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Coinbase domain name reportedly used by scammers in high-profile attacks

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Update (July 7 at 9:33 PM UTC): This article has been updated to include Coinbase’s response. 

Coinbase’s users have been turning to Twitter to report scams and phishing attacks involving the company’s services and applications in recent weeks, including claims that scammers are using the crypto exchange’s domain name.

The most recent case was disclosed on July 7 by a Twitter user identified as Daniel Mason, who allegedly received texts and emails from scammers with links under the domain Coinbase.com.

The fraudster contacted Mason using a real phone number, then triggered an email from a Coinbase.com domain, followed by a phishing text message directing him to a Coinbase subdomain URL, before verifying Mason’s address, social security number and driver’s license number.

As Mason notes, the scammer was well-spoken and a native English speaker. The fraudster reportedly said during a phone call that Mason would receive an email from Coinbase regarding an alleged breach of his account. Immediately, an email arrived from help@coinbase.com. “Did he create a case on my behalf? Or access Coinbase mail servers?” Mason commented on Twitter.

Mason’s experience is one of many on the social media platform reporting security incidents involving the crypto exchange. A brief look at Coinbase’s support page shows users complaining about several types of scams, including phishing on Coinbase Wallet and criminals using the company’s web address.

Cointelegraph spoke with a victim of a similar approach. The individual, who asked to remain anonymous, claims to have called Coinbase’s support line to verify the authenticity of an email about the user’s account being compromised. The employee then confirmed it was real communication, but the email was the work of a hacker.

“An employee of Coinbase authenticated a hacker as a Coinbase employee, who then stole my crypto. They then strung me along before taking no accountability, even though I had a witness, time and date of call, and the employee I spoke to,” said the individual. The case is now under litigation. Among funds frozen and stolen, the victim claims to have lost roughly $50,000 in assets.

The reports follow the same pattern as the attack on Twitter user Jacob Canfield. Canfield reportedly received a text message and phone calls from a fraudster on June 13, citing an alleged change in his two-factor authentication (2FA).

​​“They then sent me to the ‘security’ team to verify my account to avoid a 48 hour suspension. They had my name, my email and my location and sent a ‘verification code’ email from help@coinbase.com to my personal email,” Canfield explained, adding that the criminal “got angry and hung up the phone” when told the code would not be sent.

The email help@coinbase.com is listed on the exchange’s support page as a reliable and official address. The company’s blog also states that its staff will never ask users for passwords or two-step verification codes and won’t request remote access to devices.

In a statement to Cointelegraph, Coinbase said it has “extensive security resources dedicated to educating customers about preventing phishing attacks and scams. We work with international law enforcement to ensure that anyone scamming Coinbase customers is prosecuted to the fullest extent of the law.“

Security specialists recommend strong, unique passwords for crypto accounts and enabling 2FA on applications.

Magazine: $3.4B of Bitcoin in a popcorn tin — The Silk Road hacker’s story

Cryptocurrency

Solana Whales Dump SOL Amid Major Token Unlock 

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“Many whales unstaked and dumped SOL today,” reported blockchain analytics platform Lookonchain on April 4.

It highlighted four transactions of over $3 million worth of the Solana native token, the largest of which was a whopping 258,646 SOL worth around $30 million.

The Solana selloff has been a result of the meme coin bubble bursting as the asset has dumped by 60% in just over two months.

Major Solana Unlock

There was also around $200 million worth of Solana being unlocked on April 4, which is adding to the selling pressure. Arkham Intelligence said it “marks the largest single-day unlock of staked SOL until 2028.”

CoinNess Global reported that 425,266 SOL, valued at $50 million, was unlocked, and 284,147 SOL, worth $33 million, had been transferred to the exchanges Binance, Kraken, and Coinbase.

Solana token unlocks refer to events when previously locked SOL becomes available for trading, often due to vesting schedules or liquidation processes. The most recent significant unlock occurred in March when 11.2 million tokens worth $1.3 billion were released from the FTX bankruptcy estate.

