A Coinbase user fell victim to scammers, losing $34.9 million in Bitcoin. The incident raises questions about the platform's security.
Incident Details
The incident occurred as suspected scammers stole $34.9 million in Bitcoin from a Coinbase user. An investigation revealed that 400.099 BTC were quickly transferred and converted using decentralized protocols Thorchain and Chainflip. This increases the total amount stolen from Coinbase users this month to over $46 million.
Potential Security Issues with Coinbase
Blockchain investigator ZachXBT pointed out that none of the addresses involved in the thefts have been flagged for compliance review. This raises questions regarding Coinbase's efforts in fraud detection and prevention.
How to Protect Yourself
To protect themselves from similar scams, users are advised to: * Enable two-factor authentication (2FA) on all accounts. * Be cautious of phishing attempts and double-check URLs before entering credentials. * Regularly monitor account activity and report suspicious transactions immediately. * Store significant crypto holdings in secure, offline wallets.
As the investigation continues, Coinbase users must remain vigilant and implement additional security measures to protect their digital assets.
