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THE TEXT THAT CAME IN ON HIS iPhone - came from an unknown number, and then so immediately he lost service. Worried his phone was being hacked, he quickly checked his most valued app : Coinbase - a cryptocurrency company where he had stored digital coins worth $100,000.
Michael Pierre couldn't log in. Panicked, he emailed Coinbase for help. The company later told him that an ''attacker'' had reset his password and drained his account.
Mr. Pierre, 47, a lawyer and onetime Coinbase employee, began urging his former colleagues to investigate the episode and compensate him for the missing digital coins, which would be worth more than $400,000 today.
COINBASE WAS FOUNDED IN 2012 by Brian Armstrong - who is the chief executive, and others. At the time, Bitcoin and other cryptocurrencies had just emerging as a way to decentralize finance by allowing people to send money to each other across the globe without the need for a bank.
But trading bitcoin without help from an institution proved tricky. So Mr. Armstrong created Coinbase as a ''currency exchange'' a place where people could buy, sell and transfer cryptocurrencies using a digital wallet. The company would take a fee each time a customer placed an order.
Today, Coinbase has 43 million customers, according to an its offering prospectus. It turned a $322 million profit last year, while its revenue more than doubled to $1.27 billion. In December, it filed to go public. It plans a direct listing, in which no new shares are issued.
As Coinbase has grown, it has fielded customer complaints. The concerns have centered on two main issues, according to legal documents and interviews with more than a dozen Coinbase users, as well as social media posts and surveys of customers :
That the company's security had been fooled by attackers who infiltrated their accounts and then stole their money, or that they had been suddenly barred from their accounts, either because of a technical glitch or seemingly for no reason at all.
Coinbase rarely bars users from their accounts, it said, but it may do so if it is investigating a violation of its term of service or suspicious activity.
Losing account access can be crippling, because some people use Coinbase as a de facto bank where they deposit their paychecks. The frustrations have been compounded because the company is often unresponsive to entreaties for assistance, users said.
A forum about Coinbase on Reddit has been flooded with requests from people seeking help in unlocking their accounts. One Reddit user, who posted that he lives in Vietnam, has left dozens of comments asking for help getting back into his account, which he said has been frozen for more than a year.
'' I need to unlock my account.'' wrote the Reddit user, whose handle is kuromedzz. ''Please reply my emails and give me solutions. I can't lose my money!''
Christine Duhaime, a financial crimes expert said, Coinbase's listing, could be a step toward aligning the crypto world with laws governing traditional financial institutions.
''Coinbase, by going public and being subject to greater regulatory oversight, is moving more into the light where there is, or will be, greater visibility and comfort.''
For most Coinbase users, legal recourse is limited. Under the company's terms of service, users agree to settle disputes through private arbitration or small claims court, rather than pursuing a class-action lawsuit.
That did not deter Mr. Pierre from suing. Mr. Pierre who worked for Coinbase between 2017 - 2018, said he initially found the decentralized format of digital currencies ''exciting''.
But after he lost his Coinbase savings, he said he saw the value in traditional, regulated institutions like banks to fall back on ''for times like this.''
''I'm less excited now,'' he said.
The Honor and Serving of the Latest Global Operational Research on Times and Tides, continues. The World Students Society thanks author Kellen Browning.
With most respectful dedication to the Global Founder Framers, Students, Professors and Teachers of the world. See Ya all prepare and register for Great Global Elections on The World Students Society : wssciw.blogspot.com and Twitter - !E-WOW! - The Ecosystem 2011 :
''' Star - Song '''
Good Night and God Bless
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