Fake Coinbase Site Harms Users
Cybercriminals created fake websites that looked like the official Coinbase platform to scam crypto users.
By leveraging phishing domains and remote access software such as TeamViewer, the fraudsters managed to steal login credentials and two-step authentication (2FA) codes.
In some cases, they pretended to be Coinbase’s customer support team, tricked victims into giving them access to their accounts, and then drained their crypto assets in a short time.
Major Losses for Victims
Based on information we quoted from Beincrypto media, this fraudulent action caused losses of more than IDR 300 billion in crypto assets. One victim lost IDR 3.8 billion in just one attack.
Although this fraudulent operation has been stopped, Coinbase is facing class action lawsuits and public pressure due to data breaches, as well as a fine of IDR 71 billion from the UK financial authority (FCA).
Legal Action and Asset Tracing
Coinbase is collaborating with US law enforcement authorities, including the US Secret Service, to uncover this fraudulent network.
Blockchain forensics technology enabled the tracing of stolen funds, leading to the arrest of the main perpetrator, Chirag Tomar, who has since been convicted.
Coinbase states that blockchain forensics is a key tool in combating crypto crimes like this.
Tips to Avoid Crypto Scams
To protect digital assets, users should take the following steps:
- Make sure the site URL is official before logging in.
- Never share sensitive data over calls or emails.
- Enable two-factor authentication (2FA) for added security.
- Report suspicious activity to the platform or authorities immediately.
The fake Coinbase site scam shows how clever cybercriminals are at exploiting user trust.
By being more vigilant and implementing security measures, users can prevent losses from similar scams.
