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

Several Coinbase users recently fell victim to 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.