$1.7 Million Swiped by Coinbase Phishing Scam, Crypto Investors Cautioned 😱

Crypto Investor Falls Victim to Phishing Scam 🎣

Over the weekend, scammers posing as members of the crypto exchange Coinbase successfully drained nearly $2 million from a crypto investor in an ongoing phishing scam. The victim fell prey to the scam after disclosing part of their seed phrase to the scammers impersonating Coinbase security personnel.

$1.7 Million Drained from Ledger Wallet 💸

Edge & Node’s CEO, Tegan Kline, reported that a crypto investor had been targeted by a phishing attack, resulting in the draining of their self-custody wallet. The scam involved a scammer contacting the victim via Google Voice, pretending to be part of Coinbase’s security team.

The victim received an email from a fake Coinbase address, verifying the scammer’s identity.
The scammer claimed the victim’s transaction had been delayed for security reasons.
The victim was directed to a website where they shared part of their seed phrase.
Subsequently, $1.7 million worth of Bitcoin, ETH, GRT, MATIC, and DOT was drained from Ledger Live.

CoinTracker Breach Connection to Phishing Scam? 🔗

Community members speculated about how the scammers obtained the victim’s information, with some suggesting it was an insider job. CEO Alex Miller hinted that the scam might be linked to the 2022 CoinTracker security breach, affecting over 1.5 million users.

The scammers potentially used Coinbases’ API key to pose as the CEO.
Users reported receiving calls from scammers posing as Coinbase representatives.
Miller advised tightening Coinbase security measures and cycling API keys associated with CoinTracker.

Hot Take: Stay Vigilant Against Phishing Scams! 🚨

The crypto community is on high alert following the recent phishing scam targeting investors under the guise of Coinbase security officials. Stay wary of unsolicited communication and never disclose sensitive information to unknown parties. Always verify the identity of the individuals or platforms requesting your details to safeguard your crypto assets and personal information from nefarious actors.