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Crypto Heist: $11.5M Stolen in Sophisticated Social Engineering Attack

Coin WorldFriday, Jan 31, 2025 10:19 am ET

1min read

A Coinbase user has reportedly fallen victim to a sophisticated social engineering attack, resulting in a significant loss of cryptocurrency. According to on-chain investigator ZachXBT, the incident involved the theft of 110 cbBTC, equivalent to approximately $11.5 million on the Base network.

The stolen funds were swiftly exchanged across multiple platforms and bridged, before being laundered through a complex scheme that included a CoinJoin procedure. This process merged the stolen assets with those of other victims on the Ethereum blockchain, making it difficult to trace the origin of the funds.

This alarming incident highlights the critical vulnerabilities associated with digital asset exchanges, particularly in light of the reported annual losses exceeding $150 million attributable to social engineering schemes exploiting data breaches, email fraud, and insufficient detection measures. It underscores the necessity for enhanced security protocols within the cryptocurrency landscape.

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