Coinbase user lost $1.4 million on crypto scamming

 Crypto scam

Coinbase has repeatedly urged its users to verify any communications they receive and never to share private information like seed phrases.

 

 

A victim recently shared his story on X, explaining how he was contacted by someone pretending to be a representative from Coinbase. The scammer, posing as a member of Coinbase’s security team, sent an email that appeared legitimate, convincing the victim that he was dealing with a real exchange security member. The fraudster alerted the victim to a suspicious transaction from his wallet and crafted a believable story.

To prevent the transaction, the scammer requested the victim’s seed phrase. The victim, aware of the risks but persuaded by the scammer’s narrative, sent a part of his seed phrase. Unfortunately, even this partial information was enough for the scammer to steal $1.7 million from the victim's wallet. Alex Miller, CEO of Hiro Systems, explained that scammers record inputs on their fake websites even if users do not submit them.

Miller also shared that he received a similar fake call from someone pretending to be from Coinbase security but did not fall for the scam. Many other X users have reported similar experiences, indicating a growing trend of hackers using various methods to deceive unsuspecting users.

Coinbase has repeatedly urged its users to verify any communications they receive and never to share private information like seed phrases. These incidents highlight the importance of being vigilant and cautious when dealing with online security matters.