Account closed after transferring funds from Agora wallet to Coinbase.

Just received this email after transferring funds from my Agora wallet to my Coinbase account:

Hello,

We've had to close your Coinbase account as it appears you have conducted a transaction that is prohibited (see https://www.coinbase.com/legal/prohibited).

If you feel we have reached this decision in error, please reply with evidence demonstrating the nature of the goods or services on your most recent transactions.

We appreciate your understanding and cooperation in this matter.

Thank you, Coinbase


Comments


[11 Points] AgoraMarket:

The solution to all this isn't necessarily tumbling. Because then Coinbase will potentially accuse you of money laundering; they can easily trace a tumbler's hot wallets just like they can trace a DNM's wallets. Tumbling doesn't hurt, but it may not help either.

A workable solution is to withdraw all DNM funds to two successive wallets you control. Paper wallets, MultiBit/Electrum wallets, whatever. There has to be some intermediary step so Coinbase can't say, "aha, a drug site directly sent these coins to this guy's Coinbase account". With the intermediary wallet(s), it could be, "aha, a drug site sent coins to a user, who then sent them to another user, who then sent them to their own Coinbase account".

I understand Coinbase is trying to comply with laws, but the whole thing is ludicrous and will cost them business in the long run.


[3 Points] SkyNet_Is_Watching:

Coinbase is run by fucking Nazis. Fuck them to Hell.


[3 Points] D-U-WHY:

Its all over /r/fakeid coinbase is suspending accounts for anything sketch. Anything from sending coins to a market, to a tumblr to a venxor(in the case of fake ids). Thry are trying to stay away from the sketch bitcoin stuff. I have even heard that they will suspend accounts for sending the coins to a private wallet, then to a tumblr.


[3 Points] noiro777:

If Coinbase would actually close all of the accounts that are being used for "prohibited transactions", I don't think they could stay in business.


[2 Points] samwhiskey:

Why would you do that?


[2 Points] CocaineNose:

<n/a>


[2 Points] al_eberia:

Did they let you take the bitcoins out? If not, just claim you sold something to someone online and they sent the bitcoins, fake up some chat logs.


[2 Points] Billcosbyrapedmetoo:

oh snap coinbase all up in your biz cuz.


[2 Points] UndefinedExperience:

I mean that sucks and all, but you shouldn't be such a moron.


[2 Points] Theeconomist1:

This is fucked up. Coinbase must be doing something new and cracking down b/c I've heard nothing along these lines and now there are a few posts talking about closed accounts. If Coinbase has the address of Agora's hot wallet, then its trivial for them to monitor deposits to Agora. But I'm wondering if Coinbase is doing something more, some analytical shit to determine if you are sending coins to a market or a tumbler. If this is the case, that's quite scary. But I wonder about the feasibility of doing something like that. Its obvious when you send coins to anything that has an internal tumbler or a tumbler itself I think. When you look at the addresses, you see certain give-aways that say some tumbling is going on. But that being said, wouldn't a service like LBC do something similar? They have a large wallet and I'm sure transfers happen b/w many wallets on transactions internally. Of course they could have a whitelist of services that are fine and kosher.

So is the thinking that Coinbase is aware of Agora specifically? I've tumbled and haven't gotten any sort of message on my account.

Would having an Electrum wallet in the middle be enough of a buffer so that Coinbase's auditing isn't triggered? So would Coinbase->Electrum->Market or Tumbler be sufficient to put some distance b/w you and your market/tumbler? Or should there be another intermediate wallet?

I've always tumbled in the past but I'm started to grow concerned about that. Its nothing specific to anything going on but I do worry that a tumbler is the bottleneck that can fuck you. It sort of reminds me of how LE ran a honeypot VPN to nab those carders years ago. Same concept. And its become apparent that Coinbase is probably cooperating with LE in some fashion, whether it be they are just being more cognizant of market wallets at LE's direction or more, who is to say. But they have some compliance it seems b/c otherwise, they wouldn't give 2 shits were customers sent their money.

I just recently started using Electrum and like it a whole lot. I need to do more research to see what kind of anonymity it may give me. I guess the problem is that the taint is still there if you don't tumble. I kind of like the idea of using a gambling site or such to break the chain.


[1 Points] None:

How do they know where the wallet is that the funds came from?


[1 Points] ApricockApecot:

Wow Coinbase sucks dick


[1 Points] None:

[deleted]


[1 Points] TollyOnDank:

If I were using a bank account to purchase BTC, I would transfer them to another wallet that was linked to it.


[0 Points] craneyourneck:

First post....new account....second time seeing coinbase distancing itself from the DNM........Looks a little bit like viral PR to me.


[0 Points] This_Is_That_Moment:

I quit using Coinbase because of this and I had a $10,000 insta-buy weekly limit, lol. Fuck the Gestapo.