Reserve Rights (rsr) 
A hacker has been imprisoned for siphoning over $900,000 from several Coinbase user accounts.
Elliot Gunton, a UK resident, and his accomplices created fake websites that mimicked the popular cryptocurrency exchange. Coinbase users attempting to log in were redirected to these malicious sites, leading to their accounts being compromised.
These fraudulent websites were designed to collect user data. When victims entered their login information, the sensitive data was captured and sent to the attackers.
While specific details of Gunton’s methods were not disclosed, Judge Alice Robinson of the Norwich Crown Court described the scheme as “highly sophisticated” and the result of significant planning and technical skill.
The phishing scheme was active between 2018 and 2019. According to a 2020 Chainalysis report, this period saw a significant increase in crypto crimes, with over $4.3 billion worth of cryptocurrencies lost to various hacks and scams.
Gunton, who was 17 at the time, infiltrated over 500 Coinbase accounts, stealing more than $900,000. One U.S. resident reportedly lost over $16,000, while others were drained of hundreds and thousands of dollars.
He pleaded guilty to conspiracy to commit fraud outside the UK and money laundering and is now facing 43 months in prison.
Coinbase Phishing Attacks on the Rise
Coinbase has become the most impersonated crypto platform among global brands. According to a recent report, the crypto exchange’s brand was linked to 416 reported phishing attacks over the past four years.
On July 8, scammers posed as Coinbase employees and stole $1.7 million from a victim’s self-custody wallet. The victim was socially engineered into clicking a phishing link that compromised part of his key phrase.
Scammers have also mimicked Coinbase Pro, Coinbase’s now-defunct professional trading platform. In May, an Indian national was charged with stealing $37 million in crypto from unsuspecting users via a fake Coinbase Pro phishing website.
Security firm SlowMist has identified phishing as one of the leading causes of crypto thefts in the second quarter of 2024.
For more updates on cryptocurrency news and security tips, stay tuned to Global Crypto News.
