As a researcher with experience in the crypto space, I find the ongoing phishing scam targeting investors, which has drained nearly $2 million from a victim’s wallet, deeply concerning. The recent report of a $1.7 million drain from a Ledger wallet is particularly alarming.
In the cryptocurrency world, there’s growing concern about a phishing scam that has swindled approximately $2 million from investors since the weekend. Impostors masquerading as crypto exchange Coinbase are believed to be behind this scheme. The origins of this fraud appear linked to the security breach at CoinTracker in 2022.
$1.7 Million Drained From Ledger Wallet
On Monday, Tegan Kline, the CEO of Edge & Node, announced that one of their crypto investors had unfortunately become a victim of a phishing scam. The fraudsters disguised themselves as representatives from Coinbase’s security team to lure crypto investors. As an unfortunate consequence, a user lost a significant amount of cryptocurrency by disclosing half of their seed phrase.
According to the findings of the report, a cryptocurrency investor received a call on Google Voice from someone posing as a representative from their crypto exchange’s security department. This imposter, going by the name “David Brown,” attempted to deceive the victim by asking them to verify questionable transactions supposedly taking place in their account.
The individual received a fraudulent email from what appeared to be a Coinbase address, confirming that the caller on the phone was indeed a representative of the exchange. Subsequently, they were sent another email stating that their supposed transaction had been held up.
The email reveals that a $3,050.87 Ethereum (ETH) transaction was postponed by 72 hours due to “security measures.” During the phone conversation, the scammer brought up past wallet addresses, instilling suspicion in the victim.
When pressed about his true nature and the details he shared, the fraudster insisted he possessed this knowledge due to being affiliated with Coinbase. The supposed Coinbase representative eased the victim’s doubts but maintained that the transaction was still being processed.
A fraudster asserted that there was an issue with the victim’s Ledger wallet while it was linking directly to the blockchain, and he pretended to be attempting to resolve it. He guided the victim to a suspicious website and engaged in a dispute regarding the security of entering seed phrase fragments, ultimately resulting in the victim complying with this request.
As an analyst, I’d put it this way: A few hours have passed, and I’ve received notifications from CoinTracker on my device. Upon reviewing my Ledger live account, I was shocked to discover that approximately $1.7 million worth of Bitcoin (BTC), Ethereum (ETH), Gnosis (GRT), Polygon (MATIC), and Dot (DOT) had been stolen from me.
CoinTracker Breach Linked To New Phishing Scam?
Some community members raised questions about the origin of the scammer’s information, with some suspecting that an insider was involved, knowing the victim’s investments.
As a crypto investor, I’ve come across concerns raised by Alex Miller, CEO of Hiro, regarding a potential scam linked to the CoinTracker data breach from 2022. This incident compromised the information of approximately 1.5 million users who utilized the cryptocurrency portfolio and tax management platform.
I uncovered the fact that an attempt was made to penetrate my Coinbase account, with details possibly sourced from the CoinTracker data breach.
A suspicious login attempt was detected on my Coinbase account, with the scammers apparently utilizing my API key and other details to authenticate themselves as the CEO. However, I was alerted by Coinbase’s security team about this ongoing activity.
As an analyst, I’ve come across a report from a Coinbase user who shared that fraudsters have managed to produce both a valid support ticket and a corresponding email. These deceitful individuals may then use these documents to impersonate Coinbase support when contacting users on the phone.
This month, some users have recounted their experiences with attempted scams. A number of investors disclosed receiving phone calls from individuals claiming to be representatives of Coinbase, requesting confirmation of questionable transactions or inquiry into unusual account activity.
As a responsible crypto investor, I would strongly recommend taking Miller’s advice seriously. To secure your Coinbase account effectively, make it a priority to lock it down tightly. Additionally, if you’ve been utilizing a tool like CoinTracker with an API key, remember to cycle that key regularly for enhanced security measures.
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2024-07-09 05:12