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• A crypto scammer has admitted to targeting wealthy Coinsabe users
• The scammers disclosed that he makes five figures per week and is working to increase it to six figures
• The scammers revealed these details to Casa CEO Nick Neuman

Malicious actors in the crypto space aren’t hiding their trade with one of them revealing he pockets five figures from wealthy Coinbase users. The scammers revealed the details of their trade to Nick Neuman, the CEO of a Bitcoin-based platform Casa whom they had targeted. According to Neuman, the scammer said he has a list of Coinbase users with sizeable crypto balances, which enhances their scamming tactics because they also have the real identity of their targets.

“There Is Money To Be Made in It”

The scammer intended to make Neuman a victim but the Casa executive recognized the scamming attempt and changed the incident into a conversation. The malicious actor confessed that he was in the business because “there is money to be made in it.”

Recently I was called by someone pretending to be Coinbase support, trying to steal bitcoin.

I decided to turn the tables on him and ask him about being a scammer.

Things got wild – he completely changed his personality & told me everything.

Presenting: To Catch a Scammer 🕵️‍♂️ pic.twitter.com/OZ6TQAiq5s

— Nick Neuman (@Nneuman) November 20, 2024

He said that he impersonates a Coinbase support staff and calls victims claiming that their request to change their account password was unsuccessful. The scammer then sends the victim a compromised link to help the victim reset their password. He added that they can manipulate the sending email address to look like it’s an authentic Coinbase support email.

The malicious actor said that crypto executives and software engineers are among those who fall for the trick, adding that they only target individuals with a minimum account balance of $50,000. According to the scammer, most crypto users have Coinbase accounts hence their preference to target the exchange’s users.

Scammers Don’t Want Account Passwords

The scammer said that he isn’t interested in compromising a Coinbase user’s account security but to trick victims into sending crypto to their wallets. After receiving the funds, they hide their tracks using coin mixing services like Tornado Cash or trade them for privacy-focused coins like Monero.

The revelations come at a time when scammers and hackers are devising new tactics like hacking the social media accounts of prominent people and directing followers to wallet drainers.

With the scammer revealing how they target victims, it raises questions on how crypto exchanges secure customer data.