Coinbase under fire for failing to assist users in recovering lost USDT funds
Since sharing her story, many others have also detailed their experience with Coinbase and other centralized exchanges on X. Most say they could not recover these funds sent to the wrong network despite contacting the exchange support
US-based cryptocurrency exchange Coinbase is facing criticism from the crypto community due to its handling of customer transactions. The criticism emerged after a Coinbase user, Holaivory, complained about losing several thousand dollars in Tether (USDT) stablecoin after sending USDT to Coinbase on the Arbitrum network.
The post has generated numerous comments from other customers who claimed they had similar experiences when they sent funds to the wrong networks on Coinbase. They noted that the exchange has poor customer support and profits from its customers' mistakes.
Customers share stories of losing funds on Coinbase
According to Holaivory, she had previously sent USDT via the Arbitrum network without any issues. However, her most recent transaction encountered problems, as she did not receive her funds after an hour.
She claimed the first Coinbase agent she contacted said it was a regular delay. After speaking with three Coinbase agents, she discovered that the exchange does not support USDT transfers via Arbitrum.
Since sharing her story, many others have also detailed their experience with Coinbase and other centralized exchanges on X. Most say they could not recover these funds sent to the wrong network despite contacting the exchange support. One user noted that incidents such as this make it impossible for crypto to replace the traditional financial system.