Token unlocks are generally bearish in the short term because they increase the circulating supply, which is currently 514 million for Solana.

Fintech firm Ripple also unlocked $1 billion worth of its XRP token this week, adding to selling pressure as the asset dipped below $2 on April 3.

Other recent major token unlocks include Sui, and its price has tanked almost 10% today.

SOL Price Tanks

SOL prices have declined by over 4% on the day, which is a larger loss than the wider market. The asset fell to $112 in an intraday low before recovering to trade around $118 at the time of writing.

SOL has tanked by more than 16% over the past week, while the wider crypto market has only declined by 6.5%. This suggests that SOL is being dumped at a much faster rate than Bitcoin and other altcoins.

The Solana blockchain is primarily used for memecoin minting and trading, and now that this bubble has burst, activity and network revenue for the ecosystem have slumped. This has resulted in SOL prices crashing to their lowest levels in over a year.

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Good News for Ripple Investors: Is XRP Preparing for a Rebound?

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TL;DR

  • Ripple’s ability to defend from a price drop below the critical support at $2 could be a proper entry signal.
  • The narrative is also supported by a popular technical indicator, which just flashed a buy signal.

The past week didn’t go well for the fourth-largest cryptocurrency, which is down by over 6% within this timeframe. Thursday evening was a particularly painful trading period for the asset as Trump’s latest tariffs pushed it south to a three-week low of $1.96.

This meant that XRP had lost roughly 25% of its value since March 19, when it peaked at $2.6 after the announcement by Ripple’s CEO, Brad Garlinghouse, that the lawsuit against the US SEC had effectively ended.

Nevertheless, the cross-border token reacted well to the brief slip below the key support line at $2 and bounced off above it almost immediately. The past 12 hours or so have been more promising as XRP now trades at $2.1.

Renowned crypto analyst Ali Martinez highlighted the importance of the $2 support numerous times in the past, warning that XRP could slump to $1.2 if it breaks to the downside. Now that it managed to defend the asset, it could be the propeller of another rally.

Martinez substantiated his position by mentioning the TD Sequential – a metric that shows the market exhaustion in either direction. According to the analyst, the technical indicator had flashed a buy signal on the daily after XRP held above $2, which could trigger a trend reversal and lead to upcoming gains.

This prediction is in stark contrast to the concerning developments around ADA and LINK, where whales had started to offload substantial portions of both assets.

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Disturbing News for Cardano (ADA) and Chainlink (LINK) Investors: Details

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TL;DR

  • Chainlink and Cardano whales have begun offloading substantial portions of their assets in the past few weeks.
  • Although both altcoins are slightly in the green on a daily scale, their weekly and monthly performances are quite concerning.

Large market participants, known as whales, are a crucial part of the cryptocurrency industry as they can bend prices depending on their behavior – big purchases typically lead to upcoming gains, and vice versa.

In the case of LINK and ADA, these investors were stacking up big time after the US elections in early November and ahead of Trump’s inauguration in mid-January. Their consecutive purchases managed to push LINK above $30 for the first time in over three years, while ADA’s peak during this cycle came at over $1.3.

However, both of those multi-year records came in December. Since then, the two cryptocurrencies, as well as most of the market, have been in a state of a freefall. ADA is down by roughly 50% and sits at $0.66 now, while LINK has slumped by 57% to $13.

These declines could be linked again to whales and their change in attitude. In the case of LINK, they have offloaded more than 170 million tokens in less than a month, which have a whopping USD value of $2.2 billion, according to today’s prices.

According to Ali Martinez, a popular analyst with over 130,000 followers, LINK has now broken a ‘crucial trendline’ that held its price for nearly two years.

The landscape around Cardano is not that much brighter. After the March sell-off, ADA whales kept disposing of their assets by selling another 120 million tokens (valued at $80 million) in just two days at the start of April.

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