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Cryptocurrency Scammer Claims to Earn $35,000 a Week by Impersonating Coinbase Support

Crypto Scammer Claims to Earn $35,000 a Week by Impersonating Coinbase Support

TL;DR

  • Scammer claims to make over $35,000 a week posing as Coinbase support.
  • They use advanced tools to attack executives and developers in the crypto sector.
  • Phishing scams have caused losses of over $127 million in Q3 2024.

The cryptocurrency world continues to face sophisticated phishing scams targeting people with significant assets.

Nick Neuman, CEO of Casa, had an unusual encounter with a scammer trying to impersonate Coinbase support.

Instead of hanging up, Neuman decided to question the scammer, who revealed alarming details about how these illicit operations work.

The scammer reportedly claimed to have made over $35,000 in just two days, targeting high-level executives and developers with at least $50,000 in assets.

Attackers are using data obtained from breaches at industry companies such as Unchained Capital and tools known as “auto-doxxers” to gain additional information from victims.

Phishing emails, designed to mimic legitimate security notifications, are the primary means of convincing users to transfer their funds to wallets controlled by criminals.

Furthermore, the scammer admitted to using cryptocurrency mixers like Tornado Cash and privacy coins like Monero to launder the stolen funds, claiming that after a few days, the money was untraceable.

Cryptocurrency Scammer Claims to Make $35,000 a Week Posing as Coinbase Support

The growing impact of scams in the world of cryptocurrency

Phishing scams are a growing problem in the industry.

During the third quarter of 2024, losses exceeded $127 million, according to data from Scam Sniffer, a platform specialized in Web3 security.

In September alone, more than 10,000 people collectively lost $46 million to these types of scams.

Scammers view the cryptocurrency sector as a “wild west,” where lack of regulation and difficulties in tracing stolen funds facilitate their illicit activities.

Despite the efforts of entities such as the U.S. Department of Homeland Security, which has intercepted hundreds of ransomware attacks and recovered stolen cryptocurrency since 2021, phishing scams remain a critical challenge.

These operations not only affect individuals, but also the general trust in blockchain technology.

Criminals take advantage of the decentralized nature of the sector, preying on victims who lose large sums of money with no recourse to a central authority.

This reality highlights the need to improve cybersecurity education and adopt preventive measures to protect users from increasingly sophisticated attacks.

In this context, both crypto platforms and users must remain vigilant and take steps to reduce exposure to these constant threats.

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