What to know:
- Coinbase users have apparently decided to donate over $65 million to social engineering attacks in just two months. How generous! That’s a whopping $300 million a year, according to our favorite crypto detective, ZachXBT. 💰
- Scammers are having a field day, using stolen personal data to send fake emails that look just like the real deal from Coinbase. They even include false case IDs to trick users into transferring their hard-earned cash to wallets controlled by these digital Robin Hoods. 🏴☠️
So, in case you missed it, Coinbase (COIN) users have lost over $65 million to these oh-so-clever social engineering attacks in the last two months alone. And let’s not forget the estimated $300 million lost annually, as reported by our crypto Sherlock, ZachXBT, in a post on X. 🕵️♂️
But wait, there’s more! The actual amount lost could be even higher because, you know, some people just don’t report their losses. Maybe they’re too busy crying into their pillows? 😢
Coinbase has been as quiet as a mouse on this issue and didn’t bother to respond to CoinDesk’s request for comment. Maybe they’re too busy counting their own coins? 💸
According to ZachXBT, these scammers are so crafty they can clone the Coinbase site almost perfectly. They send out spoofed emails with prompts that would make even the most seasoned con artist proud. “The two main groups conducting these scams are skids from the Com and threat actors located in India, both primarily targeting US customers,” he noted. Sounds like a real international operation! 🌍
5/ They then sent a spoofed email which appeared to be from Coinbase with a fake Case ID further gaining trust.
They instructed the victim to transfer funds to a Coinbase Wallet and whitelist an address while “support” verified their accounts security.
— ZachXBT (@zachxbt) February 3, 2025
In a twist of irony, a Coinbase employee advised users on X to stop using VPNs to avoid being flagged as suspicious. Meanwhile, the scammers are blocking VPNs from their phishing sites. Classic case of “do as I say, not as I do,” right? 🙄
ZachXBT has some advice for Coinbase: make phone number inputs optional, create a restricted account type for new users, and for heaven’s sake, improve community education on scam prevention. Because clearly, we need all the help we can get! 📚
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2025-02-04 18:29