Starting a few hours ago the Coinbase subreddit has been flooded with complaints from the users of the exchange. Most of them are complaints from people who got their bank accounts drained resulting from duplicate charges. Some of the posts state that they even witnessed 17x charges on their accounts and that they ran out of money:

After visiting the threads we found that user justing_coinbase (a moderator of the subreddit and a Coinbase employee) has been trying to calm users down in several threads. He confirmed that the issue of overcharging has been the result of an error from the payment processing network of the company. The payment processor started charging duplicates again for the user’s previous purchases. He also stated that these charges will not be permanent.

Even though he assures people that they will get refunded and no damage will be permanent they should count with the fact that some users ran out of money because of their actions and not everyone has the ability to survive without any funds left on their bank accounts.

Another user claimed that he already went to visit his bank to claim a refund over the faulty charges. The bank acknowledged the problem and claimed that there are several other users affected who have an account with them and that the sorting out of these claims could take up to 6-8 business days, which is a really long time overall without money. Let’s hope Coinbase sorts out their own errors before the banks do.

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UPDATE: Coinbase issued an official statement on the situation: https://blog.coinbase.com/