Is Coinbase something like a Ponzi scheme after all?

Sorry if I post this in the wrong subreddit but Coinbase left me no choice and I am on the verge of desperation.

On September 2019, I moved back from US to Romania, my birth country because my father passed away.I was planning to return to the US no later than the Christmas holidays because I had no income whatsoever during my stay in Romania. However, I decided to stay a little longer to help my family during these times of need.

I had some savings and some investments, such as my Coinbase portfolio, which at that time was around $2000.Seeing that my family's situation is dire and my presence is needed more than ever, I had no choice but to prolong my stay for an undetermined period.

March 2020, we all know what happened, my chances of going back to the US any time soon were slim to none.

Few months of struggle, burning through all my savings, the unexpected happened, my crypto portfolio quadrupled in a matter of weeks.

This was happening somewhere in November 2020, coming as divine intervention. It's when I decided to move my crypto assets into a cold wallet for security, ease of access and my own peace of mind.

You can imagine my surprise when my attempts to login to Coinbase were denied by the very own 2 factor authentication measure that was forcefully imposed by Coinbase earlier that year,

the sms verification. I want to highlight the fact that I did not choose this extra security measure of my own accord, the constant harassment and pop ups led me to give in and comply.

I no longer had access to my US mobile number, I suspended the subscription during my stay in Romania to avoid extra unnecessary charges.

I contacted Coinbase support and they replied, advising me to create a new account with my Romanian details, in order to verify my identity and to regain access to my main Coinbase account.

I followed their instructions step by step, only to lose their interest entirely, not receiving a single reply for 3 weeks, with the exception of the automated spam, of course.

Worried out of my mind, I created a topic on Reddit to complain about my situation and maybe it helped, maybe it was just a coincidence but 3 days later, I got access to my main Coinbase account.

Unfortunately, it was just a mirage, I had no control whatsoever, they gave me the "power" of sight, namely that I can only log in and see my assets and scroll up and down. I can't access my profile, I can't trade within or outside of Coinbase, deposit or withdraw, access my profile, nothing at all. They basically just gave me a screenshot of my account with a note in the header saying:

"Your account is currently being reviewed and we need some time to verify your info. During this review, you won't be able to use Coinbase. Reviews generally take a few days so sign in every day or two to check your status."

This is going on since February 2nd. I subsequently opened multiple support tickets only to be greeted by the same old automated system, some of which stating that my issue was resolved and they have closed my case.

My portfolio was now worth around $50,000 and I was being supported financially and morally by the very people I came to help and support a year back, my family.

The travel restrictions got lifted and I am free to go back to the US any time I please but I am horrified by the prospect of giving Coinbase additional motives to delay my resolution.

I have no other choice but to stay and try and solve this with any means necessary, shaming them across all social platforms, filing a lawsuit, protesting to anyone who would listen.

To make things even worse, I am now helplessly observing how my portfolio has halvened in the past few weeks. I am, however, 'signing in every day or two to check my status' as they advised, ruining every morning for the past 4 months. It's like Groundhog Day for the wicked.

The moral and financial damage inflicted on me by this ordeal is reaching life-changing heights and I am ready to start a legal war if necessary but still, after everything, I only want access to my assets.

I did nothing wrong but moved to my home country to support my family in a time of need.

I plead to anyone who is willing to assist me in this matter as I have ran out of options.

Thanks in advance and shame on you Coinbase!!!

P.S. This is a repost from my original post on Coinbase subreddit which they censored it. Luckily, the comments are still there which reflect the content and Coinbase's cowardness

submitted by /u/waamusic
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