Impersonating Coinbase Customer Support: Crypto Scammers Reveal Targeting Wealthy Individuals with a Goal of Earning $100,000 Monthly

In recent days, there have been cryptocurrency scams disguised as Coinbase customer service. These scams use sophisticated phishing techniques and specifically target high net worth individuals such as CEOs, CFOs, and software engineers. The objective is to transfer the victims’ funds into wallets controlled by the scammers. The scammers have even revealed that their goal is to achieve a monthly income of $100,000.

The scam techniques are not hidden. They involve forging notifications and adding malicious links. According to reports, some company executives have taken action after receiving scam calls in an attempt to expose the operations of the scam groups. The scammers claim that their primary method is to impersonate Coinbase customer service and inform the victims that their “password change requests have been canceled.” They also provide notifications containing malicious links in order to deceive the victims into transferring funds into wallets controlled by the scammers, rather than directly stealing passwords.

The scammers admit that they are not interested in poor people and specifically target the wealthy. They obtain victim information from certain databases, such as user data from Unchained Capital. The scammers openly state, “We are not interested in poor people. The minimum threshold in the database is individuals with assets exceeding $50,000.”

Furthermore, the scammers use a tool called “auto-doxxer” to further obtain personal information about the victims and disguise the email source as Coinbase, a well-known cryptocurrency exchange, to increase credibility.

The scammers even reveal that they use decentralized tools such as Tornado Cash to launder money and sometimes convert the stolen funds into privacy-focused cryptocurrencies like Monero to avoid tracking. They do not use any exchanges that require Know Your Customer (KYC) verification and manage their funds through cold wallets like Ledger. If they need to convert the stolen funds into fiat currency, they use third-party intermediaries to conceal the flow of funds.

The scammers openly state that cryptocurrency scams are like “the chaotic market of the American West during expansion.” Their current goal is to earn a monthly income of $100,000. They even mockingly ask company executives who have suffered losses of $30,000 to $40,000, “Who will you turn to? The cryptocurrency police?” It is both amusing and frustrating.

(October Madness: Cryptocurrency scams result in global losses of $129 million in a single month)

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