Key Takeaways
- Scammers impersonate Coinbase support to target executives.
- They use leaked databases and spoofed emails for phishing.
- $127M was stolen via phishing attacks in Q3 2023 alone.
Bitcoin executives and software engineers are increasingly falling victim to scammers posing as Coinbase support, with some claiming to earn upwards of $35,000 in two days.
Nick Neuman, CEO of Casa, confronted a scammer during a call and shared the chilling details of their operations in a video posted on Nov. 20.
Scammer reveals tactics
The scammer revealed their tactics include exploiting leaked databases, such as one allegedly from Unchained, to identify high-net-worth targets.
The scammer, noted they focus on individuals with at least $50,000 in Bitcoin holdings, saying:
We don’t call poor people.
Sophisticated phishing techniques
The scammers use malicious links in fake notifications, convincing victims to send funds to wallets under their control.
They also employ auto-doxxing tools, spoof emails to mimic Coinbase, and leverage Tornado Cash and Monero to obscure stolen funds.
The scammer said:
If you hold it in XMR for a couple of days, that money is gone.
Scammer aims for $100,000 monthly
These operations have become highly lucrative, with the scammer aiming for $100,000 monthly.
Crypto phishing attacks accounted for $127 million in stolen funds in Q3 2023, according to Scam Sniffer.
Lack of recourse for victims
Highlighting the vulnerability of Bitcoin users, the scammer boasted about the lack of regulation:
Who are you going to call? The crypto police?
Such remarks underline the risks Bitcoin holders face, especially when scammers exploit advanced tools and stolen data.
