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Scam Alert

Coinbase’s BASE Account Tricked By Honeypot Scam – Don’t Be Next!

March 6, 2023 - Around 3 mins mins to read

Key Points:

  • Users of Twitter should exercise caution regarding an imposter account claiming to be Coinbase’s official BASE Layer 2 account. Despite receiving a Twitter verification badge the account in question is a honeypot that may attempt to defraud individuals of their funds.
  • It’s important to be wary of fraudulent accounts on social media, as attackers can easily trick Twitter’s verification system.
Users of Twitter should exercise caution regarding an imposter account claiming to be Coinbase’s official BASE Layer 2 account. Despite receiving a Twitter verification badge the account in question is a honeypot that may attempt to defraud individuals of their funds.
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PeckShieldAlert, an organization specializing in blockchain security, has verified the account as a forgery named BuilldOnBase. Upon investigation, PeckShieldAlert discovered that the fraudulent account was associated with the phishing website base[.]web3claiming[.]com. Furthermore, a “Claimer” contract was generated by a user with the handle Fake_Phishing38689, which was created on etherscan.io six days ago.

It’s important to be wary of fraudulent accounts on social media, as attackers can easily trick Twitter’s verification system. However, it’s also important to note that just because an account has a blue or yellow tick, it doesn’t necessarily mean it’s authentic. Users should exercise caution when engaging with accounts claiming to represent official organizations, and always verify the legitimacy of an account and contract by visiting the company’s official website and using their official social links.

Coinbases BASE Account Tricked By Honeypot Scam

Phishing scams using social media are not new, and attackers often impersonate legitimate accounts to gain the trust of users and steal their funds. The old verification system on Twitter has become obsolete since Elon Musk’s takeover, and now almost any business can obtain a yellow mark. To protect themselves from such scams, users should never share their private keys or seed phrases with anyone, and always double-check any messages they are signing in their Web3 wallets.

It’s essential to be cautious when using social media and engaging with accounts that claim to represent official organizations. The blue or yellow tick on an account does not guarantee its authenticity, and users should always verify the legitimacy of an account and contract before engaging. By following these precautions, users can better protect themselves from phishing scams and fraudulent accounts on social media.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

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Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.