Coinbase Targeted by Hackers in New Attack: Try Best Wallet to Protect Your Funds
A recent viral story shared by TikTok user Steve reveals a new level of sophistication in phishing scams targeting Coinbase users. Gone are the days of poorly written scam emails; attackers now mimic real Coinbase customer support email addresses and phone numbers to deceive victims.
Voice Phishing – ‘Vishing’ Latest Scam Tool
The scam begins with an automated voicemail from a U.S. phone number claiming to be Coinbase, warning of suspicious activity on the victim’s account. This is followed by a live call from a supposed Coinbase support member, alleging an unauthorized attempt to change the victim’s email and phone number.
The scammers build trust over multiple calls, using various tactics to confirm their legitimacy. Ultimately, they ask for the victim’s wallet keyphrase, the most critical piece of information controlling access to their crypto assets.
TikTok user Steve wisely remained suspicious, recognizing the inviolable rule of crypto:
“not your keys, not your crypto.” Revealing the seed phrase means losing control over digital assets.
Phishing Attempts Build Off Leaked Data
Scammers often use personal data obtained from previous breaches to appear legitimate. Coinbase has suffered several data leaks, including a major private information breach in May. The company estimates social engineering scams cost them over $300 million annually, with personal data of up to 97,000 users exposed via bribed or compromised call center staff.
Fraudsters employ cloned emails, spoofed caller IDs, PBX systems, and even pre-generated seed phrases to deceive users.
Private Keys and Non-Custodial Wallets: The Key to Security
Never share your key phrase. The best defense is using a non-custodial wallet where you control your private keys, eliminating reliance on third parties.
The Best Wallet app offers advanced security features including Multiparty Computation (MPC) and biometric authentication, while remaining fully non-custodial.
Best Wallet Token ($BEST) – Combining Security with Web3 Utility
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Beyond wallet functions like swaps, multiple wallet support, and extensive chain compatibility, $BEST token holders enjoy benefits such as lower transaction fees, higher staking rewards, and early access to promising crypto projects.
Best Wallet plans to launch a Best Card to complement the wallet and token, expanding its utility in the crypto economy.
The $BEST presale has raised over $14 million, with tokens priced at $0.025405 and a price prediction suggesting potential growth to $0.05106175. Learn more about how to buy $BEST
here.
Best Practices to Avoid Phishing
Most scammers seek quick wins by targeting uninformed victims. Protect yourself by never sharing your seed phrase and always using a trusted non-custodial wallet.
As always, do your own research. This is not financial advice.
Source: Originally published at NewsBTC on Wed, 30 Jul 2025 13:40:59 GMT.
Frequently Asked Questions (FAQ)
Understanding the Threat
Q: What is the new phishing scam targeting Coinbase users?
A: The scam involves voice phishing (vishing), where attackers use automated voicemails and live calls to impersonate Coinbase support. They aim to gain trust and trick users into revealing their wallet keyphrase.
Q: How sophisticated are these new phishing attacks?
A: These attacks are highly sophisticated, mimicking official Coinbase communication channels (email and phone numbers) and using personal data from previous data leaks to appear legitimate.
Q: What is "vishing" and how is it used in this scam?
A: Vishing is voice phishing, where scammers use phone calls to impersonate legitimate entities. In this case, they call Coinbase users, claiming to be support staff, to extract sensitive information.
Q: Why is revealing a wallet keyphrase so dangerous?
A: The keyphrase, often referred to as a seed phrase, is the master key to your crypto wallet. Anyone with access to it can control and steal all your digital assets.
Protection and Prevention
Q: What is the most crucial piece of information a scammer wants?
A: Scammers are primarily after your wallet keyphrase (seed phrase), as it grants them complete control over your cryptocurrency.
Q: How can I protect my funds from such phishing attacks?
A: The best defense is to never share your seed phrase or private keys. Always use a trusted non-custodial wallet where you maintain full control of your private keys.
Q: What is a non-custodial wallet and why is it recommended?
A: A non-custodial wallet means you hold your private keys, giving you complete ownership and control over your assets. This eliminates reliance on third-party custodians who could be targets for hacks or have their data compromised.
Q: What security features does Best Wallet offer?
A: Best Wallet provides advanced security features such as Multiparty Computation (MPC) and biometric authentication, all while remaining fully non-custodial.
Understanding Crypto Security
Q: What does "not your keys, not your crypto" mean?
A: This is a fundamental principle in cryptocurrency security. It means that if you don't control the private keys to your crypto, you don't truly own or control the assets. Giving away your seed phrase means losing control of your keys.
Q: How do past data leaks contribute to these scams?
A: Scammers leverage personal information obtained from data breaches to make their phishing attempts more convincing, appearing as legitimate contacts or authorities.
Crypto Market AI's Take
The increasing sophistication of phishing attacks, as highlighted by this incident targeting Coinbase users, underscores the critical importance of robust security practices in the digital asset space. At Crypto Market AI, we leverage advanced AI and machine learning to not only provide real-time market intelligence and trading insights but also to develop secure, user-friendly solutions. Our focus on AI-driven analysis aims to empower users with the knowledge to navigate the complexities of the crypto market safely. Understanding the evolving threat landscape, including sophisticated vishing tactics, is paramount. We recommend prioritizing non-custodial wallets, like the one offered by Best Wallet, to ensure you retain full control over your private keys and, by extension, your digital assets. Exploring secure and reliable platforms is key to mitigating risks in this dynamic environment.
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