Key Points:
- A Coinbase user loses 110 cbBTC (~$11.5M) in a social engineering scam.
- Stolen funds were quickly swapped, bridged, and laundered through instant exchanges.
- Social engineering scams have led to over $150 million in annual losses for Coinbase users.
A Coinbase user loses a staggering 110 cbBTC, worth approximately $11.5 million, in a social engineering scam last month, according to on-chain analyst ZachXBT.
Coinbase User Loses $11.5M in Scam
The stolen cbBTC was swiftly swapped for other assets, bridged across different blockchain networks, and laundered using multiple instant exchange platforms. Eventually, the funds were consolidated with losses from other Coinbase users and funnelled into the Ethereum network. The laundering process involved a series of complex transactions that made it difficult for investigators to trace the assets.
The theft was linked to specific transaction hashes, including: 0x8639f4b4420d47d68f27dc27967ff62ec913106e5b9ce99011de99b8d91813cdn, 0xb5895314777776da645529df83cd0d0883ed456e2c81e27c97eb5cf45a59c36b, 0xfa26f3917519444c7d3d9ca05fc70b289d44958cb55801b9221d7b492f41c76d.
Annual Losses from Coinbase Scams Exceed $150M
Coinbase user loses funds in social engineering scams have become a significant issue, with reports showing that over $150 million is stolen annually from Coinbase users due to methods like data breaches, email and call spoofing, and flaws in detection systems.
The swift transfer and laundering of stolen funds across chains underscore the growing sophistication of cryptocurrency fraud. This poses a major challenge for both Coinbase users and platforms, highlighting the urgent need for enhanced security measures to protect users from scams.
| 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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