CoinZoom, Inc. CFPB Complaints

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2000 Latest Complaints
Date Received Timely Response Product Issue State / Zip Submitted Via Tags
08/03/2022 Yes
  • Money transfer, virtual currency, or money service
  • Virtual currency
  • Fraud or scam
  • IL
  • 60901
Web Older American
On XXXX XXXX at approximately XXXXXXXX XXXX I received a XXXX alert form XXXX of an Unreconized charge through my XXXX account in the amount of {$490.00}. I logged into my XXXXl account to obtained more information. There I discovered an invoiced with information alone with a phone number to dispute the charge. I called the number and a male voice answered and identified himself as XXXX XXXX This person identified himself as XXXX and told me that my phone had been hacked by and they where trying to get into my accounts. He told me that he could stopped the hackers and I needed to download an app called XXXX XXXX. This app allowed him/them to gain access to my phone. Upon access they began serching for accounts associated with money. They had me to allow them access to my digital currency accounts as well as my bank accounts. They told me they had to remove and safe guard my funds before they could stop the hackers. They gained access to my XXXX accounts CoinZoom where I had approimately {$80000.00} dollars in XXXX and XXXX stored. They begin to transfer these funds from my account at a rapid pace. They transferred these funds to a newly created account into XXXX using my information. Then they gained access into my XXXX bank account. They instructed me to transfer {$17000.00} from my savings account to my checking account. They had me send {$7500.00} through XXXX to my son and then had me immediatedly reverse the transaction by having my son send it back. I later discovered they closed/deleted my XXXX account. Then they used {$10000.00} to purchase XXXX from my XXXX account and another {$1000.00} was used to purchase XXXX through my paypal account and XXXX. All this took place a span of about 4-1/2 hours with me. They tried to bring 2 of my sons into their scam but my sons had suspected this was a scam. They tried to alert me by phone and through text but was blocked. They kept telling me to stay calm and that my funds would be returned in 24 hrs. After they where done I became panicy and begin to take action by alerting my bank and the other institutions involved. My bank to action by stopping 3 of the 4 transactions to XXXX. We to other security proceedures to protect my account. However CoinZoom, XXXX made a decision to not cooporate. I filed a report with the FBI hotline for senior citzens as well a report with my local law enforcment agency. After visiting my Social Security office I was advised to visit my State Reprensentive office where thy suggested I file this report with CFPB and the FTC.
02/03/2022 Yes
  • Checking or savings account
  • Checking account
  • Managing an account
  • Problem making or receiving payments
  • AZ
  • 85032
Web
On XX/XX/XXXX I transferred {$7000.00} from my CoinZoom Debit card ending in XXXX to XXXX. A few minutes later, I meant to send the {$7000.00} to my XXXX XXXX Checking account, but instead sent the money back to my CoinZoom Debit card ending in XXXX as that was the payment source that was currently linked to my XXXX account. Please note that the amount sent from XXXX to CoinZoom was {$6900.00} ( the bank statements show {$7000.00} as there was a {$100.00} fee to transfer the cash out to CoinZoom ). I've attached an XXXX file listing all transactions going in and out of my XXXX Account. I've also listed a snapshot of my XXXX and XXXX activity showing the transaction leaving my XXXX account on XX/XX/XXXX at XXXX MST and never being returned. XXXX confirmed that the {$6900.00} was sent to CoinZoom and provided the Retrieval Reference Number : XXXX to help trace the deposit. Then After multiple follow-ups and over a month of waiting I finally received the missing {$6900.00} on XX/XX/XXXX deposited in my CoinZoom account. Then on XX/XX/XXXX, when I logged into my Coinzoom account, CoinZoom made a " ACH Adjustment '' for a negative - {$6900.00}. They removed my {$6900.00} in funds and never provided an explanation as to why they credited my missing funds and then decided to take it away a week later. I've reached out over XXXX times in the last XXXX months and they still have not resolved this problem. I've also sent XXXX messages in the past 60 days requesting them to provide an update and they haven't responded. I even provided them with a Business to Business phone number that XXXX XXXX provided me ( XXXX ) XXXX to work with them on locating the funds and they haven't made any attempts to remediate the issue. I'd like to have my {$6900.00} in missing funds returned to me immediately.
02/25/2021 Yes
  • Money transfer, virtual currency, or money service
  • Domestic (US) money transfer
  • Confusing or missing disclosures
  • VT
  • 058XX
Web
On XX/XX/21, I made 2 transfers to CoinZoom to try out their services. I purchased crypto currency with the deposited funds. I was not satisfied with the service as at time I had to purchase in partial crypto instead of U.S. Dollars ( USD ). I had {$1.00} left in my online USD wallet at that time ( see attached screenshot ). After navigating the app, I saw that in order to withdraw my funds, I would have to deposit another {$1.00} and purchase more crypto in that amount plus what I had in my USD wallet ( minimum crypto buy amount ) so I could finally withdraw my funds. Still, I was not able to do that. ACH withdrawal directly to my checking account is not available at CoinZoom ( see attached screenshot ). The only other option is by wire transfer for which they charge {$25.00}. So I tried to do a wire transfer withdrawal. CoinZoom only allows wire transfers with a minimum of a {$100.00} transfer. My balance is {$39.00}. This means that there is no way for me to withdraw my funds from CoinZoom. I called CoinZoom about getting my funds back. They told me I had two options : wait until they allow ACH withdrawals ( there are no plans to institute this at this time ), or deposit more money so I can make a wire transfer at a cost of {$25.00} to me. Ive tried ( and kept ) four other online brokers - none of them have no option for refunding your funds. Can you please help me get my funds back from CoinZoom in the amount of {$39.00}? Thank you!
