Crypto Scammers Pose as Coinbase, Swipe $1.7 Million from Users

Several Coinbase users recently fell victim to crypto scams involving impersonators posing as Coinbase representatives, resulting in significant losses.

One particularly alarming case involved a victim who disclosed part of their seed phrase after receiving a convincing phone call and email from a scammer claiming to be from Coinbase’s security team.

The victim, having been led to believe their wallet was compromised and transactions were imminent, entered a portion of their seed phrase on a fraudulent website, only to later discover a staggering loss of $1.7 million from their wallet.

CEO Alex Miller emphasized the dangers associated with entering any part of a seed phrase on unauthorized websites, highlighting that even partial disclosures can lead to complete compromise by malicious actors.

CT, a member of the community urgently needs your help.

$1.7 Million stolen – A good friend's self custody wallet was drained by a scammer yesterday, July 6th.

TLDR of how it went down below (3 pages)

You can find the Ethereum transactions with links in the comment below.… pic.twitter.com/OTx3wslz6R

— Tegan.eth , (@theklineventure) July 7, 2024