts have been duplicated, as well, which indeed would presumably indicate an issue on Coinbase\u2019s end \u2013 not Visa\u2019s.<\/p>\n

Visa also claims to be ready and willing to \u201censure cardholders are protected from unauthorized transactions.\u201d<\/p>\n

Despite the rather serious setback and egregious error made by Coinbase, the market has remained relatively stable. At the time of this writing, three of the four cryptocurrencies traded on Coinbase \u2013 Bitcoin, Bitcoin Cash, and Litecoin \u2013 are all up over a 24-hour period.<\/p>\n

\"New<\/p>\n

Affected users did not actually receive cryptocurrency for their duplicated orders, indicating the market\u2019s stability is not artificial. In fact, the market\u2019s ability to remain steady in the face of legitimate FUD (Fear, Uncertainty, and Doubt) may indicate a bullish trend. It definitely illustrates how little of an impact the average buyer has on the overall market.<\/p>\n

Nevertheless, Coinbase has undoubtedly suffered a serious blow to its reputation.<\/p>\n

As it stands right now, Coinbase primarily serves as the gateway for the majority of individuals looking to invest in cryptocurrency \u2014 especially in the United States. Draining users\u2019 bank accounts, however, is the fastest way to promote incoming competition<\/a>.<\/p>\n

Have you been affected by Coinbase\u2019s error? Do you think they incorrectly passed the blame on to Visa? Let us know in the comments below!<\/strong><\/em><\/p>\n

\n

Images courtesy of Shutterstock, Glassdoor<\/em><\/p>\n

The post Passing the Buck \u2013 Visa Blames Coinbase for \u2018Erroneous\u2019 Error that Overcharged Customers, Drained Accounts<\/a> appeared first on Bitcoinist.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

As was previously reported, Coinbase \u2013 one of the most popular digital currency exchanges \u2013 experienced one of the more egregious errors in recent cryptocurrency […]<\/a><\/div>","protected":false},"author":962,"featured_media":105980,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-105979","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news"],"acf":[],"yoast_head":"\nPassing the Buck \u2013 Visa Blames Coinbase for \u2018Erroneous\u2019 Error that Overcharged Customers, Drained Accounts - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"Coinbase blames Visa for the erroneous credit and debit charges resulting from Visa reversing and recharging transactions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/105979\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Passing the Buck \u2013 Visa Blames Coinbase for \u2018Erroneous\u2019 Error that Overcharged Customers, Drained Accounts\" \/>\n<meta property=\"og:description\" content=\"Coinbase blames Visa for the erroneous credit and debit charges resulting from Visa reversing and recharging transactions.\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2018-02-16T16:30:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-09-16T11:21:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2018\/02\/gd-coinbase.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adam James\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Adam James\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/105979#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/105979\"},\"author\":{\"name\":\"Adam James\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/3391ac79c876ae824fdffe593096e2f0\"},\"headline\":\"Passing the Buck \u2013 Visa Blames Coinbase for \u2018Erroneous\u2019 Error that Overcharged Customers, Drained Accounts\",\"datePublished\":\"2018-02-16T16:30:05+00:00\",\"dateModified\":\"2021-09-16T11:21:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/105979\"},\"wordCount\":482,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/105979#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2018\/02\/gd-coinbase.jpg\",\"articleSection\":[\"More Crypto News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2018\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/105979\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/105979\",\"name\":\"Passing the Buck \u2013 Visa Blames Coinbase for \u2018Erroneous\u2019 Error that Overcharged Customers, Drained Accounts - 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