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Cryptocurrency

Bitcoin Scam: Coinbase User Loses N6 Billion in Fake Notification Fraud

Bitcoin Scam: Coinbase User Loses N6 Billion in Fake Notification Fraud

  • A Coinbase user has been the victim of an unfortunate Bitcoin scam that cost him, $11.6 million (N6bn)
  • The user loss his money after receiving a fake notification that he presumed to be from the cryptocurrency exchange
  • Federal investigators have filed a warrant to retrieve about $600,000 from the stolen funds held in a Huobi Global wallet

A Coinbase user is one of the latest victims of a Bitcoin scam that had cost him $11.6 million.

In April 2020, the user bought 200 Bitcoin and held it in his Coinbase wallet.

He received a notification that appeared to be from the crypto exchange, claiming that his account had been locked, but it wasn’t from Coinbase.

This fake notification happened to be the first time in the million-dollar fraud.

In the moments that followed, more than 206 bitcoin, was removed from the user’s account, according to investigators.

However, it is unclear how the scammer got to know about the huge Bitcoin purchase and whether the notification came up on his phone or computer.

In the court document, the victim was identified solely as “G.R.”, called a phone number listed in the notification, expecting to be connected to a Coinbase agent.

Coinbase user

An unidentified person on the other end accepted the call and directed the user to make a series of changes to his account, which granted the scammers access.

Within the minutes that followed, millions in Bitcoin were removed from the Coinbase user’s account, according to investigators.

Read also: Fraudsters Capitalize on Facebook Scam to Steal Thousands in Bitcoin

The total worth of cryptocurrency removed from the victim’s account was approximately $11,570,138.

The money was then moved by the unknown person via a series of transactions and about 10.2 BTC worth $600,000 ended up in an Huobi Global account.

The investigators have filed a forfeiture notification and Huobi Global has placed a freeze has placed on the account in the meantime.

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