Million

<h4><strong>Some crypto users and Coinbase users complained of being scammed by scammers impersonating the crypto exchange. </strong></h4> 
<p>One of the victims allegedly lost $1.7 million to the scam. Let’s discover more about this important news for Coinbase.</p> 
<h5><strong>Coinbase User Scammed Out of Over $1 Million</strong></h5> 
<p>The victim shared his story on X, claiming he was contacted by what seemed like a legitimate representative from Coinbase. The victim further revealed that he received an email from “Coinbase” affirming he was speaking with an exchange security team member.</p> 
<p>The scammer alerted the victim to a transaction from his wallet and managed to present a convincing narrative. The fraudster then asked the victim to send his seed phrase to stop the transactions.</p> 
<figure id="attachment_145139" aria-describedby="caption-attachment-145139" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-145139" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Coinbase-scam.jpg" alt="" width="544" height="700" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Coinbase-scam.jpg 1022w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Coinbase-scam-233x300.jpg 233w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Coinbase-scam-796x1024.jpg 796w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Coinbase-scam-768x987.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Coinbase-scam-327x420.jpg 327w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Coinbase-scam-696x895.jpg 696w" sizes="(max-width: 544px) 100vw, 544px">
 <figcaption id="caption-attachment-145139" class="wp-caption-text">
  Source: <a href="https://x.com/theklineventure/status/1810068252900376999" target="_blank" rel="noopener">X</a>
 </figcaption>
</figure> 
<p>The victim sent a part of his seed phrase, knowing it was unsafe. Despite not sending his entire seed phrase, the scammer successfully wiped off $1.7 million from the wallet. Hiro Systems CEO Alex Miller <a href="https://x.com/alexlmiller/status/1810103837182874007" target="_blank" rel="noopener">explained</a> that scammers record your entries on their fake websites even if you do not submit them.</p> 
<p>Moreover, the victim’s partial entry of his seed phrases was enough for the scammer. Miller also revealed that he received a similar fake call from Coinbase security but did not fall for the scam.</p> 
<figure id="attachment_145140" aria-describedby="caption-attachment-145140" style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" class="wp-image-145140 size-full" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/coinbase-x-user.webp" alt="" width="1100" height="774" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/coinbase-x-user.webp 1100w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/coinbase-x-user-300x211.webp 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/coinbase-x-user-1024x721.webp 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/coinbase-x-user-768x540.webp 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/coinbase-x-user-597x420.webp 597w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/coinbase-x-user-696x490.webp 696w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/coinbase-x-user-1068x751.webp 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/coinbase-x-user-100x70.webp 100w" sizes="(max-width: 1100px) 100vw, 1100px">
 <figcaption id="caption-attachment-145140" class="wp-caption-text">
  Source: <a href="https://x.com/Paul04Trader/status/1808138698275320011" target="_blank" rel="noopener">X</a>
 </figcaption>
</figure> 
<p>Other X users confirmed similar experiences. These events reflect the growing trend of hackers employing varying strategies to defraud unsuspecting users. Coinbase has often urged its users to verify any messages and also stop sending out private information like seed phrases.</p> 
<h5><strong>The Growth of Crypto Hacks</strong></h5> 
<p>A recent Immunefi <a href="https://www.altcoinbuzz.io/cryptocurrency-news/immunefi-report-crypto-losses-hit-572m-in-q2-2024/" target="_blank" rel="noopener">report</a> claims over $500 million was lost to crypto hacks in Q2-2024. The report estimates that hacks and crypto fraud will have claimed almost $1 billion in 2024 alone. The bulk of these attacks focus on DeFi protocols. However, recent data suggests that centralized exchanges have emerged as weak targets.</p> 
<div class="youtube-embed" data-video_id="oY-jdt2Xu08">
 <iframe title="How Many Ethereum ETH Do You Need to Be a Crypto Millionaire by 2025?" width="696" height="392" src="https://www.youtube.com/embed/oY-jdt2Xu08?feature=oembed&amp;enablejsapi=1" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div> 
<h5><strong>Disclaimer</strong></h5> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/coinbase-user-lose-over-1-million-to-scammers/">Coinbase User Lose Over $1 Million to Scammers</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Coinbase User Lose Over $1 Million to Scammers

Altcoin Buzz

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