Coinbase user loses $11.6 Million of Bitcoin Following a Notification Scam

55
SHARE

An “unidentified individual 1,” or “UI-1,” answered the call and asked G.R. to make a series of changes to the account, according to the complaint.

The complaint explained that the victim allowed for remote access to the account.

“Once granted access to the Victim Account, UI-1 increased the daily transaction limit and also attempted to deactivate certain notifications and alert settings on the Victim Account,” Dan G. Boyle, assistant US attorney, wrote in a document filed in US District Court in the Central District of California in September.

At a glance, millions worth of Bitcoin and XLM were transferred from G.R.’s Coinbase account, investigators added.

“The total value of virtual currency transferred out of the Victim Account between 2:02:40 PST and 2:12:41 PST on or about April 20, 2021, without G.R.’s authorization was approximately $11,570,138,” they wrote in their complaint.

Consequently, the alleged hacker moved the cryptos through several transactions between different accounts. About 10.2 Bitcoin was found in an account with Huobi Global, a popular crypto exchange, according to investigators.