On January 2, 2017, bitcoin topped $1,000 per coin. I decided it was time to sell a couple of more bitcoin. However, it had been a few months since I had logged into my coinbase account. When I attempted to login to my coinbase account on January 2, I discovered that coinbase had activated Google Authenticator on my account. So, I was locked out of my coinbase account, and I could not login. Hence, the title of this article is “coinbase follies.”
I have been using two-factor authentication on my coinbase account for a couple of years, but I have always used Authy for coinbase. I have never used Google Authenticator on coinbase, since Authy was meeting my needs. So, I was surprised when I discovered that coinbase had locked me out of my account by activating Google Authenticator. I am not sure why they did this, but I guess that they had their reasons.
In any case, I attempted to open a trouble ticket via coinbase support, but I was unsuccessful. Finally, on Wednesday, January 4, I then sent an email to email@example.com. On January 4, Bitcoin reached $1,129, and I was eager to sell. However, I did not receive a response from coinbase until January 7. By that time, Bitcoin was $905, and I missed my selling window.
On January 7, coinbase removed Google Authenticator from my account, and I was prompted to enter my Authy code for the two-factor authentication. Currently Bitcoin is at $818, and it has not even come close to the $1,129 high on January 4. Thanks coinbase for another mishandled situation. Use coinbase with caution.