A recent scam affected Coinbase users who lost over $45 million. This incident highlights how even experienced crypto users can fall victim to modern scams.
Scale of the Scam
In the past week, over $45 million was lost by Coinbase users due to social engineering scams. According to independent blockchain expert ZachXBT, scammers used fake support calls and phishing websites.
Scammers' Methods
The investigation revealed that stolen funds were transferred to various addresses and laundered through decentralized exchanges. Scammers employed fast wallet transfers, sending entire account balances in single transactions.
Impact on Users
As a result of the scams, Coinbase users faced financial losses predominantly in ETH, DAI, and BTC. Experts note that while blockchain security technology advances, human vulnerabilities remain a primary target for scammers.
The persistence of social engineering schemes underscores the challenges regulators face in safeguarding digital assets. Increased vigilance from users and improvements in two-factor authentication on exchanges may help reduce risks.
