Coinbase’s Overcharging Glitch Is Both Worldpay and Visa’s Fault [Fortune]
Bank of America Corporation (BAC)
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Source: Fortune
Yesterday started like a relatively normal day at Coinbase , the largest U.S. exchange for buying and selling Bitcoin and other cryptocurrencies. The Bitcoin price was finally rising again, breaking above $10,000 for the first time in a month after a protracted crash . But then the complaints started pouring in. Suddenly, Coinbase customers were being double-charged—and sometimes triple-charged, or even overcharged dozens of times over—for cryptocurrency purchases they’d made weeks earlier. Because the transactions were on credit and debit cards, the duplicate charges in some instances drained customers’ bank accounts and then some, generating costly overdraft fees from their banks on top of it all. Executives at San Francisco-based Coinbase were blindsided as the company’s dedicated Reddit forum—a hotbed of customer angst—exploded with fury. One person claimed to be “hit” with 50 new charges of a total $67,000, forcing the user to close his bank account. Others
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