Coinbase Users Targeted in Sophisticated Phishing Scam Using Leaked Data

Coinbase users are being targeted in a sophisticated new phishing scam, with fraudsters using tactics that closely mimic the cryptocurrency exchange’s customer support. The attack, highlighted by a TikTok user named Steve, demonstrates a marked evolution in scamming techniques, moving away from poorly written messages to highly convincing impersonations. The scam begins with an automated voicemail from a U.S. number claiming to represent Coinbase and warning of suspicious account activity. This is followed by a live call from a “support team member” who falsely claims an unauthorized attempt has been made to change the victim’s email and phone number [1].

The scammers leverage leaked user data—such as names and email addresses—to build trust and appear legitimate. In one case, the scammer referenced personal details obtained through prior breaches, including a significant data leak at Coinbase in May, which exposed the information of up to 97,000 users [1]. The company has previously reported that social engineering scams cost it over $300 million annually, underscoring the scale of the issue.

The scam escalates after multiple calls from different numbers, with victims being urged to provide their wallet seed phrase to “secure” their accounts. However, crypto security experts emphasize that sharing a seed phrase is one of the most dangerous actions a user can take. The adage “not your keys, not your crypto” has become a mantra for digital asset protection, highlighting the critical importance of private key control [1].

Security experts recommend using non-custodial wallets—where users retain full control over their private keys—as a key defense against phishing attacks. Such wallets eliminate reliance on third-party custodians and reduce exposure to account hijacking. Advanced security features, such as multi-party computation (MPC) and biometric authentication, are also gaining traction as tools to enhance wallet safety [1].

The Best Wallet app is one such platform offering a non-custodial solution with enhanced security measures. It supports multiple chains and tokens and is being backed by the Best Wallet Token ($BEST). The token, currently in a presale phase, has already raised over $14 million, with some analysts forecasting a potential price increase to $0.05106175 from the current $0.025405 [1]. The platform is also exploring integrations such as a Best Card, aiming to expand its role beyond a simple wallet.

While these tools offer valuable protection, user education remains a critical component of crypto security. Most phishing attacks succeed due to a lack of awareness and urgency-driven decision-making. Users are advised to always verify the legitimacy of support requests and to avoid sharing sensitive information such as seed phrases.

As phishing tactics become increasingly sophisticated, the emphasis on self-custody and informed decision-making is more important than ever. For now, the core message remains unchanged: never give up your keys, and always use a wallet that puts control in the hands of the user [1].

Source: [1] Coinbase Targeted by Hackers in New Attack: Try Best Wallet to Protect Your Funds (https://www.newsbtc.com/news/coinbase-hacked-new-attack-try-best-wallet-for-protection/)