Blockchain sleuth, known as ZachXBT, считаетthat the cryptocurrency exchange Coinbase is condoning the theft of cryptocurrencies by scammers.
ZachXBT has exposed a social engineering scheme used by scammers to steal digital assets from Coinbase customers.
First, the scammers call the victims and gain their trust by providing some personal information. Then, the traders are warned about unauthorized attempts to access their accounts, sent an email supposedly from Coinbase, asked to transfer cryptocurrency to the Coinbase Wallet service and whitelist the address of the crypto wallet belonging to the criminals. People who do these actions lose their savings.
Email from scammers posing as Coinbase employees
The scale of the problem can be judged by the fact that, according to ZachXBT estimates, scammers earn $300 million a year from such schemes. Moreover, in the last two months alone, their haul has amounted to at least $65 million.
ZachXBT blamed Coinbase for some of the theft of digital assets because:
- The exchange often does not provide information about the addresses of crypto wallets used to steal coins;
- Technical support refuses to help many victims of scammers;
- Trading platform clients living outside the United States sometimes find it difficult to contact exchange employees.
The blockchain detective noted that Coinbase competitors such as Creak, OK и Binance, there are no similar problems. For this reason, their users are exposed to less risk and in case of force majeure can have time to freeze the stolen funds.