Coinbase fiat USD calculated balances way off

Koinly Support
#1

Describe the problem:
I did a sync today on an existing Coinbase wallet and now my calculated balance for USD (not USDC mind you) looks as though it’s not counting ANY of my prior USD transactions and thinks I have a negative 50k USD balance. Some others are off as well, but the most egregious is my CB USD balance.
When I re-added the API access, I noticed that my last email from Coinbase said it was connecting from Koinly v19 and previous connections from the same day said Koinly v18
This would indicate that there is work happening on the API.

Which exchange/wallet is this regarding?
Coinbase

How did you import data into this wallet?
API

What have you tried to fix this so far?
Delete/reimport the wallet completely via API, also tried importing a .csv of all transactions (which was worse)

#2

Hi @Crypt0Kiddy

Thanks for your message. :blush:

Do you have any open limit orders in your Coinbase account? We’ve had reports of the API categorising tokens/fiat that are reserved for these orders as not currently being in the wallet:

Also, if you check the Dashboard or the CB wallet directly, is it the Reported Balance or the Calculated Balance that’s showing the negative 50k?

#3

Hi @Carl_Koinly , thanks for getting back to me.
It is the calculated balance that is reported as negative; reported balance is consistent with what is currently held in CB. As I said earlier, there are also some of my crypto holdings that are reflecting a negative calculated balance as well, but I suspect that it’s due to the fiat being “off”. The difference is that CB is the ONLY data source that reports fiat USD, so there has to be something inconsistent being calculated, especially since this showed up out of the blue with an otherwise “happy” wallet connection until recently. I tallied up all my imported fiat deposits to CB and this number is similar to the reported discrepancy, so I suspect these are somehow not being calculated in the ledger properly.

I do not have any recent open orders, so all of my USD is totally liquid.

I will also say that I have noticed some inconsistency with the way that CB reports USDC vs USD fiat transactions, especially with the Advanced Trade fill status, so I have reverted to using pure fiat as opposed to USDC as my primary balance in CB. This has nothing to do with Koinly, since it’s wrongly reported in the advanced trade output, and thus is incorrect in the API pulls.

#4

Hi @Carl_Koinly ,
I did some further digging and I think I know what is causing this.
Older Coinbase transactions that were carried out with a “direct” crypto buy, i.e. there was not a corresponding fiat deposit first, seem to be the reason for this behavior.
They look like this, where there is a fiat deduction without a corresponding deposit:

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I can’t determine exactly when this behavior started, but when I tally up the direct buy transactions, they roughly add up to the amount of discrepancy between reported and calculated balance.
As I said when I first reported this, this is a recent development with Coinbase API reporting because I was not seeing this behavior when I first started using this service in Mid-February 2024.

1 Like
#5

@Crypt0Kiddy Yes this is an issue we have reported, however a negative FIAT balance does not mess with your final figures so its okay to ignore for now.

Basically Coinbase doesnt report your USD onboarding to the platform, so when USD buys are carried out, Koinly assumes you had no USD to begin with so the balance goes into minus