What Can You Do If Your Coinbase Account Was Hacked?

When a Coinbase account gets hacked, the financial blow can feel crushing. Your crypto is gone in seconds, and you’re suddenly at the mercy of Coinbase’s notoriously slow support and uncertain recovery policies. Many victims ask, “What can you do if your Coinbase account was hacked?”

Luckily, there are some clear, actionable steps you can take to recover everything you can.

Step 1: Freeze the Damage — Immediately Secure All Related Accounts

The very first thing you should do is isolate the breach. Most Coinbase hacks stem from compromised email addresses, phone numbers, or two-factor authentication (2FA) loopholes. You immediately need to:

• Change passwords on your email and Coinbase account.
• Remove and re-add 2FA (use an authenticator app, not SMS).
• Contact your mobile provider to lock down your SIM card (prevent SIM swaps).
• Review your device security — consider running antivirus software or even replacing a compromised phone or laptop.

If your bank account or PayPal was linked to Coinbase, notify your financial institution right away. Hackers often move fast to drain any funds they have access to — beyond your crypto wallet.

Step 2: Document Everything — Build Your Case

You need to start gathering evidence, and the more detailed your record is, the better your odds are in any claim, whether with Coinbase, insurance companies, or legal authorities. Make sure to:

• Screenshot transaction history showing unauthorized transfers.
• Save all emails or texts from Coinbase (especially password resets or login alerts).
• Note down exact dates, times, and transaction IDs.
• Keep track of all communications with Coinbase support, including names, dates, and ticket numbers.

This documentation becomes critical if you decide to pursue legal action, report fraud, or push Coinbase for reimbursement. It builds credibility, clarifies the timeline, and protects your rights.

Step 3: File Official Reports and Notify Coinbase

Once you’ve assembled your evidence, it’s time to file a report. This is an important step that shows you’re taking action and starting the legal process. You can report the hack to:

• Coinbase
• FTC (Federal Trade Commission)
• IC3 (FBI’s Internet Crime Complaint Center)
• Louisiana Attorney General’s Office

While Coinbase’s reimbursement record is inconsistent, official reports bolster your credibility and could trigger a faster internal review. They could even prompt intervention by law enforcement.

Step 4: Talk to a Lawyer About Cryptocurrency Fraud

Cryptocurrency fraud is still somewhat underlegislated, but that doesn’t mean you’re powerless. An experienced attorney who understands digital asset law and cybersecurity can:

• Explore negligence claims against Coinbase or third-party apps.
• Identify whether Coinbase violated its own user agreement or security protocols.
• Determine if a class-action claim or arbitration is more appropriate.
• Begin recovery efforts through civil litigation or by exerting pressure on third parties (like telecoms or custodial services).

A knowledgeable attorney can assess whether Coinbase failed in its duties and guide you on the right way to address the issue.

Step 5: Understand Coinbase’s Liability and Arbitration Trap

Coinbase’s Terms of Service include a forced arbitration clause, which means most legal disputes can’t be handled in court unless that clause is waived. This matters because:

• You must file your claim through arbitration (not a jury trial).
• The process often limits discovery, damages, and public exposure.
• There are short timelines to file.

Still, this route may be your strongest path to recovery, especially if Coinbase failed to follow its own security obligations or ignored your support requests for too long.

When Coinbase Doesn’t Respond, You Still Have Options

It’s frustrating and frightening when a platform like Coinbase goes silent after you report that your account was hacked. You’ve followed their procedures, submitted support tickets, and even escalated the matter through every channel available. Even still, they’ve given no meaningful response. While it might feel hopeless, it isn’t. Silence from Coinbase doesn’t mean your case is over. It means it’s time to pivot.

Over $3 billion is lost annually to crypto hacks, and there was a 399% increase in cryptojacking in 2023 alone. With 165 incidents reported in 2024, it’s time Coinbase took hacking reports seriously.

Beyond filing complaints and reports, securing representation from an experienced crypto fraud lawyer can speed the case along. They can formally demand responses, engage with arbitration firms, and potentially involve state regulators.

FAQs

Quantum Counsel: Your Crypto Law Firm

At Quantum Counsel, we understand how overwhelming it is to deal with cryptocurrency fraud, especially when the legal system is still trying to catch up with rapid tech advancements. Our Louisiana-based crypto law team can evaluate your options and take measures to reclaim what you’ve lost.

Contact our firm today to schedule a consultation.