Coinbase is an app for trading crypto currency. Presently it’s not regulated by any kind of law for accountability in case of hacks that occur on its app. Many Coinbase app users have lost hundreds of thousands of dollars and have received no restitution. Coinbase refuses to reimburse anyone. It points to an agreement clause that states that they will not reimburse any of their users in case a third party hacks into your account. Comparatively, if these fraudulent hacks were to occur on bank apps they would be solely responsible for reimbursing their account holders. We need a similar kind of law regulating crypto platforms like Coinbase app. This action will force Coinbase to invest in its app to make it hack-free and it will hold liability for reimbursing funds to its app users.

I lost almost $6000 as a result of a fraudulent transaction on Coinbase app. The hacker knew i had an account on Coinbase and stole by credentials by tricking their system. I took them to small claims court but they have refused to reimburse me. This has happened to many others and will continue to happen to other people unless there is a governing law put in place to ensure the safety of funds of the app users.