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.

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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.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.