02/17/2023 Yes
  • Money transfer, virtual currency, or money service
  • Virtual currency
  • Money was not available when promised
  • NC
  • 283XX
Web
On XX/XX/XXXX I deposited {$500.00} USD into Coinzoom via ACH Bank Transfer. Prior to making this deposit, I provided CoinZoom with my US Drivers License, Social Security number and personal information they requested. I was able to purchase crypto currency, however I can not do anything with my funds like move them to an external wallet or even back to my bank for 30 DAYS. My funds won't be available to move until XX/XX/XXXX. How is this legal? I have provided CoinZoom with all the documentation they have asked for before making the deposit and would be more than willing to provide any additional verification they need to confirm my identity. Coinzoom is holding my funds for an unreasonable amount of time for no valid reason. They claim they have outrageous hold times on funds to protect themselves against bad actors however they can not punish law abiding citizens because they do not vet customers thoroughly. When I provided them with the information they requested to verify my identity before I made the deposit, I entrusted that my deposit would be cleared within a reasonable time frame. Traditional banks dont even hold Ach deposits for 30 days. I would like the holds on my funds released immediately.
08/30/2022 Yes
  • Money transfer, virtual currency, or money service
  • Virtual currency
  • Other transaction problem
  • CA
  • 95134
Web
Commencing on or around XX/XX/2022, I fell victim to a multilayered scam operation orchestrated by XXXX / XXXX / XXXX / XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX ( the Fraudsters or the Companies ), with the design, development, manufacturing, promoting, marketing, distributing, labeling, and/or sale of illegal and outright fraudulent investment services, all of which aim at contributing to the goal of robbing and defrauding clients through a predetermined cycle of client losses to gains in the equivalent of XXXX USD which was transferred from my wallet utilizing Coinzoom 's services. I do not have a proclivity to blame others for my downfalls, however, I can not help but link this enormous loss with the trust I had instilled in Coinzoom which is regulated. Coinzoom customer service is not responding properly. They are not sensitive to resolving the customer issues like this. Being financial institutes, they are more capable of tracking the transactions and retrieving the money and returning it to me.
06/10/2022 Yes
  • Money transfer, virtual currency, or money service
  • Mobile or digital wallet
  • Fraud or scam
  • CA
  • XXXXX
Web
Commencing on or around XX/XX/2022, I fell victim to a multilayered scam operation orchestrated by XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX ( the Fraudsters or the Companies ), with the design, development, manufacturing, promoting, marketing, distributing, labeling, and/or sale of illegal and outright fraudulent investment services, all of which aim at contributing to the goal of robbing and defrauding clients through a predetermined cycle of client losses to gains in the equivalent of XXXX USD which was transferred from my wallet utilizing Coinzoom 's services. I do not have a proclivity to blame others for my downfalls, however, I can not help but link this enormous loss with the trust I had instilled in Coinzoom which is regulated.
04/11/2022 Yes
  • Money transfer, virtual currency, or money service
  • Virtual currency
  • Wrong amount charged or received
  • NJ
  • 08807
Web
On XX/XX/2022 I made a {$99.00} withdrawal transaction to my bank checking account from my COINZOOM account.The company instead made a {$99.00} deposit to my COINZOOM account from my bank checking account. Then on XX/XX/2022 I was charged {$100.00} for an ACH reversed fee when my bank was told of the situation and communicated with COINZOOM for them to correct the {$99.00} withdrawal, to a deposit instead to my bank checking account. I checked the rules and did not find this abusive {$100.00} exorbitant fee COINZOOM has charged me, as this is abuse of the customer. thanks for your help.
03/29/2023 Yes
  • Money transfer, virtual currency, or money service
  • Virtual currency
  • Other service problem
  • CA
  • 95129
Web
On XX/XX/2023, I submitted a request to Coinzoom to close my accounts with them. On XX/XX/2023, CoinZoom support staff replied that they would not or could not comply with my account closure request, citing that their system does not support such action. I do not have any outstanding debts or other obligations that would necessitate keeping the account open. CoinZoom cites that complete deletion of my personal info from their system is not possible due to financial records laws, but I have not requested deletion of my info- I have only requested for my accounts to be closed.
01/09/2024 Yes
  • Money transfer, virtual currency, or money service
  • Domestic (US) money transfer
  • Money was not available when promised
  • AZ
  • 85009
Web Older American