Breaking: VISA officially blames cryptocurrency overcharge scandal on Coinbase


Following a technical issue which resulted in Coinbase overcharging numerous cryptocurrency buyers for up to 50 times their original purchase, VISA has now come out to blame the bug on the popular exchange desk.

“Visa has not made any systems changes that would result in the duplicate transactions cardholders are reporting,” a Visa spokesperson told TNW. “We are also not aware of any other merchants who are experiencing this issue.”

“We are reaching out to this merchant’s acquiring financial institution to offer assistance and to ensure cardholders are protected from unauthorized transactions,” the statement concluded.

This dreadful situation first started shaping up when tons of Coinbase users rushed to Reddit to complain that the cryptocurrency exchange desk has wrongly charged them multiple times for their original purchase – some buyers claim they’ve been charged for up to 50 times the intended purchase.

Shortly after the news broke, Coinbase reached back to TNW to clarify that its team is investigating the issue, speculating it might have to do with recent changes to the MCC code by banks and financial institutions.

“This is related to the recent MCC code change by the card networks and card issuers charging additional fees,”  Coinbase told TNW. “We have identified a solution and future purchases will not be affected. We will ensure any customer affected by this issue is fully refunded. We expect these refunds to happen for customers automatically through their bank.”

Shortly after that, the company took to Twitter to shift the blame to Visa

Coinbase has since assured users that the accidental charges will be refunded. Unfortunately, the company was unable to provide TNW a clear timeline for the refunds.

“We’ll work with banks to ensure refunds are processed as soon as possible,” a Coinbase spokesperson told us over email. “In many cases we expect that many refunds should happen automatically.”

While Visa and Coinbase are fighting over who should take responsibility for this massive blunder, heaps of affected cryptocurrency investors have cried out that the accidental multiple charges have practically emptied out their bank accounts.

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