Scammers Target Coinbase Customers, FixFloat Reveals Circumstances of the Hack

Coinbase has registered its name as a force that cannot be ignored in the cryptocurrency sector. However, this success has also opened the door to bad actors who still need the money. Now ZachXBT is exposing a social scam targeting Coinbase users. A separate topic is the FixFloat exchange that was hacked last weekend, which disclosed the circumstances of the incident in an email sent to us.

Coinbase's success puts its customers on the list of scam targets

Coinbase, an American cryptocurrency exchange, has managed to become a giant by proving that innovation and financial expansion can take a company to the top of the pyramid in its field. In the last quarter of 2023, the exchange's budget indicated that net revenue increased by 45%, reaching $905 million. At the same time, net profit amounted to $273 million.

This achievement, coupled with the announcement of global adoption of cryptocurrencies and the introduction of new features such as derivatives exchanges and making the Coinbase wallet an all-in-one app, paves the way for global supremacy. Cryptocurrency field.

However, this success also served as a guiding light for bad actors who, through social engineering, succeeded in creating sophisticated scams. This is exactly what happened with the dump scam targeting Coinbase users.

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After stealing clients' personal data, fraudsters gain access to the victims' account keys and assets. According to the latest data, one victim lost more than 1,400 Ethereum, which is equivalent to approximately $4 million.

Fraud Mechanisms: Hackers Use Social Engineering to Trick Coinbase Customers

This scam appears to be based on the tactics scammers are using this time around, which is based on psychological manipulation to steal sensitive information. Fraudsters who obtain personal information through various tricks contact victims posing as Coinbase representatives.

They convince their interlocutors to shed their identities, demonstrating their courage and ability to find loopholes in human and technological defenses. An investigation by ZachXBT revealed these plans. Through its deployment, it sheds light on the vulnerability of users to cunning and knowledgeable attackers.

Thus, the matter is complicated by suspicions of the involvement of Coinbase insiders and cases in which hackers posed as exchange employees. According to the ZachXBT report, even hackers do not spare each other.

In fact, in one of the screenshots shared by the investigator, one scammer was duped by another, which reveals the savage and ruthless nature of these scammers.

In the face of these threats, the community and security experts like ZachXBT recommend strict precautions. Adopting security keys such as two-factor authentication, not reusing email or passwords, and being aware of social engineering strategies are important safeguards. Therefore, seemingly simple security strategies are actually vital to protecting digital assets in an ever-changing world.

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Fixed Float hack worth $26 million: the exchange disclosed some information

In another incident that does not appear to be a social engineering scam, a cryptocurrency exchange was hit. Fixed floating number On Friday, February 16, it was hacked and lost more than $26 million.

In response to an email from BeInCrypto Arab about the circumstances of the incident, the platform said:

"We did not immediately report the hack, as we already knew about the incident and immediately began putting our service into maintenance mode to ensure security and minimize losses. At that time, our main goal was to quickly fix the vulnerability and improve overall security, which prevented us from making public statements about what happened."

The stock exchange also said in its email: "The hack of its system was not carried out by its employees. Rather, it was an external attack resulting from gaps in its security structure." Without finding out the details. He also added that he is working with law enforcement agencies to take the necessary legal measures:

"The problem was in our infrastructure, which was compromised due to flaws and lack of security. This allowed attackers to gain access to some functions of our service. We are working with law enforcement, blockchain analysis companies and cryptocurrency exchanges to find the hackers."

Also disclosed Fixed floating number It remains committed to fulfilling all of our obligations to customers and paying “pending withdrawals from approximately 30 requests from its users. These payments will be made as soon as the service is restored and its safety is confirmed."

She also explained that the financial losses only affected her service. “Since the hackers stole the funds that ensure the liquidity of the service, that is, the company’s funds, the users’ funds were not affected.” She added:

" We also want to emphasize that FixFloat does not perform the functions of a depository service, that is, it does not store user funds."

Finally, FixFloat once again indicated that the incident was related to a data breach related to the architecture of its service, and that it would conduct various security checks once all work is completed. “But it will not make any publicity about exactly how the security of its services is configured or what it will be.” The company is expected to resume full operations of its platform services in the coming days.