Title: Fake Coinbase Employees Pocket $4 Million in a Phishing Scam
Subheading: New York Con Artist Targets Crypto Finance in a Sophisticated Scam
Scammers Using Coinbase User Support Identity to Swindle Victims Out of $4,000,000; Majority of Stolen Funds Reportedly Spent on Gambling - ZachXBT's Report
Crypto enthusiasts beware! A flamboyant con artist in New York, going by the aliases Daytwo and PawsOnHips online, has been allegedly swindling millions from Coinbase users by posing as Coinbase support representatives.
Top on-chain analyst ZachXBT has uncovered this elaborate scheme on social media platform X.
ZachXBT's Accusation
ZachXBT claims that the con artist, Christian Nieves, operates a call center group primarily targeting Coinbase users. They coerce the victims into setting up a Coinbase wallet with compromised seed phrases obtained from phishing sites. Nieves himself also acts as a caller in this group.
One of Nieves' accomplices, known online as Paranoia (Justin), executed a $240,000 heist of an elderly victim's Bitcoin (BTC) wallet. A portion of the stolen funds was deposited into crypto betting site Roobet, and the rest converted into Monero (XMR).
ZachXBT's Analysis
According to ZachXBT, he traced out Paranoia's casino deposit address that links on-chain to over 30 suspected thefts. However, the majority of these thefts aren't directly linkable to other victims. Most of Nieves' accomplishices are involved in thefts, with Daytwo leading the majority of activity.
Nieves has a gambling problem, and the on-chain evidence reflects his habit, with casino deposits becoming smaller as he loses funds. His gambling escalated to the point of stealing cuts from accomplices.
Current Status
At the time of writing, Nieves and his alleged accomplices have yet to be charged by law enforcement. Nevertheless, the substantial digital and on-chain evidence makes it a relatively simple case for authorities.
Alas, the victims' money is likely irretrievable due to it being lost during gambling sprees, as stated by ZachXBT.
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- Despite the sophistication of a recent phishing scam that defrauded Coinbase users of $4 million, general awareness about such scams could help prevent losses in the future, highlighting the importance of staying informed about crypto-related news and crime-and-justice developments.
- In addition to the $240,000 heist of an elderly victim's Bitcoin (BTC) wallet, the con artist, Christian Nieves, and his accomplices have been involved in other thefts, culminating in the conversion of some stolen funds into Monero (XMR), signifying the increasing use of various cryptocurrencies in finance-related crimes.
- The blockchain community should be vigilant about phishing scams and other forms of fraud, as criminals are increasingly exploiting the complexities of digital assets for personal gain, shedding light on the need for regular updates on industry news, especially in crime-and-justice and finance categories.
