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Home News Crime

Crypto Scammers Impersonating Coinbase Support Target High-Profile Executives for Lucrative Phishing Schemes

21 November 2024
in Crime, News
Reading Time: 3 mins read
105 4
source: nordvpn.com

source: nordvpn.com

Executives in the cryptocurrency sector are encountering a new scam where fraudsters impersonate Coinbase support and utilize leaked data for phishing attacks aimed at high-ranking individuals, claiming to earn five-figure weekly incomes.

Nick Neuman, the CEO of Bitcoin self-custody provider Casa, recently confronted a scammer during a phone call. In a video posted on X on November 20, Neuman shared insights into the tactics used by the fraudster. The scammer disclosed that their team explicitly targets CEOs, CFOs, and software engineers—individuals believed to possess significant wealth. “We don’t call poor people,” the scammer stated bluntly, explaining their strategy for selecting victims.

The scam begins with an impersonation of Coinbase support, where victims are told about a fake password change request and sent a fraudulent notification containing a malicious link. According to the scammer, the objective isn’t stealing passwords but convincing victims to transfer funds to wallets controlled by the scammers.

The scammer further disclosed that their database of targets is sourced from financial services firm Unchained Capital. They use advanced tools such as “auto-doxxers” to gather additional personal details and spoof emails to mimic legitimate Coinbase communications.

To launder stolen cryptocurrency, the scammers reportedly use Tornado Cash and convert assets into privacy coin Monero (XMR), making the stolen funds nearly impossible to trace. They then cash out using intermediaries and hardware wallets, avoiding platforms that require KYC verification.

“It’s easy to access company databases. Crypto is like the Wild West,”

the scammer remarked, boasting about plans to increase their monthly earnings to $100,000.

Federal prosecutors in North Carolina recently initiated proceedings to confiscate nearly $5 million in Tether (USDT) seized from unhosted wallets tied to a complex cryptocurrency romance scam. The funds, recovered under a search warrant in August, are now under the custody of the U.S. Marshal Service, highlighting the growing scale and sophistication of crypto-related fraud.

 

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