Coinbase Fires Indian Agents After $7M Phishing Scam

Coinbase has terminated a group of customer support agents based in India following allegations of their involvement in social engineering attacks on users. The incident came to light after several crypto users reported attempted phishing attacks using their Coinbase data.

According to a May 15 interview, Coinbase's chief security officer, Philip Martin, revealed that the company had identified customer support contractors who had granted scammers access to user data. Martin's comments followed reports of users experiencing phishing attempts, with the exchange estimating potential costs between $180 million and $400 million for remediation and reimbursement.

Qiao Wang, a core contributor to Alliance DAO, shared his experience on May 15, suggesting he might have been a victim of one of these attacks. Wang recounted a scammer contacting him, claiming his Coinbase account had been compromised and requesting him to verify his personal information and withdraw all funds to a “Coinbase self-custodial wallet.” Wang noted that the scammers had likely obtained his personal information through the compromised agents.

Wang also mentioned that during the call, he challenged the scammers, to which they responded that they had made $7 million that day. This incident highlights the severity of the security breach and the potential financial impact on users.

Coinbase has not yet responded to requests for comment on the matter. The situation is ongoing, and additional information may emerge as the investigation progresses.